Life Insurance Clearinghouse
Business Need
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.
Solution
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.
Our parent company WorkCompEDI handles EDI processing for the vast majority of the P&C market (workers’ compensation, auto & personal injury) between submitters (doctors, hospitals, clinics, billing companies), receivers (insurance payors, bill review firms, PPO networks) and vendors (clearinghouses, practice management software, EMR/EHR systems and others).
LifeEDI™ leverages those existing relationships and infrastructure connections to offer a 2-way communication channel between medical providers and insurance companies to facilitate the receipt, organization and delivery of life insurance documentation.
Insurance Providers
Do you require attending physician statements (APS) & medical records that are related information as part of your underwriting process? If so, contact LifeEDI™ to…
- Avoid extra costs and steps in requesting APS & Medical Records
- Avoid delayed policy issuance
- Avoid incomplete application processes
LifeEDI™ leverages existing EDI network connections with tens of thousands of physicians to expedite the electronic flow of documents and information. Tap into the power of LifeEDI™ to both request and receive APS & Medical Records related information and save…
- Time (Records can be immediately requested and received within hours, not days or weeks…)
- Costs (Records can be requested and received electronically saving money spent on mailed request, fax and personnel…)
- Efficiency (Records can be requested and received utilizing existing proven networks…)
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!
- 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.
Next Steps
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.