New Features to Revolutionize Life & Disability Underwriting
With our latest product update, we’ve sharpened our focus on Life & Disability via a suite of AI-powered features that overcome common underwriting challenges.
Sixfold’s number one superpower is to easily–and quickly–ingest carriers’ unique underwriting guidelines and automatically surface the submissions that match the carrier’s unique risk appetite. Moreover, the platform empowers Life & Disability carriers to streamline the underwriting process by:
🔘 Ingesting data from multiple disparate sources in an instant
🔘 Generating a comprehensive summarization of the applicant's health history and lifestyle within minutes
🔘 Surfacing positive & negative risk signals aligning with the unique risk appetite of each carrier
🔘 Triaging submissions with an underwriter-facing dashboard for improved resource allocation
We've significantly broadened our Life & Disability offerings by expanding into six key areas, facilitating us to quickly create a comprehensive 360-degree applicant profile in just minutes by:
✔️ Reducing manual workload through improved document ingestion
Our technology has been significantly enhanced to process and analyze an extensive history of lab results, diagnoses, and medication records, covering years or even decades.
The platform is proficient in ingesting data from various sources including APS files, MIB reports, labs, applications, supplementals, Electronic Health Records (EHR), and Fast Healthcare Interoperability Resources (FHIR) files. By automating the ingestion of these diverse data types, Sixfold eliminates the need for manual document handling by underwriters.
✔️ Refining risk evaluation with a holistic view of medications, treatments, lifestyle choices, and family history
The platform leverages advanced synthesis of adjacent applicant history information, including pertinent family medical histories and lifestyle attributes, to offer a comprehensive understanding of their broader health habits and disease predispositions.
By integrating details from submitted records—such as family diagnoses ("father was diagnosed with melanoma at 63, but was successfully treated")—with insights into exercise routines ("engages in moderate-intensity aerobic exercise and weight lifting"), hobbies ("applicant scuba dives several times per year"), and substance use ("consumes a few beers every few days"), Sixfold provides a holistic view of an applicant's health.
This comprehensive approach enhances the precision of assessments, enabling more informed decisions regarding risk.
✔️ Improving risk decision precision with in-depth analysis of health condition progression
We are now able to aggregate data related to a condition, including adjacent factors like medication, to chronologically track the comprehensive progression of the condition across multiple data sources. By utilizing detailed health data and its evolution over time, we enable more informed and accurate underwriting decisions.
This approach provides a unique layer of detail, incorporating crucial health information over time, allowing underwriters to quickly grasp risk with relevant context, thereby informing more precise rating and pricing.
✔️ Enhancing fraud detection by identifying inconsistencies across sources
Underwriters are tasked with synthesizing and managing a vast amount of information from lengthy documents, including Attending Physician Statements (APS), self-reported data, laboratory results, and more. An important aspect of analyzing these documents is to identify inconsistencies or discrepancies that could arise from oversight or fraud. Instead of solely relying on underwriters to detect irregularities across diverse documents, Sixfold proactively identifies and flags these discrepancies to the underwriter.
The platform's automated capability to identify problematic areas empowers underwriters to make informed decisions, leading to more accurate pricing of premiums and greater reliability of applicant information, safeguarding both insurers and applicants.
✔️ Expanding traceability with full document and page number sourcing
Our recent achievement of SOC 2 Type 2 certification underscores our commitment to being a responsible AI solution.
In this release, we've taken traceability to the next level by ensuring underwriters have access to complete information sourcing, pinpointing the exact document and page for increased transparency and accuracy.
✔️ Boosting underwriting capacity with upgraded triaging functionality
Sixfold's latest update introduces a streamlined dashboard experience, designed specifically to empower underwriters to efficiently prioritize applicants who meet their risk tolerance and gracefully set aside those who do not. This effectively addresses the common 'front door issue' in Life & Disability underwriting, which involves managing an overwhelming influx of submissions by automating the pre-processing of applications. Within minutes, Sixfold accurately identifies and aligns applicants with the carrier’s risk criteria, significantly easing the burden of manual sorting and enabling underwriters to focus on the most suitable cases.
Our newest updates equip life & disability underwriters with a complete, clear and accurate health snapshot for every applicant, pinpointing key data points without sacrificing our commitment to compliance and data privacy.
Curious to see it all live? 👉 Watch our 20-minute product demo.
