Founded in June 2004, Gemini Biomedical is a specialist healthcare screening company which provides non-invasive medical screening services to, amongst others, life insurance and underwriters. Every year, there are around 4 million applicants for life and health insurance in the UK and insurers spend more than £100 million a year obtaining medical evidence and underwriting around 30% of these cases.
Gemini’s HealthTrack software enables a comprehensive health screening service, which is provided through a network of pharmacies contracted to Gemini. The pharmacies perform a health screening of the applicant and take non-invasive samples, which are then analysed by Gemini’s in-house laboratory. All the data is recorded in HealthTrack, Gemini’s innovative software, which is tailored to meet the specific needs of each life company.
By using HealthTrack, life companies are able to assess more accurately the actuarial risks and give speedier, more accurate quotations to the applicant. This in turn significantly increases the take-up rate, enabling them to sign up more business at less risk. In pilot trials, the convenience of using pharmacy examination rooms, coupled with in-house analysis and data capture in HealthTrack, was shown to halve the time taken to assemble comprehensive health screening data packages.
Gemini has already achieved proof of concept via successful pilot trials with major insurance companies and a number of other trials are currently underway. Gemini’s HealthTrack screening service is being delivered through several pharmacy groups, including Lloyds and Co-Op. The service is already available in around 60 pharmacies across the UK and the roll-out of pharmacy examination rooms is expected to increase significantly in the coming months.