LexisNexis Risk Solutions and Human API recently announced a collaboration that will make insurance underwriting faster and easier for insurance companies.
But does this partnership have the potential to be more invasive for consumers?
LexisNexis Risk Solutions is a research company known for their electronic risk-management resources. And Human API is a healthcare platform that collects medical data which, according to their website, includes “individual medical records, EHR data, lab test results and prescriptions – as well as health data from wearables, devices, sensors, and mobile health apps.”
Together, the two companies hope to leverage all of their combined data to help insurance companies determine each potential policy holder’s risk with a comprehensive view of an individual’s health. Insurers will also be able to see aggregated and standardized data.
Elliott Wallace, GM and VP, Life Insurance, at LexisNexis Risk Solutions stated:
“Through our continuous pursuit of innovation, our customers can take their underwriting processes from approximately 30 days down to hours. With Human API’s real-time health data network platform and consumer risk decisioning information from LexisNexis Risk Solutions, our customers can easily access health data regardless of source when they need it to transform their businesses and fulfill their objectives to help more consumers attain life insurance.”
Human API doesn’t just gather broad, generalized information – it captures a lot of very specific, very granular information like activity level through the day, medications adherence or lack thereof, blood pressure, heart rate, and more. Per individual, this could amount to a tremendous amount of data about your day to day life. We’ve discussed in the past how data collected in health apps could, in some cases, be for sale for precisely this kind of use.
For many people, this could sound pretty invasive and present a bit of a slippery slope. It could also turn people off to using some of the devices and health apps that collect this data for fear that it could affect insurance eligibility in the future, similar to the argument made around genetic testing.
Insurance companies will need to find ways to use this data to improve risk prediction beyond what they are able to do currently with the usual exams, questionnaires, and testing. And that may prove to be a tall order. Nonetheless, for consumers, particularly those who use health apps or digital health devices, it’s definitely a trend worth paying attention to.