Customers today expect to buy travel insurance quickly that covers all their healthcare needs overseas. But traditionally, pre-existing medical conditions have been excluded from coverage, leading to complicated, confrontational, and drawn-out claim processes. How can you underwrite travel insurance for pre-existing conditions at point of sale?
The Travel Risk Rating Tool automates the assessment of pre-existing conditions, enabling insurers to get a full view of a customer’s medical risk and make underwriting decisions with speed and precision. The Travel Risk Rating Tool can be seamlessly incorporated into the sales process, and customers’ responses to simple, carefully worded questions result in a relative risk score that can be used for underwriting and pricing.
We’ve worked with insurers to automate the assessment of pre-existing conditions since 2000. In 2018, the Travel Risk Rating Tool was responsible for the successful completion of more than 21 million risk assessments.
The analytics in the Risk Rating Tool have been developed and refined since 2000 by experts in medical risk assessment, based on an understanding of the natural progression of medical conditions and claim costs. The data set and algorithms are updated regularly.
The Risk Rating Tool uses consistent medical codes (ICD 9 and 10) to identify pre-existing conditions. These codes can help match pre-existing conditions to claims.
The Risk Rating Tool is easy to implement through an application program interface (API) or widget plugin solution.