Hooper Holmes Selected by Pacific Life as Key Service Provider For the New Pacific PRIMESM Term Prod
Hooper Holmes Selected by Pacific Life as Key Service Provider For the New Pacific PRIMESM Term Product
Hooper Holmes' Full Suite of Services Helps Pacific Life Speed Application Processing
BASKING RIDGE, N.J.--(BUSINESS WIRE)-- Hooper Holmes (NYSE MKT: HH) today announced an agreement with Pacific Life Insurance Company to provide efficient data acquisition, processing, and underwriting solutions for its new Pacific PRIMESM Term product now being launched in the United States.
Working closely with the U.S. life reinsurance and automation solutions divisions of Munich Re, Hooper Holmes has developed a new, end-to-end, technology-based solution for Pacific Life. This new platform utilizes many Hooper Holmes services including tele-interviewers, technology platforms, paramedical examiner network, laboratory testing capabilities, and risk selection expertise. Hooper Holmes has integrated these services with Munich Re's risk management and automated underwriting platforms to assist in faster application processing and review.
Regarding Pacific Life's collaboration with Hooper Holmes, Pam Askins, Assistant Vice President for Pacific Life's IT and Strategic Planning department in the Life Insurance Division, said: "Hooper Holmes has been a very committed and enthusiastic partner ensuring our vision for a simplified process was achieved. This initiative has been a key business objective and will help us achieve our long-term goals."
"Pacific Life is excited to see our new automated processing in action. The Munich Re Automation Solutions (MRAS) platform, integrated with the Hooper Holmes systems and services, streamlines the traditional underwriting process. All information is assessed systematically and, when necessary, key information can be delivered to an underwriter for further evaluation. Thanks to this innovative approach, we expect to achieve more consistent outcomes and overall process efficiencies, improve our ability to underwrite more applications per year, and serve our applicants more smoothly and effectively," added Marti Trevillian, Director for Underwriter Training and Research in the Life Insurance Division.
"This new solution illustrates the strengths of Hooper Holmes' entire services portfolio and our ability and flexibility to innovatively to respond to the specific needs of our customers," said Henry E. Dubois, Hooper Holmes' President and Chief Executive Officer. "By leveraging our tele-interview services, national examiner network, laboratory capabilities, risk selection expertise and strong relationship with Munich Re, we created a solution that will help ensure the successful launch and ongoing quality delivery of Pacific Life's new product. We are proud to provide our services to Pacific Life Insurance Company and look forward to being able to play a part in the success of the Pacific Life PRIMESM product growth in the marketplace. This collaboration is also an exciting example of what we can offer our life insurance customers by combining and synchronizing our unmatched range of services."
Additionally, Dan L. Dodson Hooper Holmes' Senior Vice President of Life Insurance said, "This new endeavor also marks the beginning of a long-lasting collaboration with Munich Re. Their innovative and easy-to-use automated underwriting system and EDGE Underwriting manual removes many of the complexities of processing and underwriting life insurance, and it is key to this process. As Hooper Holmes continues to seek ways to bring innovation and process improvement to our life insurance customers, partnerships with organizations like Munich Re will be central to helping us accomplish this goal."
About Hooper Holmes
Hooper Holmes is a leader in collecting personal health data and transforming it into useful information, enabling customers to take actions that manage or reduce their risks and expenses. With presence in hundreds of markets and a network of thousands of examiners, Hooper Holmes can arrange a medical exam anywhere in the U.S. and deliver the results to its customers.
Hooper Holmes has four divisions. Portamedic provides a wide range of medical exam services nationwide. Heritage Labs tests millions of samples annually and helps life insurers improve underwriting performance by better applying the predictive powers of today's tests. Hooper Holmes Health & Wellness provides a complete service for wellness, disease management, and managed care companies including scheduling support, fulfillment of supplies, blood collection kits, medical screenings, lab testing and data transmission. Hooper Holmes Services reduces the insurance sales cycle through integrated data collection, tele-interviewing and underwriting services.
About Pacific Life Insurance Company
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2013 is compiled by Pacific Life using the 2013 FORTUNE 500® list.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2012, the Group - which combines primary insurance and reinsurance under one roof - achieved a profit of €3.2bn on premium income of around €52bn. It operates in all lines of insurance, with around 45,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2012, ERGO posted premium income of €19bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re's global investments amounting to €214bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
This press release contains "forward-looking" statements, as such term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, these forward-looking statements are our ability to successfully implement our business strategy; uncertainty as to our working capital requirements over the next 12 to 24 months; our ability to maintain compliance with the financial covenant in our credit facility; our expectations regarding our operating cash flows; and the rate of life insurance application activity. Additional information about these and other factors that could affect the Company's business is set forth in the Company's annual report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on April 1, 2013. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events, except as required by law.
Henry E. Dubois, President and CEO, 908-953-6249
S.M. Berger & Company
Andrew Berger, 216-464-6400
KEYWORDS: United States North America New Jersey
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