A leading cause of delays in life and health insurance policy issue is often due to time lags in receiving the Attending Physician Statement (APS) also known as Third Party Reports and how that impacts the underwriting process.
Customers are waiting months to receive life and living benefits coverage due to poor data quality, lack of physician motivation and paper based process culminating in long APS cycle times.
The APS Experience Current Pain Points
What should this process look like in today's digital age?
How can we expedite the Third Party Reports request process?
How can we provide a risk relevant synopsis of these reports to the underwriter for a faster risk premium classification?
To encapsulate these innovations, the team created a new digital platform called "Road Runner" focused on accelerating the APS process.
One platform where all the roles can access, upload and review information. The content displayed responds to the role specifics (e.g. Insurer, Underwriter, Physician)
Using the platform, the Underwriter sends a digital request for the APS that bypasses the TPA and notifies the client’s physician.
Once the request is received by the physician , following a directed digital process, they complete the APS request much quicker through digital forms.
The Underwriter receives the request back, the information has already been identified and summarized for the underwriting process.
The insurer finishes underwriting the life application and the broker (in turn the customer) is happy to get life insurance coverage in less than two weeks.
Brings improved data quality through new digital tools
Introduces a new physician bonus incentive program
Launches a digital process that reduced cycle times by up to 70%
Increases profitability for all the stakeholders
Over 3 months a new underwriting solution was developed with the potential to bring about +$80MM in benefits to the Canadian Life Insurance Industry