DETROIT, Sept. 28, 2018 /PRNewswire-PRWeb/ -- The only one of its kind, Medical Extraction aids life insurers and reinsurers in the underwriting process. It utilizes optical character recognition technology to capture and classify medical data such as diagnoses, prescriptions, MVR, credit information and other sources from both structured and unstructured formats.
Challenges it Addresses
"When it comes to identifying decision-point information necessary to approve or deny applicants, underwriters go through a grueling, manual process," Bill Rachilla, Product Manager, Pyramid Solutions said. "They spend, in some cases, days reviewing applications and relevant medical documents when underwriting a complex application. And that can only be accomplished after the requested information has been received. The entire cycle can take upwards of 45 days to complete. It's an inefficient process that relies on senior underwriters – a dwindling population – to complete the work. We want to ease this burden."
Often times, life insurers use third-party companies to produce an attending physician statement (APS) summary to reduce the amount of manual review the underwriters have to perform. However, this can make the process take even longer and the APS summaries are subject to interpretation and error.
How Medical Extraction Works
As life insurance underwriters receive applications and supporting medical documents, they must review the information and make a decision about the applicant. Pyramid Solutions' Medical Extraction intelligently captures data from documents and electronic data feeds, and extracts information pertaining to the applicant, including the three leading causes of death: cancer, heart disease and diabetes. It then bookmarks key information and displays it in easy-to-read reports and charts within common underwriting systems.
This produces significant efficiency gains as underwriters by-pass the lengthy process of reviewing entire documents. It enables them to easily assess an applicant's risk level and quickly deny or approve the policy application. If Medical Extraction finds any positive diagnoses for cancer, heart disease or diabetes, it immediately flags the application as high-risk.
"Beta testing with attending physician statements and medical documents has shown significant time-saving possibilities for underwriters," Will Sellenraad, Principal of Insurance, Pyramid Solutions said. "Medical Extraction conducts much of the manual labor for underwriters. This technology is truly transforming the way underwriters work."
The Value
"Through this cognitive capture technology, we have seen application process efficiency gains approaching the 95% range through immediate identification of high-risk morbidities. Reading through a 300-page APS to find large cell carcinoma on page 287 can waste three hours of an underwriter's time on an application that will be denied. This technology can find and present this data within a couple of minutes!" Rachilla said. "Regarding the inverse, if the technology finds no trace of high-risk morbidity items, the application is 'fast-tracked' thus maximizing margin on a particular policy."
About Pyramid Solutions, Inc.
Pyramid Solutions helps organizations achieve desired outcomes and business objectives with dynamic case management, business process management, robotic process automation and advanced document imaging solutions. Each of our solutions drive greater operational efficiency by reducing dependency on paper-based and manual processing.
Our deep understanding of information, content management and best practices positions us to offer creative, effective solutions to meet your business goals. This is why time-and-again, clients trust us to resolve their operational and technological challenges, identify strategic opportunities and deliver best-in-class solutions with exceptional results. For additional information about Pyramid Solutions, visit PyramidSolutions.com
SOURCE Pyramid Solutions
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