In the life insurance sector, underwriters assess the mortality risk of an applicant to make decisions on coverage and pricing. Historically, underwriters relied on medical summaries prepared from extensive patient medical records. However, this process is inefficient and problematic for making accurate risk assessments.
Underwriters are particularly concerned with applicants over 50 and those who request unusually high coverage amounts. There are several key challenges to this process in its traditional, manual structure:
- Complex, variable medical records. Most adults, especially older ones, have a large volume of documents in their medical histories. In some cases, there are well over 1,000 pages of documents. These documents may be PDFs, hand-written doctor’s notes, invoices, and other documents scanned using OCR technology. Manual summaries prepared from such extensive records is time-consuming and costly.
- Difficulty identifying underlying conditions and risks. Manual reviews of records and summaries leave open the possibility for undetected conditions and risks, which results in faulty mortality risk assessments.
- Delayed coverage decisions. The time required to prepare medical summaries, review mortality risks, and price policies leads to slow decision times. Delayed coverage decisions cause missed opportunities and poor service.
The Role of Instabase AI Hub in Medical Record Summary
For years, many companies have tried to build a model to automate medical record reviews. However, the results have been poor due to the limitations of deep learning, and the requirement to train the technology on large volumes of documents over time.
Instabase AI Hub is built with a large language model. An LLM doesn’t require document training to interpret and understand language in highly variable, complex documents such as those contained in medical records. Thus, it has the ability to handle complex medical records, quickly extract relevant information, and provide summaries and insights to underwriters for faster, more informed decisions.
How Underwriters Leverage Instabase AI Hub
There are a couple of different ways in which life insurance underwriters can leverage the capabilities of Instabase AI Hub to dramatically improve risk assessment and pricing.
1. Underwriters can eliminate reliance on third-party medical summary services for making coverage decisions.
Typically, medical record summaries are outsourced to third-party vendors because of time and cost constraints. However, underwriters often lack confidence in the accuracy of the medical record summaries provided by third-party companies. This leads them to dig through the mountain of medical records themselves to find the details they need to better identify underlying conditions and risk factors.
The big challenge with this approach is the time involved. Instabase AI Hub automates this process by immediately understanding the documents upon upload. Then, underwriters can interact with Instabase AI Hub and ask specific questions about root conditions, treatment, and other areas for review prior to making risk assessment decisions.
2. Pull out more specific medical summaries and standardized medical codes to optimize the pricing engine.
Instabase AI Hub can also inform a carrier’s pricing engine by pulling out standard medical codes from the extensive pages of medical records. With a pricing range in hand, underwriters can ask specific questions of AI Hub to hone in on a more specific, accurate price for coverage.
Benefits of using AI Hub for medical record summary
The following key benefits Instabase AI Hub offers for medical summary are transformative to the underwriting process:
- Dramatically improved efficiency: The speed at which AI Hub can ingest, understand, and summarize thousands of pages of medical documents is a spectacular improvement over tedious manual reviews.
- Better risk assessment: Underwriters are more likely to get to the critical data they need to make proper risk assessments because Instabase AI Hub enables natural language queries in real time.
- More accurate pricing: Instabase AI Hub provides insights to feed into pricing engines so that those engines become faster and more efficient in getting accurate pricing.
The Future of Medical Record Summary with AI
Underwriters have been pining for a more advanced way to review medical records for years. While impressive on its own, deep learning technology has proven ineffective at meeting underwriter needs. Now, the future of medical record summary has arrived.
Instabase AI Hub is transforming medical record summarization in the insurance industry. Use Instabase AI Hub to automate your medical record summary processes and gain improvements to speed, accuracy, and service.
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