Max Life Insurance Company Ltd. ("Max Life" / "Company"), has launched 'MediCheck', a real-time analytics solution that leverages a digitized health registry to detect inaccurate medical reports and to provide relative health scores of a customer. With the MediCheck solution Max Life can access accurate customer medical records at the issuance stage, which will help minimize the chances of claim repudiation under medical grounds.
The solution helps the Company strengthen medically issued books. This helps improve its customer experience during medicals and ensures the flow of accurate medical data between the Diagnostic Centres, Third Party Administrators, and the Company.
Manu Lavanya, Director and Chief Operations Officer, Max Life said, "With MediCheck, we are bringing an industry-first solution for precise medical reporting during Underwriting that ensures customer claims are not rejected on the grounds of non-disclosure. This solution will enable us to arrive at accurate customer health scores and enable faster claims processing."
Per Insurance underwriting norms, medical tests are required to evaluate the current health status of the customer. However, due to multiple sectoral challenges, inaccurate reporting may occur, warranting an innovative solution to ensure accuracy in customer health scoring. Countering this challenge, Max Life has designed an in-house Intelligence Analytics Solution - MediCheck, with a multi-pronged approach of:
i) Identification of Imprecise Reports
ii) MLI-based health profiling score basis medicals
iii) Enhancing the overall customer experience during and post-medicals
MediCheck runs real-time in the issuance journey on all the digitized medical records from the Diagnostic Centers. It further searches for the record existence in its database and provides the outputs that flow into Max Life's Underwriting rule engine. The rule engine depending on the reporting variance, alerts the Underwriter, the investigation team, and the medical network team to take further actions on the case. This enables the creation of a funnel to check imprecise records and flag the ones with poor health scores, thus bringing out real-time insights for the Underwriters at the issuance stage.
The MediCheck solution offers an enhanced customer experience during and post medicals where via upfront identification of inaccurate records, and poor health of the customers, the Company can minimize chances of claim repudiation under medical grounds resulting in a higher Net Promoter score. Additionally, this solution also helps with significant cost savings through claim avoidance by identifying the right health profile of the customer during the issuance stage.