Three-minute online cognitive screening simplifies long-term care underwriting
Nationwide shortens what was a 20-minute telephone assessment
Columbus, OH – Nationwide is streamlining its underwriting process with a new three-minute online cognitive screening assessment for CareMatters linked benefit long-term care customers.
For applicants ages 60 and older, underwriting for long-term care products typically involves a 20-minute cognitive screening assessment by telephone. Now, applicants for all of Nationwide’s CareMatters products can complete this assessment in as little as three minutes, at their convenience, 24 hours a day, seven days a week using new technology from Neurotrack.
"By partnering with Neurotrack, Nationwide is the first major life insurance company to offer a digital cognitive screening for our CareMatters applicants that want an alternative to the traditional telephone interview," said Erin McClintock, Director of Underwriting Innovation for Nationwide’s life insurance business. "Nationwide is committed to meeting our potential members where they are most comfortable by providing a simplified, fully digitalized experience for our life and long-term care linked benefit product."
The applicant is able to take their time getting familiar with the assessment and even practice. Once they are comfortable, the actual assessment is only two minutes long. The screening is scored using proprietary algorithms that compare speed and accuracy to large data sets of peers.
“Because the exam uses only simple shapes, and the first five digits, it’s less prone to potential bias and easier for more people to understand,” said Elli Kaplan, Neurotrack CEO and Co-founder. “Our innovation makes this process standardized and objective.”
The online cognitive assessment is available today with select relationships and will roll out more broadly in the second quarter of 2024.
Neurotrack partners with healthcare providers and payers, as well as life and long-term care insurers to optimize cognitive screening workflows with efficient digital tools. The company also provides brain health education and behavioral support to help individuals address modifiable risk factors. Neurotrack has published 25 peer-reviewed papers, holds 11 patents on its proprietary technology, is HIPAA- and SOC2-compliant, and is registered as an FDA Class II medical device. Visit neurotrack.com for more information.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
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