Hooper Holmes launches iParamed Expedite for insurance applications

Hooper Holmes (NYSE Amex:HH) today introduced iParamed Expedite, a new service that cuts costs and improves accuracy for insurance applications. It is six to seven days faster than current approaches and has been designed to quickly and accurately qualify applicants for life, long-term care, health and Medicare Supplement insurance policies.

“Insurance companies invest a significant amount of money in gathering and processing applicant information”

iParamed Expedite reduces processing time for both individual and group insurance products by integrating applicant information into electronic files tailored to insurance company workflow and underwriting systems.

"Expedite speeds the application process, lowers overall application costs and eliminates omissions and transcription errors," said Marcus Mears, President of Hooper Holmes Services. "Experience shows that independent agents direct new business to companies that make more timely decisions and issue policies faster than their competitors. And a positive application experience generates additional cross-selling and up-selling opportunities."

Built with open standards technology, iParamed Expedite combines the quality and accuracy of a tele-underwriting interview with a face-to-face exam, providing a complete and accurate application. It seamlessly integrates the application process with underwriting, medical exam and laboratory testing services provided by Hooper Holmes. This virtually eliminates the time-consuming and expensive process of correcting application errors, tracking separate requirements, scheduling medical exams and ordering lab work. All these services are customized to each client's unique product underwriting requirements and ordered and scheduled at one touch by iParamed Expedite.

"Insurance companies invest a significant amount of money in gathering and processing applicant information," said Roy H. Bubbs, President and CEO of Hooper Holmes. "By integrating and streamlining the process, we reduce both underwriting time and expense. And by reducing omissions and errors, iParamed Expedite positively impacts the loss ratios of our clients, resulting in a healthier bottom line."

Expedite is the second service Hooper Holmes has introduced on its new iParamed platform. The Company introduced the iParamed e-Exam, an electronic exam designed to reduce the total cost of underwriting, on April 23. iParamed Expedite is now available nationally for both fully underwritten and simplified issue applications.

Insurance companies, particularly those in healthcare markets, are facing increased pressure on margins. With cost of claims rising and the ability to increase prices limited, more insurance companies look to reduce operating costs to increase profitability. Consumers have also become more selective in choosing agents and carriers. A fast, professional application process helps insurance companies and agents build long term, profitable customer relationships.

SOURCE Hooper Holmes, Inc.