Home Life Insurance 50 Years of Laboratory Testing: A legacy of empowering selections

50 Years of Laboratory Testing: A legacy of empowering selections

50 Years of Laboratory Testing: A legacy of empowering selections


Devastating mortality information

In 2018, the Nationwide Middle for Well being Statistics reported life expectancy had declined a shocking 2 years in a row, fueled partially by opioid drug overdoses. Power liver illness and suicides have been cited as contributing elements. ExamOne inspired firms not already doing routine opioid screening to start doing so in gentle of the devastating new mortality information.

ExamOne carried out a large-scale price/profit examine to measure the protecting worth of including the “NIDA 5” (marijuana, PCP, opiates, amphetamines, and cocaine) to the urine profile. Mortality financial savings exceeded testing prices by an over 2:1 margin.

And do not forget that cotinine screening talked about earlier? Insurers by the early 2000s have been carving out “most popular” exceptions for pipe people who smoke and chewers. Not surprisingly producers and candidates started claiming the optimistic cotinine take a look at was triggered by pipes or chewing tobacco. To help insurers with these appeals, ExamOne started providing thiocyanate testing, a take a look at that conclusively settles the query of whether or not tobacco sort issues.

Revolutionized underwriting with information

ExamOne continued because the chief in lab testing innovation with the introduction of algorithmic information scoring in 2010. Counting on irrefutable laboratory information and bodily measurements, insurers have been now in a position to extra precisely section dangers.

Threat IQ grew to become one of many constructing blocks for LabPiQture™, the industry-changing algorithmic scoring instrument that comes with present and historic lab information—together with prior insurance coverage lab studies, bodily measurements, and pathology studies—into the underwriting ultimate determination. At present, LabPiQture additionally captures seven years of prior insurance coverage examination information.

White papers from GenRe and Hanover Re in 2020 validated the predictive worth of LabPiQture and in August 2021 Hannover Re introduced their collaboration with ExamOne to include real-time, scientific laboratory information into Hannover’s hr ReFlex automated underwriting answer for all times insurers.

The hunt for quicker turnaround occasions, lowering acquisition bills, and sustaining or enhancing mortality started effectively earlier than our newly minted underwriter joined the underwriting ranks in 1972. Whereas “radical underwriting redesign” was groundbreaking when launched 25+ years in the past, it nonetheless didn’t fulfill the drum beat for practically instantaneous selections with out giving up the invaluable information supplied by lab outcomes. LabPiQture has revolutionized underwriting by offering real-time lab information, each historic and present, that permit for these instantaneous underwriting selections in a big proportion of instances.

A legacy of bringing important instruments to life insurers

For over 50 years, lab testing has been a necessary instrument for all times insurers. For these in search of information distinctive to particular person candidates, validated by quite a few mortality research, unaffected by unintentional bias that could be current in different information instruments, and compliant with all state insurance coverage laws, lab testing is right here to remain.





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