Earlier this year, Health Gorilla, the leading aggregator of health data in the United States and Latin America, announced our entrance into the life insurance space. Before our announcement, we went through rigorous security certifications from government agencies and leading healthcare organizations. We are now SOC-2 Type 2 compliant, HIPAA-compliant, independently audited on a routine basis, and pursuing HITRUST certification.
With the life insurance industry leveraging digital tools, deploying automated underwriting, and working to increase operational efficiencies, it's critical that they have access to an aggregated and actionable view of their applicant's complete medical history.
This is where Health Gorilla comes into play. Our platform securely provides insurance underwriters, reinsurers, and risk assessors with HIPAA-compliant, permission-based access to aggregated and normalized health data through our FHIR-based clinical APIs. Access to this data allows insurers to expedite and scale how they retrieve and analyze their customers' medical records, enhancing their ability to create more informed risk assessments and streamline their workflows.
While our entrance to the space was a very exciting step for our team and the industry at large, there are many questions about how clinical data is powering the life insurance industry. Below we provide an overview of clinical data, discuss how insurance companies use it, go over the benefits that it can have for applicants, and describe how our insurance solutions support the space.
According to The University of Washington's Health Science Library, clinical data comprises electronic health records, administrative data, claims data, patient and disease registries, health surveys, and clinical trials data. Insurers recognize the value of each structured data type in their enterprise, whether it is for underwriting, data science, actuarial pricing, policy administration or maximizing the lifetime value of each policyholder.
Clinical data on its own is often challenging to understand, redundant or incomplete, and can be limited in utility in its raw form. But, when insurance organizations have access to aggregated and normalized data, there are a variety of ways they can use it to improve their processes and the consumers' journey. When leveraging Health Gorilla's data retrieval and enrichment services, life insurers can expect the following benefits:
Applicants can also expect various benefits when insurers have access to their complete medical records. While they may worry about their clinical data being accessed by an insurer, it is important to remember that each applicant must provide consent and validate their identity before any information is exchanged. This ensures the applicants' information is secure and confidential and that complete and accurate information is retrieved before being integrated into various workflows. Below are a few ways applicants benefit from insurers having access to their clinical data.
The Health Gorilla platform allows insurers to accelerate and scale how medical records are retrieved and analyzed, allowing them to create more informed risk assessments, streamline their underwriting workflow, and enhance the policyholder's experience. We also offer a comprehensive master patient index and record locator services that match healthcare data to the appropriate applicant, which improves operational efficiency, policy retention, and customer satisfaction.
If you're considering expanding the data available to your underwriters, actuaries, claims professionals, and data scientists, the Health Gorilla team is here to help. We will work with you to configure the connection between our library of APIs and your application based on your organization's unique needs and workflows and provide access to the Health Gorilla API development sandbox. Our team of experts is available to answer any questions throughout your journey. If you have any additional questions or are interested in exploring a partnership with Health Gorilla, please contact us.