Human API for life insurance helps companies approve your application faster than ever!
According to life insurance statistics, many consumers feel it is too difficult to obtain life insurance.
What is Human API?
Human API (Application Programming Interface) is a technology company that provides consumers with an easy way to share their electronic health records (EHR).
If your health care provider offers a patient portal, you can share your patient information directly with the life insurance company using Human API.
You will benefit from a faster life insurance underwriting process and more cases where no exam will be needed.
It can be used for all types of life insurance policies including term life insurance, universal, and whole life policies.
How does Human API work?
When you or your spouse submit your application to the life insurer, you will receive an email with a secure link to connect to your patient portal.
Once connected, the life insurer will access your electronic health record to begin underwriting.
If you’re a senior with multiple doctors, Human API can be beneficial in helping obtain records.
Check out our Life Insurance 101 guide if you need to learn the entire application process.
Compare that to the old way of obtaining medical records:
- You sign a HIPAA-compliant authorization form
- That form is sent to your medical provider (2-4 days)
- The provider confirms that records are available (1 week)
- Medical provides bill the insurer for copies (1 week)
- The insurer pays for the records (2-4 days)
- The provider copies and sends your records (1-3 weeks)
- Records arrive and are uploaded to underwriting for review (1 week)
The longest part of the underwriting process is waiting for the above to take place, as many times it will take 4-8 weeks for records to arrive.
With Human API, the life insurer may receive your medical records immediately.
Recent Example
When medical records are requested, it typically takes a few weeks, as described above.
Underwriting requested medical records on Day 2 of underwriting for this recent case.
Using Human API, records were received on Day, and the life insurance company made the underwriting decision on Day 6!
A recent example of how well this works is for our client. We applied, and the underwriting asked for medical records.
Using Human API, the life insurance company received the records the next day and made the underwriting decision two days later.
We have companies offering 500k life insurance – no medical exam needed.
This is one of the most significant improvements to help accelerate life insurance underwriting.
Do I have to pay for Human API?
No, there is no cost to you as the consumer.
The life insurance companies pay all fees related to obtaining your medical records.
Do I have to use Human API?
No, there’s no obligation for you to use this service.
If you choose not to use this service, or if your provider doesn’t have a portal that connects with Human API, underwriting will continue.
If the life insurer needs your records, they will send the HIPAA form as described.
Keep in mind that this is a quick and secure way to obtain your records quickly and may save you weeks of underwriting time compared to the old way.
It’s a great tool for business life insurance cases where you need policies quickly. We can help with your SBA life insurance requirements and key person coverage in days.
Is my health information secure?
Human API is a HIPAA-compliant service, meaning it meets or exceeds U.S. government standards for medical data security, akin to those employed by national banks.
You have complete control over your medical information and may revoke access to your account any time.
Do All Life Insurance Companies Use Human API?
Not yet, but this is the direction all competitive companies are moving towards.
With COVID-19, life insurers have improved their efforts to accelerate the underwriting process.
Eliminating paramedical exams, height-weight measurements, and accelerating the medical records process are the main hurdles in life insurance underwriting.
Until now, there was no way to obtain records quickly and efficiently.
Using Human API with information from the MIB gives life insurers a better picture of you as an applicant.
When will Human API Not Work?
The two scenarios we have encountered to date:
- The client doesn’t want to allow access to their electronic health records.
- The client’s physician does not offer an accessible patient portal.
Our explanation to clients is that underwriting will obtain all of your medical records as part of the process, and this is just a way to expedite and simplify it.
Underwriting will follow the old way described above if a portal is unavailable to obtain records.
Final Words
We think Human API for life insurance is an excellent addition to the underwriting process.
The bottom line is that it will improve your life insurance underwriting experience.
