• Swiss Re's extensive learnings emphasize the significance of digital Electronic Health Records (EHRs) for quicker and more accurate underwriting decisions.
• EHRs could replace Attending Physician Statements (APS) in nearly 50% of cases that originally relied on APS only.

Armonk, New York, 15 November 2023 – Studies from Swiss Re and leading life carriers reveal that Electronic Health Records (EHRs) can have a transformative impact on the traditional life & health underwriting process, resulting in quicker, non-invasive decisions for customers, more personalized risk assessment by underwriters, and maintained mortality expectations.

Results of the studies indicate that using EHRs in place of routine age and amount requirements (such as labs and Attending Physician Statements (APS)) can speed up the underwriting process from 15 days to as little as 2 days – upwards of seven times faster. The findings also show mortality benefits from using EHRs through protective value studies.

“These study results underscore the need for adaptability and forward thinking when it comes to underwriting solutions,” said Michael Bacon, Head US L&H Globals, Swiss Re. “EHRs can benefit the underwriting process by reducing redundant requirement ordering and eliminating the traditional age and amount approach.”

Over the past two years, Swiss Re put together a cross-functional team comprising of actuarial, data science and underwriting experts, to conduct a comprehensive analysis evaluating the effectiveness of using EHRs in lieu of traditional requirements. The analysis gathered EHR records on cases to compare potential risk class decisioning with EHRs to the issue decision that was based on traditional requirements, e.g. Paramed exam and labs and/or APS. The results of this analysis demonstrated that EHRs can be utilized in place of traditional age and amount requirements to provide faster, non-invasive underwriting processes for a significant volume of customers.

“At John Hancock, we have worked with Swiss Re as part of our commitment to making the underwriting and purchase process as seamless as possible," said Neal Halder, Vice President and Chief Underwriter, John Hancock. "We believe that the use of Electronic Health Records creates opportunities to offer a wider range of customers a less invasive process and faster underwriting decisions. This promising research is an important step in innovating across the underwriting process while maintaining mortality expectations.”

In order to adopt EHRs and manage the transition for underwriters, Swiss Re developed the Underwriting Ease software, which expands the use of EHRs through a visualized user interface to deliver enhanced experience to policyholders. The Underwriting Ease platform enables underwriters to streamline EHR ingestion and tie them together with disclosures in one intuitive view. This allows users to easily highlight key risks and associated severities, compile related information from various EHR sections into one place, and flexibly navigate through reports.

For more information, visit https://www.swissre.com/reinsurance/life-and-health/solutions/underwriting-ease.html. 

For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or Media_Relations@Swissre.com.
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Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

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