Life insurance providers often need to obtain medical records and/or attending physician statements as part of their underwriting process. This step in the underwriting process can often lead to significant delays in policy issuance and/or inability to complete the underwriting process.
Additionally, the operational workflows necessary to administer this reconciliation is extremely manual and costly. This leaves insurance producers (agents) and prospective clients frustrated in dealing with the underwriting process. It can also lead to higher policy issuance costs and/or lost business opportunities for the insurance provider.
LifeEDI™ utilizes existing EDI processes and channels to streamline document flow and communication between medical providers and insurance companies, while maximizing efficiencies in time, cost and user functionality. Sister company WorkCompEDI handles EDI process for the vast majority of the workers compensation industry (providers, institutions, and Payors). LifeEDI™ leverages those existing relationships and infrastructure to connect most medical providers and insurance companies to facilitate the receipt, organization and delivery of life insurance documentation.
- Streamlined processes for obtaining medical records and attending physician statements within the underwriting process.
- Customized solutions to fit existing provider systems & processes.
- Internal cost savings by fulfilling this business need through a third party vendor vs. providing internal support & staffing for this process.
- Increased sales capacity and policy issuance leading to enhanced revenue for policies placed.
- User ease for insurance producers (agents), proposed clients, medical providers (those providing medical records and attending physician statement.
Contact LifeEDI™ today for a customized assessment of your current APS & Medical Records request processing, along with complimentary consultation on ways we can streamline your underwriting process.