DataMD - Automate Medical Underwriting Processing

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

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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

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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

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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

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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.

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