Max Life launches ‘MediCheck’; an innovative real-time health analytics solution that drives superior customer experience
- A pioneering in-house intelligence module to detect inaccurate medical reports and provide customer health scores basis medical data
- Helps strengthen medically issued books by focusing on medical report quality to improve customer experience
Chennai, October 7, 2022: Max Life Insurance Company Ltd. (“Max Life” / “Company”), has launched ‘MediChec k’, a real-time analytics solution that leverages a digitized health registry to detect inaccurate medical reports an d to provide relative health scores of a customer. With the MediCheck solution Max Life can access accurate cus tomer medical records at the issuance stage, which will help minimize the chances of claim repudiation under me dical grounds.
The solution helps the Company strengthen medically issued books. This helps improve its customer experience during medicals and ensures the flow of accurate medical data between the Diagnostic Centres, Third Party Ad ministrators, and the Company.
Manu Lavanya, Director and Chief Operations Officer, Max Life said, “With MediCheck, we are bringing an indu stry-first solution for precise medical reporting during Underwriting that ensures customer claims are not reject ed on the grounds of non-disclosure. This solution will enable us to arrive at accurate customer health scores an d enable faster claims processing.”
Per Insurance underwriting norms, medical tests are required to evaluate the current health status of the custo mer. However, due to multiple sectoral challenges, inaccurate reporting may occur, warranting an innovative sol ution to ensure accuracy in customer health scoring. Countering this challenge, Max Life has designed an in-hou se Intelligence Analytics Solution – MediCheck, with a multi-pronged approach of:
- i) Identification of Imprecise Reports
- ii) MLI-based health profiling score basis medicals
iii) Enhancing the overall customer experience during and post-medicals
MediCheck runs real-time in the issuance journey on all the digitized medical records from the Diagnostic Cente rs. It further searches for the record existence in its database and provides the outputs that flow into Max Life’s Underwriting rule engine. The rule engine depending on the reporting variance, alerts the Underwriter, the inves tigation team, and the medical network team to take further actions on the case. This enables the creation of a f unnel to check imprecise records and flag the ones with poor health scores, thus bringing out real-time insights for the Underwriters at the issuance stage.
The MediCheck solution offers an enhanced customer experience during and post medicals where via upfront identification of inaccurate records, and poor health of the customers, the Company can minimize chances of cl aim repudiation under medical grounds resulting in a higher Net Promoter score. Additionally, this solution also helps with significant cost savings through claim avoidance by identifying the right health profile of the custom er during the issuance stage
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-par ty distribution partners.
Max Life has built its operations over two decades through a need-based sales process, a customer-centric app roach to engagement and service delivery and trained human capital. As per public disclosures and annual aud ited financials for FY2021-22, Max Life has achieved a gross written premium of INR 22,414 crore.
For more information, please visit the Company’s website at www.maxlifeinsurance.com
