Brokers

You trust us to handle this important step in your client’s journey to protecting their family, but how are the health data for life insurance policy collected? It’s likely that if you’re not sure of some of this terminology, neither are your clients. We’ve found that key information about the process shared by you, as their trusted agent, can help reduce anxiety and manage expectations. Eliminating unknowns can ease your client’s mind and help ensure a quicker path to an issued policy.

Collecting health data

Your life underwriter will often require a paramedical exam and additional data collection points. A paramedical examination is a personal interview with your client to collect information about their medical history. This interview may be performed over the phone, online and/or in-person at the time of their examination. The additional data points may include a Motor Vehicle Report, Attending Physician Statements (medical records) or a detailed prescription history.

The interview is a brief phone call to gather information about your client’s medical history. This can take 15-40 minutes, depending on one’s medical history (e.g. diagnoses, prescriptions). Your client can prepare for a more efficient call by compiling their prescription list, any significant health dates or surgeries and detailed contact information from their primary care provider.

The next step is typically the medical exam. The examination usually includes a recording of height, weight, blood pressure and pulse. The exam may also include the collection of blood, urine, oral fluid, and an EKG and/or X-ray, depending on the insurer’s underwriting guidelines based on a client’s age and insurance amount. If an interview was not completed, your client may be required to complete a medical history interview at the exam appointment. A checklist of do’s and don’ts can be found on our website, to help your client prepare for their exam.

When it comes to the exam appointment, we offer many options for your client’s convenience. In addition to our extensive national network of mobile examiners, we offer over 2,000 locations where the exam can be done in a medical setting. If your client is squeamish or dreading having blood drawn, you may want to encourage them to schedule a mobile exam at home where they can be most comfortable.

Additional data requirements

Although collecting Attending Physician Statements (APS or medical records) can add more time to the process, we’re here to help things go as quickly as possible. Please advise your clients that some cases may take 30-45 days (especially when a special release is required). We are implementing a special authorization tool that will allow us to collect the authorization at the time of the interview in an effort to reduce the number of days to obtain an APS. Please note that if your client has a potential diagnosis in progress, any new treatments or assessments may delay an underwriting decision as new data are created and accessed.

What happens next?

The paramedical examination and any additional requirements are forwarded to the insurance company. Any specimens obtained during the examination are sent to our laboratory or another designated laboratory and the results are forwarded to the insurance company for assessment. ExamOne professionals are not aware of the tests performed on the specimen(s) at the laboratory and do not receive the test results.

Tools to help prepare

There are many resources available from ExamOne that can help you walk through the process with your clients and prepare them for the best possible result. These include applicant brochures, a printable checklist, and short videos on our ExamOne YouTube channel. Please visit our website at MyExamOne.com to find the materials best suited for you and your clients.

If your client has health conditions or habits that may impact their insurance rating, you may be able to ease their concerns. ExamOne does not make underwriting decisions, rather we serve as an impartial third-party health data collection service. The data collected allows the insurance company to evaluate the potential risk in insuring the client. Any health information we collect is handled carefully and delivered confidentially to the insurance company. Some companies have expanded their products to include coverage for people with certain conditions, so we recommend gaining an understanding of your client’s general health before applying so you can get a head start on gathering the best product options designed to fit them.

Be sure to have a conversation with your client to help demystify the application process and help them prepare for the best possible outcome. If you have any questions or need help accessing our support resources, please contact your local ExamOne sales representative or visit our website.

Read additional articles in this series: https://blog.examone.com/learn-more-life-insurance-application/

In the fall of 2018, ExamOne launched our expanded exam center network by adding hundreds of Quest Diagnostics® Patient Service Centers (PSC) to our life insurance exam network. This year we’re adding even more Quest locations to provide convenient options for life insurance applicants across the country. With access to more than 2,000 exam center locations, life insurance applicants have the convenience of choice not found anywhere else in the industry.

Exam centers deliver higher completion rates and faster turnaround times

Based on an analysis of exams completed between January 1 and August 31, 2019, those completed in-center (at an ExamOne office or Quest PSC) showed the highest completion rates and fastest turnaround times. Exams scheduled at an exam center were, on average, completed 90% of the time, compared to 73% for mobile exams. Additionally, exams were completed in less than 11 days at in-center locations, compared to over 12 days for mobile.

In-center exams compared to mobile exams

Analysis by generation

In-center exams show the highest completion rates across all generations, with 90% of scheduled in-center exams being completed among millennials and Gen Xers, compared to completion rates for mobile exams at 77% and 74%, respectively. The greatest difference in completion rates appears in the older age groups. This could be attributed to a greater sense of comfort in visiting a medical office if individuals in the two older generations visit PSCs regularly for other age-related health screenings.

Completion rates by generation

Exam center options deliver faster turnaround times for all generations in comparison to mobile, but we see the fastest results in the two oldest generations, with just 7.2 days for the silent generation. It is possible this is related to the applicant’s daily schedule when considering that many in this generation are likely retired or working part-time, while baby boomers are moving closer to that stage of life as well.

Turnaround times by generation

Interestingly, there was little to no difference in both completion rates and turnaround time when comparing gender within these generations.

Analysis by face amount

Completion rates and turnaround times also vary across face amounts. For reference, in 2018 the average face amount of policies for which exams were completed by ExamOne was $500,279, while the median was $250,000. Again, we see exam centers consistently deliver higher completion rates in comparison to mobile exams.

Completion rates by face amount

Turnaround times for exam centers are generally more than one day faster than mobile. Additionally, higher value policies are correlated with the fastest turnaround times, as face amounts over $1 million average a 10.7 day turnaround.

Turnaround time by face amount

Applicants want convenient choices

Applicant choice is also an important factor to consider when it comes to the location of the exam. Between January and August 2019, nearly 6,000 life insurance applicants completed ExamOne’s applicant satisfaction survey after their exam at an ExamOne or Quest office. Of those, 48% said they chose the in-center location because it was the most convenient place for them. Others indicated the in-center locations offered the best appointment time for their schedule (19%), or that they felt most comfortable completing the exam there (15%).

Learn more about our expanding exam center network.

Celebrating Life Insurance Awareness Month: Four ways ExamOne showed our support

October 15, 2019 #Committed2 You

In September our industry celebrated Life Insurance Awareness Month (LIAM). We hope you joined us in spreading the word about the financial importance of life insurance. Here are a few ways ExamOne celebrated LIAM in 2019. Increasing awareness Throughout September, our teams focused on increasing awareness on the importance of life insurance. We offered educational videos and materials that agents […]

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Client feedback drives creation of four new project teams

October 8, 2019 Brokers

Earlier this summer, we completed our second annual customer satisfaction survey. Through this survey, clients are asked to deliver honest feedback on ExamOne services. Our goal is to consistently meet our customers’ expectations, and this annual customer survey is a key tool in measuring our performance. Overall satisfaction with exam centers and turnaround time Last […]

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Tools to help your clients complete the life insurance application process

August 22, 2019 #Committed2 You

So you met with your client, helped determine their life insurance needs, and filled out the application. Weeks have passed and now the case is expiring, incomplete. Here are a few solutions to help avoid this phenomenon when clients don’t schedule their paramedical exam. We are here to help you and your clients experience a […]

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Exam completion rate case study

July 9, 2019 Brokers

One of the challenges facing the direct-to-consumer segment of the life insurance industry is improving completion percentage. Over the last year, we analyzed our client’s data to compare how and where applicants schedule exams, and measure the impact on completion rates. Three common factors emerged to demonstrate the effectiveness of utilizing some of ExamOne’s tools […]

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Spend more time with applicants when you order online

May 21, 2019 Brokers

The ExamOne ordering site allows you to manage all your needs in one place, whether you’re looking to create a case, place an order, or anything in between. It allows you to view the status for individual orders so you’re able to keep track of each moving piece required for completion. The ExamOne portal* is […]

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Modernizing the life insurance applicant experience through digital engagement

April 25, 2019 Applicants

What goes into a modern customer experience? It’s all about engaging customers in new and innovative ways. In the life insurance industry, customer experience impacts policy completion rates. Recognizing this drives our efforts and ensures that we are meeting the needs of the modern customer. Solutions that provide real-time context, convenience and visual information are […]

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Recent scheduling enhancements place an emphasis on the applicant experience

March 18, 2019 Brokers

ScheduleNow™ is a modern scheduling platform that helps speed up the application process. All ExamOne clients can take advantage of ScheduleNow’s capabilities, national coverage, and flexibility. Recent improvements to the scheduling platform allow users to quickly identify the best days and times to schedule appointments. If an examiner or exam center is not available, the […]

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Customer survey update: How customer feedback empowers innovation

March 12, 2019 Brokers

Using feedback from our customer survey, we’ve put together six action plan teams to address key opportunities our customers highlighted. Find out what they’re working on now.

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