The tool, which is being marketed in the country as AXA’s Intelligent medical Acceptance Tool (IMPACT), will enable AXA’s insurance partners to automate health insurance underwriting decisions.
The tool enables the automatic assessment of pre-existing medical conditions and allows users to make underwriting decisions such as premium loadings and exclusions in real time. Customers will be able to declare the specifics of their medical conditions using the tool’s dynamic question set, which uses algorithms to generate ‘relative risk scores’ based on over ten years of medical claims and data, recalibrated to accommodate for latest medical technologies and treatments.
One early adopter of the tool will be Shanghai’s AXA Tianping
Shanghai-based AXA Tianping will reportedly be the first AXA insurance partner to use the IMPACT tool in the North Asian market.
“Providing cover for pre-existing medical conditions has traditionally been challenging due to a reliance on slow, manual underwriting processes,” said Laurent Pochat-Cottilloux, CEO of AXA Life & Health Reinsurance Solutions. “Through the introduction of the Health Risk Rating Tool via IMPACT, our insurance partners are able to offer a full digitalised customer journey for distributors and insureds with more efficient and sophisticated underwriting decisions in the China market.”
“Many insurers and reinsurers recognise a clear gap in health insurance markets to sell policies in real time to customers who represent substandard but otherwise manageable risk,” added Rachel Edwards, Deputy Global Managing Director, Verisk Life, Health and Travel.