i3systems’ medical underwriting automation solution, DataMD is designed to digitize and analyze the medical data in diagnostic reports, irrespective of the format or medical nomenclature.
It aims to increase the efficiency and accuracy of the underwriting process by boosting the productivity of the underwriting staff and enabling fraud identification and prevention.
DataMD performs underwriting process automation, execution of medical rules, and fraud detection. It works on reports from more than 70,000+ Diagnostic Centres in the country without requiring any template configuration or training. It has helped in automation of underwriting and health risk assessment for leading life and health insurance companies in India and abroad.
In emerging economies like India, medical reports do not follow any data standards or templates, which makes capturing and analyzing data from these a tedious and often error-prone job. With DataMD, these reports are converted to standardized digital output in seconds leading to 75-90% reduction in processing time with 99.9% accuracy on captured data.
Over 50% of insurance cases are normal and do not require the attention of the underwriter. Our STP bot enables straight through processing of medically normal cases. Reinsurance bot eliminates manual reinsurance calculation by auto-streaming of data to reinsurer’s portal. This saves valuable time for the underwriters and helps them direct their attention to the cases which require it.
Some unscrupulous agents and diagnostic centres engage in fraud, most commonly by falsifying test data, because it helps them sell more policies and sell them faster. Fraud ID helps in identifying fraudulent DCs and agent / DC nexus like manipulation of reports by Diagnostic Centres involved in pre-policy medical checkups.
Enables finding outliers using Historical Data by the assessment of historical cases to identify outliers. It also provides comprehensive assessment using AI models on medical, financial and demographic data. Another really cool thing our Audit Models enable is rule discovery, i.e. using past data and decisions, we generate a dynamic set of rules which can predict the underwriting decision on any new case.
From raising productivity by over 50% to reducing underwriting errors, DataMD has transformed the insurance landscape by digitizing the underwriting process.
2,000,000 Individual Health Analyzed
5,000,000 Reports Digitized and Processed
45,000,000 min Manual Effort Saved
Helping insurers acquire customers faster & more efficiently
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