Vendors
日本語

A new and innovative way to issue life insurance? Is that possible?

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
11 November 2011

Comments

  • This Innovative way to issue Life Insurance, will it not compromise the process for financial and health underwriting?? Something that might be an issue at the time of filing a claim?

    Thank you

  • This is interesting, Karen. We're trying to do the same think with surety bonds. That is, we want to issue bonds immediately after receiving the electronic app, as opposed to the usual delay of hours or days.

  • This is pathbreaking initiative from Hartford and am sure the foeld force would be loving it. It reamins to be seen thier claim expereince out of this initiaitive, I trust Harford would have prices risk of Moral Hazard adequately.

  • can you please elaborate on
    "Forward looking ideas like replacing a call center with a Watson like system were suggested as potential future disruptions"

  • Hartford Life's innovative strategy to write policies seems luring to the prospective policyholders. But the validity of the decision can only be judged after a couple of years.
    Insurance has been always affected by Moral Hazard. It would be interesting to see how they manage this problem.

  • @shrinivas
    Shrinivas, the following article expands on this idea of using the IBM Waston technology in collaboration with a website to replace the need for part of a call center. Proactively helping online and eliminating the need to call. http://domino.research.ibm.com/comm/wwwr_thinkresearch.nsf/pages/cybercoll398.html

  • In Canada, we have Canada Protection Plan, and several other carriers that offer life insurance with non medical or simplified issue prior to underwriting unsing an 8 - 14 question application. However, the age and face value are nowhere near the Hartford offering. With many carriers cutting back and increasing COI & YRT premiums it will be interesting to see if this will stand the test of time.