Hooper Holmes recently announced that it has entered into an agreement with Pacific Life Insurance Company, where it will provide efficient data acquisition, processing, and underwriting solutions for the new Pacific PRIME(NYSE:SM) Term product now being launched in the United States.
This new, end-to-end, technology-based solution utilizes many Hooper Holmes services, including tele-interviewers, technology platforms, paramedical examiner network, laboratory testing capabilities, and risk selection expertise.
Henry E. Dubois, Hooper Holmes' President and CEO, explained, "This new solution illustrates the strengths of Hooper Holmes' entire services portfolio and our ability and flexibility to innovatively to respond to the specific needs of our customers. By leveraging our tele-interview services, national examiner network, laboratory capabilities, risk selection expertise and strong relationship with Munich Re, we created a solution that will help ensure the successful launch and ongoing quality delivery of Pacific Life's new product."
He continued, "We are proud to provide our services to Pacific Life and look forward to being able to play a part in the success of the Pacific Life PRIME(SM) product growth in the marketplace. This collaboration is also an exciting example of what we can offer our life insurance customers by combining and synchronizing our unmatched range of services."
Hooper Holmes has integrated these services with Munich Re's risk management and automated underwriting platforms to assist in faster application processing and review. The company has worked closely with Munich Re's life reinsurance and automation solutions divisions while developing this new platform.
"Pacific Life is excited to see our new automated processing in action. Integrating the Munich Re Automation Solutions (MRAS) platform streamlines the traditional underwriting process. All information is assessed systematically and, when necessary, key information can be delivered to an underwriter for further evaluation. Thanks to this innovative approach, we expect to achieve more consistent outcomes and overall process efficiencies, improve our ability to underwrite more applications per year, and serve our applicants more smoothly and effectively," said Marti Trevillian, Director for Underwriter Training and Research in the Life Insurance Division.
Dan L. Dodson Hooper Holmes' Senior Vice President of Life Insurance, added, "This new endeavor marks the beginning of a long-lasting collaboration with Munich Re. As Hooper Holmes continues to seek ways to bring innovation and process improvement to our life insurance customers, partnerships with organizations like Munich Re will be central to helping us accomplish this goal."
For more information on Hooper Holmes, visit www.HooperHolmes.com
Please see disclaimer on the MissionIR website