Munich Re Life US and Clareto Usher in Next-Level Efficiency in Life Insurance Underwriting with Automated EHR Summarizer

Munich Re Life US and Clareto today announced a new digital solution, Automated EHR Summarizer, which provides an intelligent and intuitive synopsis of electronic health record (EHR) data in two formats: an easy-to-use human-readable html report and structured digital data for use in rules, models and analytics.

Automated EHR Summarizer extracts and normalizes EHR data directly from the source, highlights key points essential to underwriters and provides triage guidance. Reducing the burden of manual review of lengthy EHRs, it paves the way for a more streamlined and accurate picture of projected health trajectories in accelerated underwriting programs and is ideal for use in post-issue audit and light-touch underwriting.

“Automated EHR Summarizer helps life insurance carriers further align with customer expectations by enabling fast and accurate decision-making,” said June Quah, Vice President, Integrated Analytics, Munich Re North America Life. “This product leverages our leadership in risk assessment, technical expertise in data analytics—including artificial intelligence and natural language processing techniques--and access to an unparalleled EHR network to push the boundaries of digital transformation in the industry.”

“We believe this product will accelerate the adoption of EHRs and further streamline underwriting, benefiting both customers and carriers,” said Dave Dorans, CEO of Clareto, a Munich Re company and pioneer in digital health data. “With EHRs replacing more onerous and costly data sources, and Automated EHR Summarizer simplifying their use, we are bridging the gap between access to digital medical records and their practical use in the industry.”

Key advantages of Automated EHR Summarizer include:

• Superior technology, built for life insurance: Automated EHR Summarizer applies artificial intelligence and natural language processing techniques to extract and structure EHR data for digital consumption in formats relevant to both automated and programmatic life insurance underwriting.
• Underwriting expertise: Munich Re’s track record in superior risk assessment allows Automated EHR Summarizer to distill and deliver only the data that underwriters need for accurate decisioning, alleviating the need to sift through lengthy EHRs.
• Exclusive triage guidance: No other EHR product on the market provides triage guidance. Automated EHR Summarizer identifies clean EHR data that can bypass human review and save time.
• Native solution for EHRs: Automated EHR Summarizer was developed with EHRs in mind and uses fast healthcare interoperability resources (FHIR), the new interoperability standard for electronic health data mandated for use.
• Flexibility for automated underwriting: As the industry shifts to automated decisioning, Automated EHR Summarizer is optimized for use in rule engines and scoring models.
• Largest health data network: Source data exclusively from Clareto, the industry’s most established network of EHR data. Clareto’s EHR+ network currently covers over 240 million patients in 50 states and is continually expanding.

With adoption rates rising faster than any other digital health data, EHRs are poised to replace the attending physician statement as the leading source of medical data for underwriting in the future.