Lancet Laboratories

Hannover Re in collaboration with Lancet Laboratories for automated underwriting

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Internationally recognised life and health insurance, Hannover Re hosted a seminar in Rosebank Crowne Plaza on the 21 November 2018. This event was hosted in conjunction with one of the leading pathology laboratories in Africa, Lancet Laboratories. The focus of the event was around the changing landscape of health insurance in correlation to medical research and disease control.

Underwriting history of medical life insurance has been in existence since the 1800s and from then it has progressed to increased volumes and lay underwriters in the 1900s and it further developed to the numerical risk classifications system in the 1910. In 2006, there became a first full automated underwriting platform launched in South African and now in 2018, there is data augmented underwriting.

Currently there is automated underwriting that has system based questionnaire (QUIRC) and is understandable by a layman. It has standardised controlled inputs and has full application of complex underwriting standards and rules. It has immediate underwriting outcomes and it integrates to policy administration.

Collaboration with Lancet Laboratories allows the reinsurer to have immediate access of results. It provides a holistic view of client health based on pathology tests with a reduction in costs and turn-around time. It also reduces in unintentional non-disclosures whenever the insurance has to pay back the premiums or the cover when it has been claimed.

The future of automated underwriting involves the process of the client’s data being requested from Lancet and the data is applied into an automated underwriting engine – QUIRC, Any unanswered questions remaining will be presented to the client for completion and the underwriting outcomes will be adjusted based on combination of questionnaire and pathology records.

Dr Lauren Acton from Hannover covered genomics and life insurance, on how can polygenic risk scores influence the application, understanding rare debases and what the cover can offer, usage of genomics data and also Legislation.

A lancet Laboratories pathologist, Dr Miller, spoke on the basics of urine testing. He discussed how to check the colour of the urine, amongst many urine medical related matters

‘Research has shown that people with HIV live longer’. This was discussed by Dr Krish Govender on the topic of ‘Advances in HIV treatment’, she also shared statistics on life expectancy for the HIV diagnosed.

Dr Simba Chikwava spoke on the partnership between Lancet Laboratories and Ergolog; and how the two entities relate to the health insurance. Ergolog is practice of forensic science and they study the underlying health implications that may lead to a person’s death. Dr Chikwava discussed forensic procedures that take place prior to a court ruling and the importance of going through the correct channels when declaring death.

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