LifeScore Labs, a Boston-based risk-scoring subsidiary of Massachusetts Mutual Life Insurance Company, recently organized a test program for its new LifeScore360X approach to assessing applicants without use of saliva, blood or other bodily fluids.
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The program can help life insurers identify applicants will can be reviewed without use of lab tests, LifeScore says.
LifeScore will be analyzing the differences between a life insurer’s traditional underwriting process and the new LifeScore process. While the new process is being tested, LifeScore will use the results simply to test how well the new risk-scoring approach works, not to underwrite applicants, the company says.
Here’s a look at four other recent life insurance risktech announcements.
MIB Group Inc. and RGA
MIB and Tindall Associates
MIB has made two risktech deals.
One is is with Reinsurance Group of America Inc. (RGA),. The other is with Tindall Associates Inc.
MIB — a consortium that helps life insurers share data used in underwriting — says it has been working with RGA to develop new services life insurers can use to draw on and analyze applicants’ existing electronic health records.
MIB is testing a new Electronic Health Records Service, which will operate as an MIB subsidiary.
RGA is setting up a legally separate Digital Health Data scoring service that life insurers can use to analyze the data coming from the new MIB electronic health records service, MIB says.
MIB is working, through a separate arrangement, with Tindall Associates, to help life insurers improve assessment of applicants who might be buying, or ending up, with very large amounts of coverage.
The firms are developing tools for life insurers who want to know whether some applicants could be buying much more life insurance than they need, or whether policyholders could be seeking additional policies that could put them over issuers’ jumbo coverage limits.
Healthix and MedVirginia Inc.
Healthix, a public health information exchange, and MedVirginia, which does business as Clareto, have teamed up to develop systems that can help consumers share their electronic health record information with life insurance, disability insurance and long-term care insurance underwriters.
Healthix and Clareto say the systems could reduce the need for consumers and life insurers to get records through fax machines and regular mail.
The companies note that Healthix already operates in New York state, which is known for having tough data security and health information privacy rules.
GoHealth Urgent Care and Force Diagnostics
GoHealth Urgent Care and Force Diagnostics, a company that helps insurers analyze the results of medical tests, is developing a program that could let insurance applicants get underwriting exams at urgent care clinics, rather than going to traditional physician offices, or waiting at home for examiners to show up.
The companies recently started testing the urgent care clinic-based exam program in North California, and they expect to test the program in the Portland, Oregon, area and in the area around New York City later this year.
— Read 3 Life Sales Innovation Mysteries That Drive Actuaries Wild, on ThinkAdvisor.