An Attending Physician Statement (APS) provides information from a physician who is treating – or has treated -the proposed insured to provide the basis on which a claim is settled or a life insurance application that may be approved.
The best way for an insurance company to access health information from an applicant’s doctor or medical facility is by issuing a medical examination through a second party and by asking the application a series of health questions. This can be a time-consuming process and the medical delays suspend the policy issuance process.
According to Edward Grave’s McGill’s Life Insurance, insurers usually send a check along with a letter of inquiry to cover the physician’s expenses incurred to supply information to help expedite the physicians’ response.
Numerous medical questions are asked to secure a life insurance policy, including if there was a previous medical condition or current treatments to accurately evaluate risk.
During the underwriting process, the applicant is asked a number of medical questions geared towards securing a life insurance policy – including if the applicant had a previous medical condition or is currently undergoing treatment.
Medical record retrieval can take up a significant amount of time, so companies such as Examination Management Service Inc. (EMSI) can help clients retrieve the medical information in a much more timely fashion. They provide medical information, risk management and investigative services to the insurance company. They also provide paramedical exams and handle all medical testing. To make the process even more efficient, EMSI created a mobile application.
“Delivering information to our clients faster and in a way that positions them to take action is at the core of what we do,” said Chad Gross, chief operating officer of Insurance Services, EMSI. “The mobile app provides EMSI online users with the same real-time status updates, but now our users have quick access to the information that drives their business in an easy-to-read format from their mobile device.”
Exam One is another company that provides this service including an online ordering process with an electronic transfer of records from more than ten copy services that help reduce turnaround time. A Quest Diagnostics company, Exam One is a leader in helping insurers meet their underwriting needs.
“We have a strong commitment to the insurance industry,” said Troy Hartman, president of Exam One. “The solutions we provide make the underwriting process more convenient for insurance company home office personnel, agents and applicants. There are 95 million uninsured Americans and we are making great strides in efficiency and improving the experience when applicants apply for life insurance.”
After information is collected, an underwriter completes a detailed summary. Many use a specific template that is provided by the insurer. The data must be evaluated and a decision reached as to whether the applicant is to be accepted at a standard rate, placed in one of the various substandard classifications or rejected.