Insurers Continue To Flirt With Electronic Health Records

Link:https://www.thewealthadvisor.com/article/insurers-continue-flirt-electronic-health-records

Excerpt:

The use of electronic health records in insurance underwriting has long held terrific potential to boost the industry. Progress has been slow to date, but that is about to change.

By late-2022, EHR will be standard at 50% of the top 20 carriers, said Nicholas Irwin, director of life underwriting at Verisk.

“I think once we get to that 50% hit rate threshold and same-day turnaround time, I’d be very surprised it didn’t become a standard at that point,” Irwin said Tuesday during the Society of Insurance Research annual conference.

The acquisition of a medical record, a crucial part of life underwriting risk-assessment, largely remains largely an inefficient paper process. The availability of healthcare information as a data stream is a critical advantage for insurers using rules-based decision engines for accelerated underwriting.

Author(s): John Hilton, InsuranceNewsNet

Publication Date: 24 Oct 2021

Publication Site: The Wealth Advisor

NAIC Forms Work Group To Better Regulate Index-Linked Annuities

Excerpt:

A National Association of Insurance Commissioners’ task force today created a subgroup to focus solely on the index-linked annuity products.

“These products are exclusively filed in the states as variable annuities and are funded through non-unitized separate accounts,” read a notice to the task force from Pete Weber, chief life actuary at the Ohio Department of Insurance. “The task force has discussed developing a draft standard for minimum interim values for these products and providing direction for implementing the standard.”

Regulators gave the Index-Linked Variable Annuity Subgroup a 2021 charge to: Provide recommendations and changes, as appropriate, to nonforfeiture, or interim value requirements related to Index-Linked Variable Annuities.

Author(s): John Hilton

Publication Date: June 2021

Publication Site: insurancesnewsnet