Electronic Underwriting Coming To Life Insurance

At Insurance Shoppers, we’re big fans of things that can be done electronically.  We switched to an electronic fax system years ago, and long ago made the change to electronic application for all of our health insurance clients.  So we’re excited about Hooper Holmes’ new iParamed e-Exam, which can create a complete digital case file for any life insurance applicant in the US.

Roy Bubbs, President and CEO of Hooper Holmes, noted that life insurance carriers spend an average of $500 to underwrite an application, and he believes that his company’s product that reduce that amount by half.  My guess would be that it will also speed up the underwriting process, much as the electronic application process for health insurance policies reduced underwriting times for some policies from weeks to days over the last decade.

The iParamed e-Exam technology will come out in four stages over the course of the next several months, and will be fully operational by the end of 2010.  Nine life insurance companies (hopefully including some that we work with here in Colorado) will be using the technology initially, and my guess is that the rest will soon follow, either with the Hooper Holmes product or with a similar electronic system.

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