Hannover Re uses underwriting tool LabPiQture by ExamOne
Hannover Re is collaborating with ExamOne , a Quest Diagnostics Company, to incorporate ExamOne’s LabPiQture data into hr | ReFlex, Hannover Re’s automated underwriting solution for life insurers.
ExamOne’s LabPiQture is an underwriting tool that enables life insurance carriers to evaluate applicants’ mortality risk using clinical laboratory data that includes results from physician-ordered laboratory testing related to preventative care, disease monitoring and other diagnostics.
This integration allows hr | ReFlex clients to automate the use of LabPiQture’s records to automate life insurance underwriting, make more offers to life insurance applicants without any manual, in-person processes, and achieve a large reduction in the time and cost of policy issuance.
“This is a natural collaboration for us and we’re excited about where it will take us on the road to deep automation within the life insurance space. ExamOne has created an industry-leading tool, providing access to a comprehensive suite of real-time laboratory data from across the country. But it’s not just the data itself that counts, it’s what is done with it. Our rule-sets allow insurers to make immediate and productive use of the data for the purposes of sophisticated risk-assessment and automated, accelerated underwriting.” – Kevin Oldani, Senior Vice President and Chief Underwriter at Hannover Re US.
Currently, the hr | ReFlex rule-set for LabPiQture’s data is only available to hr | ReFlex clients. ExamOne and Hannover Re US plan to make the hr | ReFlex LabPiQture rule-set and an accompanying predictive model available to current LabPiQture users through their existing connection to LabPiQture data, allowing insurers to gain the full benefits of the module without the need to install new technology.
Get Coverager to your inboxA really good email covering top news.
“We are incredibly pleased to continue to grow our partnership with Hannover Re. They are an industry-leading innovator. Their risk management expertise and agile underwriting support have given us the tools we need to both delight the modern consumer and support sustainable innovation.” - CEO and Co-Founder of Ladder, Jamie Hale.