Mobile Paramedical Platforms and Paramedical Service Providers
Report Summary
Mobile Paramedical Platforms and Paramedical Service Providers
Paramedical service providers have introduced mobile platforms to speed turnaround times and provide structured data early in the underwriting cycle.
Boston, MA, September 8, 2010 – A new report from Aite Group examines new platforms that allow paramedical examiners to collect structured data in the field and quickly deliver it to carriers and brokers. It looks at two firms that have developed technology platforms to achieve this, and five paramedical service providers that either utilize the platforms or have elected not to. It also situates the benefits of these mobile platforms within the context of the broader suites of offerings provided by profiled service providers.
The life insurance industry relies on an ecosystem of service providers to help underwrite and distribute its products and fulfill contractual obligations to clients. The collection of physical medical evidence calls for the participation of medical personal and can be time-consuming to obtain. Paramedical services providers have in recent years sought to streamline and improve the process in order to help insurers and distributors shorten cycle times, improve placement rates, and reduce costs. Paramedical service providers have introduced mobile platforms to achieve these goals, speeding turnaround times and, just as importantly, providing structured data early in the underwriting cycle.
“Because the life insurance sales and underwriting process is so complicated — and getting it right so important to insurers’ long-term economic interests — the industry has been focused on improving how it collects information about applicants for life insurance policies,” says Clark Troy, senior analyst with Aite Group and author of this report. “New platforms that help parameds perform effective interviews and gather and report physical requirements while in the field promise to help carriers and distributors shave days off cycle times and significantly decrease total underwriting costs.”
The report profiles paramedical platforms from Applicint and Hooper Holmes/Portamedic, and compares the offerings of five U.S. paramedical services providers: American Para Professional Systems (APPS), ExamOne, Examination Management Services Incorporate (EMSI), Hooper Holmes/Portamedic, and Superior Mobile Medics.
This 24-page Impact Note contains five figures and three tables. Clients of Aite Group's Life Insurance service can download the report.