We outline the market outlook for electronic health record platforms in life insurance — from market size, to leading companies, to recommendations for players in the space.
What are electronic health record platforms?
Electronic health record (EHR) platforms enable life insurers to access applicant health data instantly via application programming interface (API) connections from healthcare providers. Insurers can use EHR data to augment their own internal datasets and enhance the speed and quality of the underwriting process.
Companies in this space are offering data aggregation and analysis platforms that enable compliant and secure interoperability with healthcare infrastructure. These solutions enable the entire healthcare ecosystem — including patients, payers, providers, app developers, digital health solutions, and labs — to share and produce health data.
Insurers significantly benefit from EHR platforms for life insurance underwriting, as these platforms form the base for several advanced applications, such as predictive analytics solutions that help assess patient risk all through efficient integration of information across practices.
Features & capabilities
EHR platforms provide life insurance underwriters with several capabilities and tools, including:
- Connections to a variety of third-party EHR systems and health information exchanges
- Connections to patient portals
- Automatic organization, deduplication, and standardization of applicant data
- Fast Healthcare Interoperability Resources (FHIR) API-based connections to enable synchronous workflows
At a high level, these solutions are focused on automating and augmenting the data collection process and integrating it for easy access to underwrite a policy.