Creating Customer Value From Life Insurance’s Billion-Dollar Health Records Business

Who runs one of the world’s largest personal health records businesses? Today the life insurance industry spends over $1 billion annually on the routine chore of creating and compiling the exams, lab tests, and attending physician statements (APSs) required to underwrite the 10 million plus life insurance applications submitted in the United States. Unlike most health records, these documents and files tend to be imaged or otherwise organized into digital formats to drive down the cost of the underwriting process.
What if this routine expense could be transformed into a value added service that customers appreciate and look forward to receiving? And what if the value of this service shifted the customer’s perspective to the point that they didn’t really mind the wait for their policy to be underwritten?

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