Intelligent situation-dependent collection of medical data
RISK-CONSULTING has developed an interactive, statistically driven question dialogue to collect the medical history of an applicant. The algorithm of the Context-sensitive Diagnosis Exploration CDE® decides for each applicant and each product what will be asked in which depth and sequence. Where necessary, CDE® will ask follow-up questions, for example about the severity or location of a medical condition. This often eliminates the need to request more information or ask for a doctor’s report. CDE® poses simple questions and reviews the answers within a fraction of a second, adapting the question path in real time to ask every important question but as few questions as possible. The interactive question path is determined by a probability network model.
CDE® is web-based, accessible anytime and from anywhere. As CDE® is a multi-language system, insurers can collect applications in multiple languages making simultaneous deployment across multilingual countries or even multiple countries. Through the complete and digital collection of the medical data, CDE® allows immediate policy issuance at the point of sale and supports the digitalization of the application process. Google and Süddeutsche Zeitung, a leading German Newspaper awarded RISK-CONSULTING the “Forward Thinker” prize for CDE® in their 2018 Digital Lighthouse competition for advances in the digitalization of the insurance sector.
Advantages of using CDE®
- Collection of medical history at the point of sale in multiple languages
- Systematic recording of all illnesses according to the ICD-10 system
- Situation-dependent question sequence based on probabilities
- Interactive dialogue driven by product, person and the information already provided in the questioning process
- Immediate underwriting decision at the point of sale possible when combined with AktuarMed®
- Significant process acceleration and increase in the application process
- Massive relief for the underwriters, as only a few cases are routed for review, by previously specified rules
- Clearly documented answers to the questions posed by CDE® increase the legal security
Dynamic Underwriting in Life and Health Insurance
Combining AktuarMed® and CDE®
Why do applicants have to answer dozens of medical questions during an application, wait days or weeks for a reply and often need to answer even more questions, or supply reports from their medical practitioners? RISK-CONSULTING implemented a new approach where the applicant is led through an interactive digital question dialogue in which no unnecessary questions are asked and an immediate underwriting decision is taken. Big Data and advanced Data Analytics allow the optimization of the process and the generation of underwriting decisions based on hundreds of millions of years of medical evidence, far more than a human underwriter can ever access. The new process is not designed to eliminate human underwriting at all but it will mean that underwriters only need to look at applications which really merit their intervention. Thus, the insurer is able to deliver a binding quote including policy documentation which only takes minutes for more than 90% of the applications.
The new process is not designed to eliminate human underwriting at all but it will mean that underwriters only need to look at applications which really merit their intervention. Thus, the insurer is able to deliver a binding quote including policy documentation which only takes minutes for more than 90% of the applications. The first step of collecting the medical history of the applicant is performed by RISK-CONSULTING’s award winning tool for context-sensitive diagnosis exploration CDE®. CDE® then passes the application data to RISK-CONSULTING’s evidence-based underwriting system AktuarMed® which performs the risk assessment.