Hannover Life Reassurance Company of America (Hannover Re US) has announced a collaboration with ExamOne, a Quest Diagnostics Company, to incorporate ExamOne’s innovative LabPiQture data into hr | ReFlex, Hannover Re’s automated underwriting solution for life insurers.
The integration will allow hr | ReFlex clients to automate the use of LabPiQture’s clinical laboratory records to help underwrite life insurance policies.
Hannover Re US says the new LabPiQture module of hr | ReFlex will enable life insurers to enhance their automated underwriting capabilities, 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.
Data from LabPiQture captures wide-ranging medical information such as serum biochemistry, hematology, microbiology and toxicology test results in a digitally standardized format.
“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,” said Kevin Oldani, Senior Vice President and Chief Underwriter at Hannover Re US.
“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.”
Subu Ramachandran, President of ExamOne, also commented: “We are delighted to collaborate with Hannover Re US to expand access and utilization of our unique data set. LabPiQture has proven to be a valuable tool over the past year, providing insurers with real-time laboratory data on their applicants. This collaboration further demonstrates our commitment to the industry to help life insurers reduce costs, improve efficiency and issue policies faster.”