The use of BMI for insurance cover can lead to incorrect classification of risk, as it identifies some potential customers as obese when they are not. This leads to higher premiums, causing increasing lapse rates, resulting in loss of revenue.
Benefits of Using the Body Volume Index (BVI) API for Accurate Risk Classification in Insurance
The Body Volume Index (BVI) API allows access to customer health data, including the BVI Health Indicator, proven by Mayo Clinic to be 19% better at predicting metabolic risk than BMI. The API can be used as a stand-alone tool or an extra feature to help re-classify those just above the threshold of obesity using BMI; those with a BMI of 31, 32, or 33, who may or may not actually be obese.
Benefits of the API for Insurers
Reduced lapse rates
Incorrect classification of risk can result in higher premiums and increased lapse rates, leading to loss of revenue for insurance providers. The BVI API helps to reduce this risk by offering a more accurate method of risk assessment.
Improved health outcomes
Provide a more comprehensive measure of health risk, which can help insurance providers identify customers who may be at risk of developing health problems and offer appropriate resources to improve their health outcomes.
Accurate risk assessment through the BVI API helps insurance providers minimise claims, reduce costs, and enhance profitability. By leveraging advanced body metrics and composition analysis.
Improved customer satisfaction
By using a more accurate method of risk assessment, insurance providers can offer more appropriate coverage and premiums, leading to improved customer satisfaction.
Insurance providers who use the BVI API to assess risk may have a competitive advantage over those who rely solely on BMI, as they can offer more accurate coverage and premiums.
Accurate risk classification
The BVI API offers a more accurate method of risk classification compared to BMI, allowing insurance providers to more accurately assess the risk of potential customers and offer appropriate coverage and premiums.
Enhance Risk Assessment Accuracy with BVI's Advanced Body Composition Analysis
Discover the range of tailored plans and services offered by BVI that will elevate your offerings and help you achieve remarkable results. Sign up today and unlock the power of precise body composition analysis. Visit our FAQ page for additional details, and let's embark on this transformative journey together.