CHICAGO -- Force Diagnostics and higi are joining together to help life insurance companies make more accurate -- and speedy-- underwriting decisions.

With Force Diagnostics’ rapid testing and higi’s biometric and lifestyle data readings now available at retailers nationwide, insurers and consumers will benefit from an expedited exam process that can be completed during a quick visit to their local retail pharmacy.  This innovative offering allows insurers to respond with an actionable quote, often within 24 hours, eliminating one of the biggest obstacles when consumers are purchasing life insurance. The offering also allows insurers to reward their consumers for healthy behaviors.

“For years, insurers have looked for ways to simplify the life insurance underwriting process with varying results,” said Force Diagnostics President and CEO Michael P. Curran. “Their challenge has been to attract desirable risks, at any age, with an innovative, efficient process that results in a fair price for life insurance that is neither undervalued nor overpriced. Through this partnership, Force and higi can provide insurers and reinsurers with ongoing biometric and lifestyle data for consumers who are interested in improving their physical health as well as their financial health.”

Force Diagnostics’ FDA-cleared and CLIA-waived rapid tests detect the presence of chronic disease states and the use of nicotine and drugs of abuse. The tests do not require fasting and are procured with a finger stick of blood and a nominal oral swab.

While the current focus is on improving access and speed to issuance for life insurance, Force Diagnostics and higi look forward to engaging retailers and employers by providing similar innovations to partners serving the corporate wellness and health insurance sectors.

“We are excited about partnering with higi,” Curran added. “By providing access to real-time biometric and activity data, consumers become active participants in their own health, leading to healthier individuals—a true benefit for insurers and reinsurers. The strength of this partnership will result in no less than a revolution in the life insurance industry.”

http://www.drugstorenews.com/article/force-diagnostics-and-higi-team-life-insurance-innovation