• Support
  • Client Login
  • Learn More
  • Solutions
    • Commercial Analytics
    • Observational Research
    • Precision & HCP Marketing
    • Real-World Evidence (RWE)
    • HEOR
  • About
    • Become a Data Provider
    • Careers
    • News
    • Resources
  • Insights
  • Contact Us
Home Insights AI-driven risk prediction: A powerful underwriting tool in an era of high inflation

AI-driven risk prediction: A powerful underwriting tool in an era of high inflation

  • February 04, 2022
AI-driven risk prediction: A powerful underwriting tool in an era of high inflation

Anyone who has purchased groceries or filled up at a gas station recently has felt the pinch of rising costs. The current inflation rate of 6.2% is a 30-year high, and if history is any indication, healthcare costs will be among the most impacted areas going forward.

According to the US Bureau of Labor Statistics, the Consumer Price Index increased 107% between December 1989 and December 2020, but the increase in healthcare costs was much more significant.

AI-driven underwriting risk prediction helps underwriters navigate change

The current inflationary environment makes accurate risk prediction more important than ever for health insurance underwriters. A simple calculation of a manual rate based on past healthcare spending and standard adjustments may not be sufficient. The more insight an insurer has into the current health of individual members or groups of members, the more informed the assessment. This allows the most competitive premiums to be determined with the least amount of risk. 

Introducing more member data — particularly clinical data — into the risk prediction process is a smart place to start. 

The Prognos Health Underwriting Risk Predictor assesses data from multiple lab reports, as well as prescription and medical claims data, to gain a comprehensive picture of member health. With 70 percent of medical decisions based on lab results, this data is the best indicator of disease severity and progression. However, most health insurers fail to consider this critical data when predicting risk. 

Using AI-driven algorithms, the scoring engine of our Underwriting Risk Predictor calculates probable member costs by assessing disease progression and severity indicated in the lab data, demographics, and clinical analysis. The deeper clinical insights contained in the lab, prescription, and claims data can help payers more accurately predict risk and costs in line with inflation. See how our Underwriting Risk Prediction tool can deliver measurable results to your underwriting efforts. Contact one of our payer solution experts for a customized demo.

« Prevent drug launch failure with an end-to-end RWD solution
3 reasons it’s time to shift the paradigm for real world data in pharma »

    Categories

    • AI (7)
    • Alerts (4)
    • artificial intelligence (1)
    • Blood Cancer (1)
    • Blood Cancer Awareness Month (1)
    • Clinical (1)
    • Commercial Launch Excellence (2)
    • diabetes (1)
    • diagnosis (1)
    • digital (1)
    • Disease Awareness (14)
    • HbA1c (1)
    • HCP omnichannel marketing (1)
    • healthcare AI (1)
    • Lab Testing Insights (17)
    • Lab Testing Trends (11)
    • Marketplace (8)
    • Omnichannel Marketing (8)
    • Patient Journey (1)
    see all topics

    Archives

    • May 2022 (1)
    • April 2022 (2)
    • March 2022 (1)
    • February 2022 (2)
    • November 2021 (3)
    • October 2021 (2)
    • September 2021 (4)
    • August 2021 (1)
    • May 2021 (2)
    • March 2021 (2)
    • January 2021 (1)
    • December 2020 (1)
    • September 2020 (1)
    • August 2020 (1)
    • July 2020 (4)
    • June 2020 (4)
    • May 2020 (4)
    • March 2020 (1)
    • February 2020 (1)
    • January 2020 (1)
    • September 2019 (1)
    • August 2019 (1)
    • July 2019 (1)
    • June 2019 (2)
    • April 2019 (1)
    • March 2019 (2)
    • February 2019 (3)
    • January 2019 (2)
    • November 2018 (1)
    • June 2018 (1)
    • April 2018 (1)
    • November 2017 (3)
    • October 2017 (1)
    • June 2017 (4)
    • May 2017 (1)
    • April 2017 (1)
    see all
    • Prognos Factor®
      • Prognos Marketplace
    • Products
      • Life Sciences
    • Company
      • Insights
      • Careers
      • News
    • Contact Us
    • Terms of Use
    • Privacy Policy
    • Site Map
    © Prognos Health, 2022. All Rights Reserved.