LexisNexis® Risk Solutions has officially announced the launch of LexisNexis® Health Intelligence, which happens to be its digital health data platform for the U.S. life insurance industry.
According to certain reports, the stated platform arrives on the scene bearing an ability to provide information and insights, such as a concise and simplified clinical history report. The solution also leverages advanced linking, parsing, and normalization to help life insurers scale their use of electronic health records (EHRs).
More on the same would reveal how LexisNexis® Health Intelligence will make it possible for life insurance carriers to access digital health data, sourced from EHRs, and advanced analytics that enable faster, more friction-free interactions for life insurance applicants.
To understand the significance of a development like this one, we must take into account how it’s critical to generate meaningful insights from digital health data. The need is especially evident if one is to address life insurers’ needs for future transformation and close the coverage gap for un- or under-insured individuals, while simultaneously minimizing mortality slippage and delivering a simplified buying experience.
“Our end-to-end solution is designed to help underwriters make faster, informed decisions, while mitigating risk, pricing more accurately and offering a differentiated customer experience,” said Justin Baker, associate vice president of life insurance, LexisNexis Risk Solutions. “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.”
Talk about LexisNexis Health Intelligence on a slightly deeper level, we begin from its promise to deliver in-depth clinical history report. You see, the stated report can be expected to accelerate decision-making by offering an alternative 30% shorter and more intuitive to interpret than an EHR. Having said so, it will still have all the clinical information underwriters might need.
The solution effectively banks upon reverse-chronological ordering and date filtering make to identify key insights, and therefore, determine the risks in play. There is also a Highlights Summary feature within the report which offers the means to quickly digest an applicant’s health history, including their age, build, social history, key conditions, and recent lab results.
All in all, LexisNexis Health Intelligence’s clinical history report will likely leverage LexID®, the company’s advanced proprietary linking technology, to ingest, sort, cleanse, and link together information for better hit rates across digital health data.
It further taps into enhanced provider networks to help insurers access information from more providers as consumers apply for life insurance.
Apart from that, the report will deliver normalizing and parsing facility, which should facilitate structuring of data for consistency and usability. The idea here is to help life insurers save time and resources by eliminating noise, and at same time, empowering them to make confident decisions with easier-to-digest information.
Moving on to the platform’s change management capabilities, they will basically allow insurance companies to rely upon the life insurance experts at LexisNexis Risk Solutions, who have decades of experience in using both medical and behavioral data to transform life insurance underwriting.
In case that wasn’t enough, life insurers can also use this change management and deep underwriting expertise to support adoption of digital health data within EHRs.
“Life insurers tell us they need the ability to make decisions on an EHR the majority of the time without ordering additional evidence, and this is why LexisNexis Risk Solutions is committed to helping the industry build confidence in both utilizing EHRs broadly and exploring deeper use of consumer-driven digital health data to drive true business transformation,” said Baker. “Customers asked us for a report that is easier to consume, while addressing the need to automate usage of digital health data.”
Among other things, we ought to mention that the development in question actually delivers a rather interesting follow-up to LexisNexis’ acquisition of the Human API Health Intelligence platform, which unlocked a robust network of health data sources, a consumer consent management experience, and capabilities to ensure a consistent deliverable for life insurers.