Saint-Hyacinthe, Que.-based Humania Assurance Inc. has tapped into predictive analytics to create a new life insurance underwriting process that enables clients to get fully underwritten coverage in a matter of minutes.
Humania launched a new life insurance program called HuGO this week, in which clients could be approved for term policies of up to $1 million in as little as 15 minutes.
“We hear more and more from consumers that they’re looking for something that’s complete; they’re looking for something that is competitive, from a price standpoint; and they’re looking for something with a simple process,” says Kim Oliphant, vice president of sales and marketing at Humania. “We’re looking at a traditionally underwritten product, but being done in a simplified process.”
HuGO is web-based, paperless, and does not require a client signature. It can be purchased only through licensed insurance advisors.
The program uses “personalized underwriting,” meaning the underwriting requirements are determined on the basis of each client’s individual risk profile rather than having automatic requirements for all applicants, based on age and coverage levels.
“We’re trying to issue [policies] as fast as possible, with as few questions as possible, while being comfortable with that risk,” Oliphant says.
The HuGO underwriting process involves an initial questionnaire that is used to determine a client’s risk profile. For clients who have a risk profile that the company is comfortable with, the application could be accepted within 15 minutes.
Clients who require additional medical underwriting will complete only the specific tests deemed relevant to their unique profile. However, Oliphant says the company expects that more than 65% of clients who apply will be accepted at the point of sale.
The new program comes three years after Humania introduced its first online life insurance program — a non-medical product geared toward clients who have difficulty obtaining insurance.
“It was a decision that Humania made a few years ago to focus our efforts and innovate on the web platform,” Oliphant says. “We believe that’s the way insurance should be sold.”
All clients who are approved for HuGO life insurance coverage without an exclusion or rating will also have the option of purchasing HuGO critical illness Insurance and HuGO debt insurance in case of disability, without any additional requirements.
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