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Why are insurers using Final Expense?

Drug2Today, there are more than 35 million Americans age 65 and older. That includes 10,000 Baby Boomers who turn 65 every day and this trend will continue for at least 15 more years.[i]  Additionally, there are 95 million Americans who do not have life insurance[ii], and approximately 36 million people who do not have any savings, retirement savings or investments.[iii]

So what happens when one of these individuals with no life insurance, no savings, and no retirement savings passes away and their family is left with the expenses incurred for a funeral? Many insurance carriers offer a Final Expense product to cover this growing segment of consumers.

Final Expense is a life insurance product that can be purchased to cover funeral and burial costs as well as bills and debt. They are issued as small face amounts and most are covered under simplified issue underwriting.

How ScriptCheck can assist you in your underwriting of Final Expense

According to the LIC/CSG Final Expense 2013 survey report, 46% of Final Expense products incorporate a prescription history check. When issuing a life insurance policy to someone over the age of 65, chances are they have a greater list of prescribed medications than a younger individual.

Through ScriptCheck®, you can build a more complete profile on your applicant.* We work with some of the largest pharmacy benefit management (PBM) companies in the country and have developed exclusive relationships that help capture a more comprehensive review of your applicant’s prescription drug history. We are the only provider that represents 85% of the PBM market share. Additionally, approximately 40% of maintenance medications are mail in orders which can only be pulled through a PBM.


  • Saves time allowing underwriters to make faster decisions
  • Flags concerning medication
  • Eliminates costly human mistakes
  • Translates large volume of data into actionable information for an underwriter

Additionally, through our vast data product offering, we can provide additional services that will help you build your applicant profile. We can complete a health history phone interviewprovide a real-time, scored motor vehicle report, and provide a QuestCheck® and MIB report.

While Final Expense products are smaller face amount policies, it is more important than ever to accurately assess risk and to ensure fair and appropriate mortality assumption. Contact Beth Millay at today to learn more.

*ExamOne requires prior written consent from insurance applicants, which appears in the HIPAA-compliant authorization that is part of the insurance application. The authorization must be signed and dated prior to accessing the information.

[i] US Census Bureau


[iii] Social Security Administration

As an underwriter, wouldn’t it be great if you could gather greater insights into your applicants’ prescription history? What if there was a tool that helped facilitate precision underwriting?

In fall of 2014, ExamOne acquired MedPoint from OptumInsight. As part of ExamOne and Quest Diagnostics, our prescription database increased, providing you with a more in-depth review of your applicants’ prescription history. ScriptCheck® is now a more powerful tool aiding in the underwriting process.

Better data. More savings.

How does using ScriptCheck save you money? Underwriters tell us they only use three years of eligibility data to make decisions — anything more than that isn’t used. So while we receive the same seven years of eligibility as competitors do, we only provide the last three years to underwriters. This data is clean, accurate prescription data that allows you to make informed underwriting decisions about your applicants.

Additionally, as part of the new ownership ExamOne gained access to new data sources. Our database now provides access to over three billion new claims and eligibility records for clients. This provides our clients on average a 16 percent increase in hit rates.

Exclusive access to OptumRX

Quest Diagnostics has exclusive access to OptumRX claims information. OptumRX, owned by UnitedHealth Group is the third largest pharmacy benefit manager (PBM) in the country and is the preferred PBM of UnitedHealthcare. This data provides a more comprehensive review of your applicant’s prescription drug history.

Cleaner data, straight from the source

We currently access more than 70 percent of the PBM market. How does this affect you and your underwriting decisions? Through our PBM relationships we go directly to the source and collect the pharmacy claims regardless of where they fill their prescriptions. By using this strategy, you receive information on the drugs you care about for underwriting. It recognizes mail order maintenance as well as specialty drugs, in addition to any retail prescription purchases. This data approach provides you with the most complete and accurate picture of your applicant’s Rx claims history.

More intelligent design

With ScriptCheck’s new design, it will recognize when two names in the system are in fact the same individual. For example, a female fills a prescription, gets married a month later and changes her last name. The next time she fills a prescription her last name has changed. Our sophisticated algorithm will recognize this as the same individual and will combine all prescription history for both names. This same algorithm will also identify when two individuals who are on the same insurance plan, are not the same person.

Additionally, with this new infrastructure you will experience improved functionality. The new design will help you:

  • Identify potential diseases based on an individual’s prescription history
  • Determine if an applicant is following their maintenance drug plans as prescribed
  • Identify drug interactions that could be causing medical problems
  • Recognize specialties of all the doctors prescribing medication to your applicants
  • Uncover hidden health issues

We are excited about this new investment and the benefits it will provide to you. As a leader in the insurance industry, we are committed to helping our clients obtain the best and most accurate data, while also facilitating precision underwriting.

To find out more please contact our Strategic Product Owner, Stacy Steuart, at

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Stacy Steuart, Strategic Product Owner of ExamOne, has been in the life insurance industry for more than 20 years. She began her career at Genworth and has held several leadership roles throughout the years. She also worked at iPipeline and OptumInsight before joining the ExamOne team. Today, Stacy is responsible for overseeing all of our […]

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October 27, 2014 LENEXA, KS, October 27, 2014 / — ExamOne, a Quest Diagnostics company and leader in helping insurers meet their underwriting needs, is pleased to announce the acquisition of certain proprietary assets from OptumInsight that support the ability to provide rapid responses to data inquiries for use in life and health risk assessments. The acquired assets […]

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