Munich Re Life US, part of Munich Re Group, and Clareto, a Munich Re company, have unveiled a new digital solution called Automated EHR Summarizer, which is set to ensure efficient and accurate use of Electronic Health Record (EHR) data for automated and programmatic life insurance underwriting
According to the announcement, Automated EHR Summarizer will provide an intelligent and intuitive synopsis of EHR data in two formats: an easy-to-use human-readable html report and structured digital data for use in rules, models and analytics.
In addition, the solution extracts and normalises EHR data directly from the source.
The solution also highlights key points essential to underwriters and provides triage guidance.
Ultimately, this new digital solution will reduce the weight of having to conduct manual reviews of lengthy EHRs, according to Munich Re US.
Moreover, Automated EHR Summarizer is set to introduce a more streamlined and accurate picture of projected health trajectories in accelerated underwriting programs.
Some of the key advantages of Automated EHR Summarizer include:
- Superior technology, built for life insurance: Automated EHR Summarizer applies AI and natural language processing techniques to extract and structure EHR data for digital consumption in formats relevant to both automated and programmatic life insurance underwriting.
- Underwriting expertise: Munich Re’s track record in superior risk assessment allows Automated EHR Summarizer to distill and deliver only the data that underwriters need for accurate decisioning, alleviating the need to sift through lengthy EHRs.
- Exclusive triage guidance: No other EHR product across the market provides triage guidance. Automated EHR Summarizer identifies clean EHR data that can bypass human review and save valuable time.
- Native solution for EHRs: Automated EHR Summarizer was developed with EHRs in mind and uses fast healthcare interoperability resources (FHIR), the new interoperability standard for electronic health data mandated for use.
- Flexibility for programmatic underwriting: As the industry shifts towards automated decisioning, Automated EHR Summarizer is optimised for use in rule engines and scoring models.
- Largest health data network: Source data exclusively from Clareto, the industry’s a renowned network of EHR data. Clareto’s EHR+ network currently covers over 240 million patients in 50 states and is continually expanding.
June Quah, Vice President, Integrated Analytics, Munich Re North America Life, commented: “Automated EHR Summarizer helps life insurance carriers further align with customer expectations by enabling fast and accurate decision-making. This product leverages our leadership in risk assessment, technical expertise in data analytics—including artificial intelligence and natural language processing techniques–and access to an unparalleled EHR network to push the boundaries of digital transformation in the industry.”
Dave Dorans, CEO of Clareto, a Munich Re company and pioneer in digital health data, said: “We believe this product will accelerate the adoption of EHRs and further streamline underwriting, benefiting both customers and carriers. With EHRs replacing more onerous and costly data sources, and Automated EHR Summarizer simplifying their use, we are bridging the gap between access to digital medical records and their practical use in the industry.”
“Our team is investing in the future of the life insurance industry by using traditional and emerging data sources, AI and machine learning algorithms to develop solutions that increase capacity and accuracy and ultimately can help bridge the insurance gap. We will expand this product to include model scores and full risk class assessments based on EHR data points via alitheia, our instant decisioning platform,” added Quah.
