A new partnership between rapid health testing specialist Force Diagnostics and health station provider higi aims to enable life insurance companies to make more accurate underwriting decisions more quickly.
The companies are making available Force Diagnostics’ rapid testing (A1c, cotinine and HIV) and higi biometric and lifestyle data readings (blood pressure, weight, pulse, BMI and activity data from its kiosks) at retail pharmacies so insurers and consumers can speed up the exam process.
They say their offering will allow insurers to quickly respond with an actionable quote — often within 24 hours.
Force Diagnostics’ rapid tests detect chronic disease states and the use of nicotine and drugs that are often abused. The tests don’t require fasting and are made via finger stick or an oral swab.
“For years, insurers have looked for ways to simplify the life insurance underwriting process with varying results. Their challenge has been to attract desirable risks, at any age, with an innovative, efficient process that results in a fair price for life insurance that is neither undervalued nor overpriced,” explained Michael Curran, president and CEO of Force Diagnostics. “Through this partnership, Force and higi can provide insurers and reinsurers with ongoing biometric and lifestyle data for consumers who are interested in improving their physical health as well as their financial health.”
The ability to provide a health exam conveniently and quickly follow it up with an insurance quote eliminates one of the biggest obstacles for consumers buying life insurance, Force Diagnostics noted.
With higi, the offering also offers consumers easy access to health checks plus enables insurers to reward consumers for healthy behaviors, the companies said. Higi’s has web, mobile and health stations in nearly 10,000 retail locations nationwide, and 75% of the U.S. population lives within five miles of a higi station. More than 1 million tests are completed at higi stations each week.
To stay engaged with consumers and improve the persistency of their portfolio, life insurance companies can use higi’s rewards and incentives platform to encourage consumers to track and, when they opt in, share their biometric and lifestyle data, higi said.
“Higi was created to close the gaps in population health by creating ‘win-win’ insights for consumers and healthcare organizations,” stated Jeff Bennett, higi’s CEO. “We’re empowering consumers to know their health stats, which has led to improved health outcomes for millions of higi users across the country. Higi works with a broad range of industries to create efficiencies in health care through increased engagement with consumers and groundbreaking longitudinal analysis of real-time biometric and activity data collected across the country at home, in retail, and at hospitals and clinics.”
Added Curran, “By providing access to real-time biometric and activity data, consumers become active participants in their own health, leading to healthier individuals — a true benefit for insurers and reinsurers. The strength of this partnership will result in no less than a revolution in the life insurance industry.”