AS EVERYTHING in the world around us gets faster and people demand speed from the people who serve them and the technology that helps them, why should they expect any less from the decision-making process for insurance coverage? Traditionally, however, underwriting decisions have been slow, and consumers have to wait days and weeks to find out if they qualify for coverage.
To remedy the perceived lack of underwriting urgency, The Hartford Financial Services Group Inc. developed an online tool to make underwriting decisions nearly instantaneous. The Evidence of Insurability tool combines electronic underwriting and streamlined medical underwriting criteria to cut decision time down to seconds instead of weeks. EOI gives workers the chance to submit health information 24 hours a day, saving employers' HR departments time. Additional tools include:
- Real-time decisions for most employees.Even consumers who submit information through the mail can have decisions faster than before.
- Paperless notification. E-mail notification improves speed and communication and doesn't allow paper to get lost somewhere between the employee, the employer and the insurance company.
- Reminders to submit applications. Employees can receive automatic reminders if they need to send evidence of insurability or other information.
- Streamlined underwriting. Employees answer fewer medical questions than before, and the health application asks questions based on what state an employee lives in.
The Hartford is trying to create faster decision-making and reduce the number of decisions employees must make. For more information, visit www.thehartford.com.
