Optimizing Underwriting and Cost Planning with Profility
Profility, founded in 2012 combines extensive expertise in real-time data matching and predictive analytics with a deep understanding of patient pathways through medical care systems. Profility has developed solutions that allow insurance companies and healthcare providers to better understand and predict the life expectancy of people in need of medical care, e.g. nursing home residents. For insurance companies, the application of predictive profiling is valuable in point-of-sales situations and as a decision-support tool in complex underwriting situations.
Profility’s Unique Profiling Technology
Unique Services: Profility provides solutions and services that allow care providers and insurance companies to better understand the future outcomes of their decisions.
Profiling: Profility’s complex profiling mechanism has proven to be more effective than traditional statistical methods in predicting healthcare outcomes.
Big Data: Profility leverages its access to millions of records which form the basis of the predictive power of its solutions.
Insurance Applications
Underwriting – Assessment of Life Expectancy
- Correct assessment of life expectancy is key for insurer’s pricing e.g. for long term care, immediate needs or annuity products
- Understanding of life expectancy will also allow for financial planning of care for patients, their families and nursing homes
Cost Planning – Healthcare System Dependency
- Predict how much a patient will depend on the health system, e.g. risk of hospitalization, risk of future use of medical care and the impact of using other medical services
Shared Risk Models – Accountable Care
- When multiple organizations are accountable for healthcare outcomes, understanding risk is crucial to many decisions taken by the different organizations – e.g. understanding the risk of patient acute care readmission from a rehab facility
Profility Tools for Insurance Providers
For more information on Profility’s tools for insurance providers, get in touch today!
