Munich Re Automation Solutions, the insurtech-focused subsidiary of Munich Re Group, has expanded its partnership with ExamOne, a Quest Diagnostics company, to leverage its LabPiQture results.
LabPiQture is a service from ExamOne that provides automated access to clinical lab data on an individual for use in insurance underwriting.
Individuals must provide authorisation for their data to be shared before it is provided through LabPiQture.
They may also request an audit for any information as a check on accuracy.
Through this new offering of LabPiQture, Munich Re Automation Solutions is now able to offer US life insurance underwriters secure access to historical clinical laboratory data.
Traditionally, underwriters order a paramedical exam for life insurance applicants which includes blood samples and urine samples to accurately assess risk for life insurance coverage.
By adding historical clinical laboratory testing data through LabPiQture, underwriters have an alternative data source when a paramedical exam is not an option, or can use it as a supplement to full underwriting to have when the historical data is not available through a paramedical exam.
The LabPiQture service is particularly helpful during COVID-19, when individuals may be reluctant to undergo paramedical exams.
“With social distancing measures encouraged across the country, we’re proud to continue our collaboration with ExamOne to provide the best solutions for our clients and take their current health concerns into consideration,” said Colm Kennedy, Executive Vice President, Americas, at Munich Re Automation Solutions.
“Laboratory results are a critical component in assessing an individual’s health status and with LabPiQture the consumer gives permission to access their historical clinical laboratory test results. It is an appealing option for many consumers seeking coverage during this time.”
“Through our secure, automated LabPiQture service, we enable underwriters to access permissioned laboratory data to inform their underwriting models,” said Joey Grant, President of ExamOne.
“We’re pleased to continue our ongoing relationship with Munich Re Automation Solutions to provide tools based on diagnostic insights to empower fast, accurate risk assessments.”
