SilverBridge and HealthCloud have partnered to provide insurers with a solution that intelligently automates the insurance underwriting process by securely integrating health data and medical records to assess the risk of onboarding individual customers.<\/p>\n
This transforms the traditionally resource-intensive and time consuming underwriting process into a real-time customer experience.<\/p>\n
\u201cHealthcare data is a vital source to help underwriters make correct decisions on the risk and rating structure of individual clients. However, this information is typically spread across a variety of databases from external sources,” explained Patrick Ashton, Managing Executive at SilverBridge.<\/p>\n
“Obtaining the information considerably slows down the process. And once collated, experts must still consider the data and perform a risk assessment,\u201d Ashton said.<\/p>\n
As the data is usually provided by clients themselves in medical questionnaires or accessed from multiple external datasets, it becomes a manual process for underwriters to allocate dedicated human resources to physically view all the information and then make the required underwriting decisions.<\/p>\n
In response to this need for external data, many insurers create their own integrations or databases that extract data from the likes of Home Affairs to verify a person\u2019s identity and other relevant information to ascertain the risk of onboarding.<\/p>\n
The partnership between SilverBridge and HealthCloud facilitates a secure health data exchange whereby patient data is collected from healthcare organisations, medical practices, pharmacies, laboratories, clinics, healthcare providers, and diagnostic and wearable devices, and presented to the insurer as a single data score with all available health parameters populated.<\/p>\n
\u201cEssentially, all this data is aggregated into a weighted single score which not only speeds up but also unlocks efficiencies in the process,” Ashton said.<\/p>\n
“In turn, SilverBridge injects sophisticated artificial intelligence (AI) algorithms, comprising the human insights of the underwriters, to automate the decision-making process as far as possible.”<\/p>\n
This integrated solution alleviates much of the effort of having dedicated, senior individuals manage these onboarding processes manually.\u201d<\/p>\n
Following the recent partnership with Astute, which provides SilverBridge with valuable fraud risk scoring metrics, the health data and scoring provided by HealthCloud delivers a rich source of information to further automate and enhance business decisions on whether to approve policies, claims, and changes in cover.<\/p>\n
Ultimately, this provides SilverBridge with a complete 360-degree view of an individual customer\u2019s risk profile.<\/p>\n
HealthCloud provides a real-time overview of an individual\u2019s medical history, including data for the past five to ten years. As such, the partnership creates proper automation in the underwriting process – especially important when it comes to both customer experience and risk management.<\/p>\n
New individual policy applications which would ordinarily require the likes of medical questionnaires, health screening, and blood tests that could take weeks to complete, can now happen in real-time thanks to the securely available and integrated health data.<\/p>\n
\u201dThe rich data capabilities, intelligent algorithms, and secure real-time methodology that our platform offers, means that insurers now have access to a universe of health and medical record information that they would previously have found very difficult to access,” said Simon Spurr, Chief Executive Officer at HealthCloud.<\/p>\n
“Our collaboration with SilverBridge will offer the insurance industry immense value as the traditional processes are inefficient, costly and inaccurate. We aim to significantly disrupt this,\u201d Spurr noted.<\/p>\n
A customer can therefore provide consent to the insurer as part of the onboarding process and the organisation will then be able to customise the underwriting decision in real-time based on how healthy (or unhealthy) that individual is.<\/p>\n
\u201cThis is going to be a game-changer especially when it comes to disability cover. Instead of sending the policyholder every few months to be re-assessed, the HealthCloud data can provide insight as to whether the individual has been going for frequent medical check-ups, has been taking their chronic medication, etc.<\/p>\n
“With SilverBridge, the information can be further enhanced to determine whether the individual\u2019s condition is worsening or improving when comparing to previous periods,” said Ashton.<\/p>\n
As the data is extremely sensitive in nature, the system relies on the scoring results provided by HealthCloud algorithms, with additional specific parameters provided, which enable decision-making but does not require data storage.<\/p>\n
The solution centres on injecting a level of AI decisioning into the process and creating full automation in a traditionally extremely manual process.<\/p>\n
By combining the respective expertise of SilverBridge and HealthCloud, a more precise understanding of an individual can be developed, and the intelligence built into the solution can show how healthy or unhealthy an individual is.<\/p>\n
The customer experience is dramatically improved as onerous questionnaires and tests are simply no longer required for decision-making.<\/p>\n
HealthCloud will improve the speed, quality, and cost of gathering patient-centric data and enable a digital underwriting model.<\/p>\n
Combined with the SilverBridge AI and automation expertise, insurers can garner real-time insights from multiple experts such as underwriters, compliance, legal etc. and effortlessly apply those views to all new applications or changes to existing cover.<\/p>\n
\u201cThis is a non-invasive and seamless way for insurers to make informed decisions about individual customers. It takes what was an expensive, time-consuming process, that introduced significant risk to the insurer, and redefines the process to become both easier and more dynamic for all participants,\u201d concluded Ashton.<\/p>\n
Click here to learn more about SilverBridge’s world-class financial services solutions.<\/strong><\/a><\/p>\n About SilverBridge<\/strong><\/p>\n With extensive experience in designing and implementing solutions for retail and corporate long-term insurers, including pensions and employee benefits, SilverBridge<\/strong><\/a> is one of the largest providers of specialised technology solutions to emerging markets.<\/p>\n Its experience also includes the development of artificial intelligence and robotic process automation solutions not only for insurance, but also the banking industry.<\/p>\n
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