Insights for Effective Underwriting Strategies
Underwriting for medical professional liability carries significant risk exposure. Technology has greatly altered the process and will continue to influence workflow and strategy.
With digital labor (automated underwriting), data analytics, AI, and predictive behavior modeling driving the future of underwriting, it is easy to get caught up in what looks like the silver bullet solution.
Remember the phrase, garbage in, garbage out? It was the reminder in the early computer science days that no matter how accurate the program’s logic, the quality of the output relied on accurate input.
The most important partner before engaging any other emerging technology partner is the data provider who supplies information on license status and full insight into the health care professionals you select to insure. Can you or your data provider assure identity to 99.9% accuracy? And does your current data provider achieve that near-perfect percentage 99.9% of the time?
Verisys Corporation does. It has the largest and most intelligent data platform on health care providers in the industry, and the sophisticated algorithms to perform with near-flawless precision.
With this level of accuracy applied to your screening and verification process, there will automatically be less risk exposure because the bad actors will be identified correctly and never be on your books in the first place.
The continuous monitoring is as important as the complete and accurate initial screening. Subsequent issues noticed in near real-time provides ongoing insight and the ability to reduce ongoing risks.
A 360-degree dynamic view of each licensed provider you insure will result in reliable output from additional technology and should serve as the basis to select which health care workers to insure. High quality data is the foundation to risk mitigation as you protect your revenue, your reputation and the patients of the providers you insure.
There are seven data points that should be continually monitored from primary source publishers:
- Professional Licensing
- National Abuse Registry
- National Sex Offender Registry
- Social Security Administration / Death Master File