Easy access to third party data
hr | ReFlex Select
The rules-based solution helps US life insurers assess applicants’ lab test history from LabPiQture, our partner’s (ExamOne) comprehensive, real-time data product containing clinical lab results and associated diagnosis codes. It works with the client’s own automated underwriting infrastructure or as part of our hr | ReFlex solution to transform large amounts of lab test data into feasible underwriting recommendations.
Industry-renowned technology for individual challenges
hr | ReFlex is much more than an underwriting automation system – its smart, versatile and accessible technology can form the basis for demand-led and market-specific solutions that solve a wide range of insurance challenges. Our hr | ReFlex Select solution combines the flexibility and intelligence of the hr | ReFlex framework with the power of ExamOne’s LabPiQture. It assesses and stratifies mortality risk, helping US life insurers to substantially increase the amount of automated decisions by driving time and cost efficiencies.
This solution can seamlessly slot into a client’s existing IT infrastructure irrespective of their current underwriting engine. It can also be used as part of the full-stack version of hr | ReFlex for access to the complete set of our automated underwriting capabilities, working in tandem with other third party data solutions.
Sophisticated use of third-party data
ExamOne’s LabPiQture is a data product comprised of clinical lab results and associated diagnosis codes. It is the largest network of both in-patient and outpatient clinical lab results with approximately two-thirds of all US laboratory records.
In the US, it is a vital tool to help ensure precise and informed underwriting decisions. Applicants first provide authorization to access the data which is compliant with the Fair Credit Reporting Act (FCRA), and covers the last seven years of medical history. To warrant swift and straightforward processes at point of sale, access to relevant third-party data is therefore a key requirement.
However, given the vast amounts of data available, rule sets are essential to structure and execute automated decisions as well as provide manual underwriting efficiencies. Here’s where Hannover Re steps in.
Our API technology enables software applications to communicate and exchange data with each other using a shared language while maintaining security and control. hr | ReFlex Select provides over 5,500 rule sets that help to transform large amounts of ExamOne's lab test data into instant and actionable underwriting recommendations. Clients can then customize the recommendations to their specific company’s underwriting guidelines.
hr | ReFlex Select
A smart solution that is ahead of its time and ahead of the competition. It expertly evaluates the data that drives your underwriting success.
Powered by sophisticated hr | ReFlex technology.
Key takeaways
Our hr | ReFlex Select solution supports straight-through processing at the point of sale and streamlines access to third party data while optimizing manual intervention. It:
- Selects the relevant data for the target underwriting decision
- Presents data in a structured and efficient manner
- Makes clear-cut recommendations based on lab test data, gives reasons and offers precise follow-up information
- Can be customised to suit client’s individual needs and products
- Enables consistent and accurate decisions at the point of sale
- Requires minimal IT resources for implementation
- Ready for immediate use via insurers’ existing connection to ExamOne’s LabPiQture data
- Is billed on a per-transaction basis
- Speak to your local Hannover Re representative or email us if you would like to find out more or are interested in doing a test run to see the power of hr | ReFlex Select in action: hr-reflex@hannover-re.com
Unlock the power of API technology with hr | ReFlex Select: 5,500 rule sets to transform ExamOne's lab test data into valuable underwriting insights
If you need further information or would like to send us feedback, please feel free to get in touch.
*The information provided in this document does in no way whatsoever constitute legal, accounting, tax or other professional advice. While Hannover Rück SE has endeavoured to include in this document information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information.
Hannover Rück SE © 2024