SNL Insurance Daily: Electronic medical records, AI changing the game for life insurers
SNL Insurance Daily, Calvin Trice, Thursday, 11 April 2019,
Life insurers have cut the time from application to policy issuance to 30 days from 57 since 2007, said Tom Scales, Celent LLC's head of life and health for the Americas. Access to the prescription database, and developing the medical data science to employ predictive analytics, will shorten that timeline further, Scales said during a presentation.
Artificial intelligence will enable carriers to write policies without physicians' statements, blood draws or medical records.
"It's the game changer in our industry," Scales said.