New York Life said that it will use electronic health records to accelerate and enhance its underwriting process and capabilities, via a new agreement with health records system Epic.
This advancement will dramatically shorten the life insurance application process and improve New York Life’s customers’ experience.
New York Life senior vice president and Retail Life head Alex Cook said: “The length of time it takes to complete the life insurance application process can deter people from getting the life insurance they need to protect their loved ones.
“Transitioning to a digital model for health record processing will significantly reduce application processing time, easing the process for new clients and delivering a better experience for our customers.”
Life insurers use medical records to help inform underwriting decisions. Until now, medical records were shared with life insurers as scanned or faxed copies, a labor-intensive process for gathering and reviewing the necessary documents.
New York Life will use Epic’s Chart Gateway to connect with healthcare organizations to retrieve electronic health records for life insurance applicants, with their consent. The new process will allow New York Life to securely and efficiently get the information required to process applications faster, while lessening the administrative burden on healthcare providers.
Cook said: “This is another step forward in New York Life’s strategy to make life insurance more accessible and easier to understand and purchase. Every investment we make to improve the process for purchasing life insurance will help streamline consumers’ ability to obtain the coverage they need.”
Source: Company Press Release