New York Life Accelerates Underwriting Through Collaboration with Cerner
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer, today announced an innovative collaboration with Cerner Corporation, a global health care technology company, to facilitate and simplify electronic health record (EHR) retrieval. The two companies have worked together to minimize friction in the life insurance application process for consumers and accelerate underwriting decisions.
This collaboration supports New York Life, with patient consent, in safely and securely accessing hospitals’ EHRs in near-real time. New York Life and Cerner refined the solution to meet the needs of both consumers and insurance companies as well as to ease the administrative burden on healthcare providers.
“These efforts are an important part of New York Life’s ongoing drive to leverage digital health data to accelerate life insurance underwriting,” said Alex Cook, head of Strategic Capabilities at New York Life. “With the support of these innovations, New York Life has reduced application processing time and streamlined the process for consumers to meet their life insurance coverage needs.”
“Reducing friction in the life insurance application process has proven to be incredibly relevant in today’s virtual world and tremendously beneficial to consumers,” added Cook. “Through collaboration with Cerner and other leading partners, our investment in the growing digital health data ecosystem will continue to benefit both our customers and our industry.”
“At Cerner, we’re continuously innovating with intelligent solutions to make data more accessible to the people and organizations that need it,” said Art Glasgow, senior vice president of Strategic Growth at Cerner. “We’re focused on helping life insurance companies return underwriting decisions quickly and accurately with near-real time digital record delivery from across the country. Our collaboration with New York Life helps create a faster, more efficient process that improves the experience for both life insurance applicants and insurers.”
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.
New York Life Group Benefit Solutions products and services are provided exclusively by or through Life Insurance Company of North America (“LINA”) or New York Life Group Insurance Company of NY (“NYLGI”), formerly known as Cigna Life Insurance Company of New York (New York, NY), or by or through affiliates or subsidiaries of Cigna Corporation and reinsured by LINA. LINA and NYLGI are responsible for their own financial condition and contractual obligations. LINA is not authorized in New York and does not conduct insurance business in New York.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/18/2020. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
ABOUT CERNER
Cerner’s health technologies connect people and information systems at thousands of contracted provider facilities worldwide dedicated to creating smarter and better care for individuals and communities. Recognized globally for innovation, Cerner assists clinicians in making care decisions and assists organizations in managing the health of their populations. The company also offers an integrated clinical and financial system to help manage day-to-day revenue functions, as well as a wide range of services to support clinical, financial and operational needs, focused on people. For more information, visit Cerner.com, The Cerner Blog or connect on Facebook, Instagram, LinkedIn, Twitter or The Cerner Podcast. Nasdaq: CERN. Health care is too important to stay the same.
Contacts
Kevin Maher
New York Life
(732) 859-4530
Kevin_B_Maher@newyorklife.com
Austin Cozzolino
Cerner Corporation
(816) 446-1280
Austin.Cozzolino@cerner.com
