Dynacare Insurance Solutions purchased paramedical service provider Hooper-Holmes this month
In buying one of its closest competitors, Dynacare Insurance Solutions believes brokers will ultimately benefit through more efficient, wide-ranging services.
Earlier this month, the health and wellness solutions firm acquired Hooper-Holmes Canada, which is one of the country's largest independent paramedical service providers to the life insurance industry.
According to Neil D’Cruz, vice-president, Business Development, Client Services and Solutions at Dynacare, adding Hooper’s business is part of a greater growth strategy for the firm.
“I think the deal will be good for the broker community because together our resources are much deeper,” he says. “With those resources, we can deploy a better experience for the applicant, drive paper out and improve the turnaround times for applications.”
Dynacare, a subsidiary of global life sciences company LabCorp, has been growing through acquisition for a number of years now. In 2016, it purchased Quality Underwriting Services, having been rebranded from Gamma-Dynacare Medical Laboratories a year previously.
The Hooper-Homes acquisition will mean restructuring, in what is a transitionary period for the life and health insurance industry in general, as D’Cruz outlines.
“The industry is changing with respect to the medical evidence that is required,” he says. “There is a big emphasis on the applicant’s experience and there is also a big play around consolidation.”
Insurance providers have been making a concerted drive to make their products more accessible for consumers. A faster and less burdensome underwriting process is a key part of that strategy, and service providers like Dynacare will have a key role to play in achieving that goal.
“We want to go paperless too, so we are investing heavily on electronic paramedical,” says D’Cruz. We are leveraging tablets with health professionals, so the medical information gathered will be automatically put in through a tablet.”
The digital revolution is transforming the industry in a multitude of ways, and ending paper applications is an obvious next step. That change is already in motion and firms like Dynacare are now putting their foot on the accelerator.
“It will get to the insurance company quicker, and you can combine that with lab results,” says D’Cruz. They can feed that into the underwriting software program they are leveraging to run their operations. It is a big investment for us and part of the roadmap that Hooper and Dynacare will bring to the marketplace.”
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Earlier this month, the health and wellness solutions firm acquired Hooper-Holmes Canada, which is one of the country's largest independent paramedical service providers to the life insurance industry.
According to Neil D’Cruz, vice-president, Business Development, Client Services and Solutions at Dynacare, adding Hooper’s business is part of a greater growth strategy for the firm.
“I think the deal will be good for the broker community because together our resources are much deeper,” he says. “With those resources, we can deploy a better experience for the applicant, drive paper out and improve the turnaround times for applications.”
Dynacare, a subsidiary of global life sciences company LabCorp, has been growing through acquisition for a number of years now. In 2016, it purchased Quality Underwriting Services, having been rebranded from Gamma-Dynacare Medical Laboratories a year previously.
The Hooper-Homes acquisition will mean restructuring, in what is a transitionary period for the life and health insurance industry in general, as D’Cruz outlines.
“The industry is changing with respect to the medical evidence that is required,” he says. “There is a big emphasis on the applicant’s experience and there is also a big play around consolidation.”
Insurance providers have been making a concerted drive to make their products more accessible for consumers. A faster and less burdensome underwriting process is a key part of that strategy, and service providers like Dynacare will have a key role to play in achieving that goal.
“We want to go paperless too, so we are investing heavily on electronic paramedical,” says D’Cruz. We are leveraging tablets with health professionals, so the medical information gathered will be automatically put in through a tablet.”
The digital revolution is transforming the industry in a multitude of ways, and ending paper applications is an obvious next step. That change is already in motion and firms like Dynacare are now putting their foot on the accelerator.
“It will get to the insurance company quicker, and you can combine that with lab results,” says D’Cruz. They can feed that into the underwriting software program they are leveraging to run their operations. It is a big investment for us and part of the roadmap that Hooper and Dynacare will bring to the marketplace.”
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MGA will retain independence despite Greatwest acquisition, reveals CEO
