Reinsurer Looks to Digital Risk Score Solution Roll Out

Reinsurance Group of America, is to launch a new medical risk scoring systems which it believes will enhance the ability of primary markets to deliver risk assessments more accurately.

The global life and health reinsurer has released its Digital Health Data (DHD) Risk Scoring service to the US life insurance sector.

It said the real-time platform evaluates structured electronic medical record and medical claims data and derives an actionable underwriting risk score for “seamless integration” within a carrier’s underwriting system. “RGA’s comprehensive DHD solution is an unprecedented scoring system for efficiently translating health data into actionable insights,” it added.

“Electronic medical records and claims data are made up of literally hundreds of thousands of medical codes, which, up until now, has made applying this data to risk assessment prohibitively slow and complex for carriers,” said Dianne Schuetz, Vice President, Business Initiatives, RGA. “RGA started dedicating resources to solve this industry challenge over a decade ago, recognizing that this data would revolutionise the underwriting process.”

“RGA’s deep expertise in medical underwriting, data analytics, and digital risk assessment has enabled us to build a robust platform from the ground up,” Ms Schuetz added. “Our DHD solution is designed for efficiency, transcending just the aggregation of electronic medical records and claims data, to provide interpretation, translation, and consistency for underwriters.”

RGA explained as digital health data becomes more widely available across the US, carriers such as USAA Life Insurance Company (USAA Life) are working to leverage this rich data and RGA’s DHD solution to reduce applicant wait time, provide more consistent underwriting decisions, and ultimately help their applicants obtain the protection they need.

“Working with prominent organizations like USAA Life, RGA is improving applicant risk assessment and expediting the underwriting process for the benefit of insurers and applicants alike,” it added.