The Missing Piece of the New Underwriting Paradigm
Electronic Health Records
The use of Electronic Health Records (EHRs) in the insurance industry is expected to become an essential piece of the new life insurance underwriting paradigm. Insurance companies can now receive medical records much faster, significantly reducing the cycle time of the underwriting process. For successful automation, information technology (IT) systems must accept extensible markup language file (XML) data to fully leverage medical records in their underwriting systems. XML data is structured in a format that will allow the relevant data to be transmitted from the sender to the receiving company.
Read more on the Munich Re Life US website about how incorporating EHRs can provide an opportunity for life insurers to modernize underwriting systems and improve underwriting product offerings, turnaround times, and the customer experience.