Lady with medical underwriting documentsCalculator, stethoscope and medical underwriting documents
DataMD | Medical Underwriting Solution

Automate & Accelerate Medical Underwriting Processing

10 Lakhs+
Medical Claims Analyzed
90 Lakhs+
Medical Bills Digitized & Processed
3 Crore min
Manual Effort Saved

Medical Underwriting Solution

Medical underwriting plays a critical role in life and health risk assessment. However,  insurers today are challenged with traditional underwriting processes that are data-intensive, manual, and require long hours to process cases and make informed decisions. Therefore, they need a new-age solution that can convert prospects into customers. With AI, underwriting processes can be automated and simplified, empowering underwriters to deliver efficient and smart decisions while adhering to regulatory requirements.

Current Challenges
Challenge

Traditional underwriting processes involve manual reading of reports and documents. This makes the process inconsistent and non-trackable as there is a limited amount of digitised data per claim.

Solution

DataMD significantly reduces underwriting errors as cases are underwritten based on the digitised data points and are checked in real time. This helps in boosting productivity by over 50% and leads to high scalability during peak days and hours

Challenge

Data comes from multiple channels such as papers, electronic documents, images, emails etc. in a non-structured format from more than 5000 different diagnostic centres

Solution

DataMD accepts data input from a variety of sources. It extracts, classifies, and standardizes non-structured data present across multiple documents.

Challenge

Traditional underwriting processes are the subjective judgement of the underwriters, making the underwriting process inefficient.

Solution

With DataMD, medical reports are converted into standardized digital output in minutes and time-consuming processes are automated, leading to faster turnaround time.

Challenge

Manual processing and analysis of medical data is prone to errors and can lead to payment leakages.

Solution

AI-enabled process has near 99% accuracy vs. ~80% for manual which helps to prevent payment leakages leading to substantial savings for underwriters.

Manual & Non-Scalable
>
Challenge

Traditional underwriting processes involve manual reading of reports and documents. This makes the process inconsistent and non-trackable as there is a limited amount of digitised data per claim.

Solution

DataMD significantly reduces underwriting errors as cases are underwritten based on the digitised data points and are checked in real time. This helps in boosting productivity by over 50% and leads to high scalability during peak days and hours

Non-structured Data
>
Challenge

Data comes from multiple channels such as papers, electronic documents, images, emails etc. in a non-structured format from more than 5000 different diagnostic centres

Solution

DataMD accepts data input from a variety of sources. It extracts, classifies, and standardizes non-structured data present across multiple documents.

Time-Consuming
>
Challenge

Challenge
Traditional underwriting processes are the subjective judgement of the underwriters, making the underwriting process inefficient.

Solution

With DataMD, medical reports are converted into standardized digital output in minutes and time-consuming processes are automated, leading to faster turnaround time.

Payment Leakages
>
Challenge

Manual processing and analysis of medical data is prone to errors and can lead to payment leakages.

Solution

AI-enabled process has near 99% accuracy vs. ~80% for manual which helps to prevent payment leakages leading to substantial savings for underwriters.

DataMD is an underwriting automation solution that is designed to digitize and analyze complex medical data in diagnostic reports, irrespective of the format or medical nomenclature. Furthermore, the solution helps improve underwriters' efficiency by boosting their productivity and enabling fraud prevention and detection.

Modules
Standardise icon

Data Extraction and Standardization

  • Conversion of medical reports into standardized digital output

  • Standardized data across DCs for analytics and AI model development

Underwriting icon

Underwriting

  • Straight through processing of medically normal cases

  • Cases assigned intelligently to Senior Underwriter

Reinsurance icon

Reinsurance

  • Auto-streaming of data to reinsurer’s portal

  • Use of reinsurance decision for intelligent case assignment or rule-engine decision

Fraud ID icon

Fraud ID

  • Identification of fraudulent Diagnostic Centres (DC)

  • Hard fraud identification: Agent – DC nexus

Audit icon

Audit

  • Assessment of historical cases for outlier identification

  • Comprehensive assessment of data using AI models

Features
Pretrained Models icon
Pretrained models

100% pre-trained models ensuring no training required

Template Agnostic icon
Template Agnostic

Efficient extraction of data irrespective of format or nomenclature

Rule-based Algorithms icon
Rule-based Algorithms

Comprehensive rule-based algorithms to detect unusual cases & flag the same to the underwriter

New-age dashboard icon
New-age Dashboard

Effective management of underwriting process via one interface enabled with human validation feature for special cases

Reports & Insights icon
Reports & Insights

In-depth data analysis & real-time reports to monitor efficiency

Seamless Integration icon
Seamless Integration

Seamless API-based integration with legacy or third-party applications

How DataMD works?
Flow chart showing how DataMD worksFlow chart showing how DataMD works
Benefits
Reduced TAT icon

Reduced TAT

Reduced TAT- Cashless claim discharge within 30 mins

Enhanced productivity icon

Enhanced productivity

Up to 50% increase in productivity of underwriting staff

Accurate Identification icon

Accurate Identification

Accurate identification of special cases for audit

Fraud Detection icon

Fraud Detection

80% reduction in financial leakages

Business Insights icon

Business Insights

Comprehensive customer insights for better & smarter decision

Intelligent Automation icon

Intelligent Automation

More than 95% of data captured accurately via automation

DataMD Adopters

HDFC Life
MediBuddy
DocsApp
HDFC Ergo
Chola MS
<
01 /02
>
DocsApp
HDFC Ergo
Chola MS
MD India
TATA AIA
<
02/02
>
Star Health Insurance
Liberty General Insurance
Bajaj Allianz
HDFC Ergo
<
01 /03
>
Bajaj Allianz
HDFC Ergo
Chola MS
Aditya Birla Life
<
02/03
>
Aditya Birla Life
Reliance
ICICI Lombard
Medi Assist
<
03/03
>
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