Humania Assurance announced yesterday that it has rolled out an advanced underwriting platform called HuGO.
According to the insurer, the underwriting platform uses “predictive analytics for assessing life risk and rendering decisions instantaneously at the point of sale on a significant percentage (65%) of applications,” for up to $1 million of life coverage—the first of its kind to do so. Humania claims that with HuGO, an insurance advisor can offer high quality life term insurance at a competitive price in just 15 minutes.
HuGO is completely paperless, so there is no need for signatures. This makes the underwriting process for advisors even easier. The platform is also the first and only to introduce personalized underwriting. Underwriting requirements are determined on the basis of the risk profile of each client, instead of automatically basing them on an age and amount chart.
"The insurance offering on its own, would have been interesting and competitive, with HuGO, it is exceptional," said Humania Assurance president and CEO Richard Gagnon.
HuGO offers a suite of term options that are “of high quality and flexible.” The contract can be renewed, exchanged for a longer term or converted to a T100 as the needs of the insured change. Life insurance rates on HuGO will be “very competitive,” Humania assured. Additionally, clients that are accepted without an exclusion or rating will automatically receive an offer for HuGO Critical Illness Insurance (25 conditions, $25,000) and HuGO Debt
Insurance in the event of disability.
Is this new insurance database the industry’s Google?
Digital provider enhances online broker portal