LexisNexis Health Intelligence platform helps life insurers make quicker, smoother decisions and provides more accessible digital health data, improving the experience for insurance applicants.
LexisNexis Risk Solutions has introduced updates to its LexisNexis Health Intelligence platform, which provides valuable health data to U.S. life insurance companies.
The platform offers simplified clinical reports, sourcing of digital health data from both HIPAA-authorized and consumer-mediated sources, advanced data processing, and better use of electronic health records (EHRs) to improve the insurance process. Its main aim is to close the coverage gap for uninsured or underinsured individuals and streamline the underwriting process.
The abundance of used data helps the solution make life insurance more accessible to those who may not have traditional healthcare documentation. LexisNexis Health Intelligence helps insurers move beyond traditional credit-based risk models, which can disproportionately affect marginalized groups, expanding coverage to populations that are often underinsured, such as gig workers, low-income individuals, or those without employer-sponsored insurance.
In a fresh update, LexisNexis Health Intelligence received enhanced capabilities, including concise clinical history reports, 30% shorter than traditional EHRs, that highlight key health details for underwriters to assess risk more easily. Additionally, the platform was boosted with advanced linking, which improves data accuracy by connecting information from various sources; a normalization and parsing feature that organizes data to make it more usable and easier to understand; and a change management option, which supports life insurers by leveraging LexisNexis’ experience to help adopt digital health data and improve the underwriting process.
LexisNexis Risk Solutions is leveraging its extensive expertise in the life insurance industry and underwriting to enhance the adoption of digital health data through consumer-driven processes and, most importantly, offer valuable insights to minimize mortality slippage and enhance the customer experience.
“An effective digital health data strategy helps put life insurance in the hands of more individuals, and as our studies have shown, reach underserved populations and close the insurance gap. We continue to invest in further broadening our networks, validating self-disclosed information, offering more insights from the data and enabling post-issue audit automation.”
Justin Baker, associate vice president of life insurance, LexisNexis Risk Solutions
The life insurance coverage gap in the U.S. is a significant concern for both the industry and communities. Approximately 102 million adults — about 40% of the adult population — either lack life insurance or possess insufficient coverage. Many individuals overestimate the expense of life insurance, deterring them from exploring available options in the first place. Others rely solely on employer-provided life insurance, which may be insufficient and not portable if employment changes.
However, client-centric and tech-driven insurtech propositions that empower customers with advice and insights, like LexisNexis Health Intelligence, can help achieve greater financial inclusion among the underserved population.
