New innovation promises insurance advisors faster and better assessments of client risk profiles
Humania Assurance has announced the launch of HuGO, an underwriting platform that the company says is the most advanced in Canada. With this new innovation, insurance advisors are able to offer $1 million of high-quality, competitively-priced life term insurance within 15 minutes.
According to a release from the company, HuGO utilizes predictive analytics to assess life risk and render immediate decisions at the point of sale. This is possible for approximately 65% of applications, and up to $1 million in life coverage can be offered. Rather than a simple age and amount chart, the system looks at individual risk profiles to establish risk requirements, even in more complicated cases. The fact that it requires no signatures or papers also means that insurance advisors can expect less hassle in using the platform.
"The insurance offering on its own, would have been interesting and competitive,” said Richard Gagnon, president and CEO of Humania Assurance. “With HuGO, it is exceptional."
HuGO also allows a wide menu of high-quality and flexible term options. Contracts can be renewed, exchanged, or converted, depending on the changing needs of the insured. HuGO life rates are promised to be competitive. The company release also says that all clients that are accepted without an exclusion or rating will automatically receive an offer for HuGO Critical Illness Insurance, which would cover 25 conditions for up to $25,000 and HuGO Debt Insurance in case of disability.
"Three years ago, Humania Assurance set the standard for its first web platform, Humania Assurance - Insurance Without Medical Exam targeted specifically to a non-insurable market,” said Kim Oliphant, vice-president for sales and marketing. “With HuGO we are aiming to insure all consumers."
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According to a release from the company, HuGO utilizes predictive analytics to assess life risk and render immediate decisions at the point of sale. This is possible for approximately 65% of applications, and up to $1 million in life coverage can be offered. Rather than a simple age and amount chart, the system looks at individual risk profiles to establish risk requirements, even in more complicated cases. The fact that it requires no signatures or papers also means that insurance advisors can expect less hassle in using the platform.
"The insurance offering on its own, would have been interesting and competitive,” said Richard Gagnon, president and CEO of Humania Assurance. “With HuGO, it is exceptional."
HuGO also allows a wide menu of high-quality and flexible term options. Contracts can be renewed, exchanged, or converted, depending on the changing needs of the insured. HuGO life rates are promised to be competitive. The company release also says that all clients that are accepted without an exclusion or rating will automatically receive an offer for HuGO Critical Illness Insurance, which would cover 25 conditions for up to $25,000 and HuGO Debt Insurance in case of disability.
"Three years ago, Humania Assurance set the standard for its first web platform, Humania Assurance - Insurance Without Medical Exam targeted specifically to a non-insurable market,” said Kim Oliphant, vice-president for sales and marketing. “With HuGO we are aiming to insure all consumers."
Related stories:
Humania Assurance and insuranceforchildren join forces
Advisors continue to be underwhelmed by underwriting
