25 August 2017 07:00
Use the metadata has allowed insurers to eliminate tests for policies where the amounts of protection can reach up to a million dollars. If the industry can access data on the medication prescribed, this limit will be rejected, » says Financial Foresters.
«It will be more complicated here than in the United States to extend this approach to larger amounts of insurance. We do not have a history of prescriptions in the pharmacy, » says the sales director of Financial Foresters, Aziz Rguigue.
The insurers, americans can see this and thus dig deeper into the risk posed by an applicant. The MIB can provide this history. «The insurers are not so hot to take a higher risk without being able to excavate more,» said Mr. Rguigue.
Doug Parrott, chief underwriter for North American Financial Foresters, believes that the canadian insurers are expected to develop links with providers to obtain the data on drugs prescribed. Used to a greater extent, such information would expedite the process of issuing policies to pricing as a whole, or even to extend it to larger amounts of insurance.
Common in the United States, this practice has allowed insurers to reduce their time and increase the product offering to underwriting traditional instant significantly, » noted Mr. Parrott, in interview to the Newspaper of insurance. He said to know two american companies that specialize in offering insurers of records on prescriptions, pharmacy : ScriptCheck, subsidiaryExamOne, and Milliman IntelliScript. «Foresters has been working very closely with Milliman,» added the chief underwriter. Milliman account as Aetna and Blue Cross Blue Shield among its corporate clients in the United States.
The insurer who has access to these records in order can know what medications has consumed a particular in the past few years, » explains Mr Parrott. Why the canadian industry is not there is it not ? The problem is not a question of protection of personal information, but rather to convince the firms that have this information of the value accorded to it by the insurers. The biggest challenge will be to convince also the insurers that it would be beneficial for them to pay for this information.
Insurers will also need to prepare the ground in the public opinion. «You have to understand that this information will not be used to the detriment of the person to be insured. It will be used to accelerate the decision of the insurer and to perform the transaction at a cost lower, » said Mr. Parrott.