John Hancock Insurance has entered into a strategic collaboration with Clareto to improve its underwriting speed and efficiency.
This collaboration is part of John Hancock’s strategy to transform the life insurance purchase experience.
Go deeper with GlobalData
As part of the collaboration, the company will leverage Clareto’s network to acquire the health data needed for underwriting purposes in real time with proper HIPAA authorisation from the customer.
Moreover, the insurance agents of the company will gain access to an entire field of electronic health data sources through a single-entry point. This will eliminate time and paperwork from the application process.
John Hancock chief underwriter and vice-president of underwriting transformation Susan Ghalili said: “At John Hancock, we’re committed to making decisions easier and lives better for our customers, and that means working every day to radically simplify the life insurance purchase process and reduce the time from application to issue.
“We’re pleased to be working with Clareto to further advance the customer experience and provide our services in a way that they not only expect but deserve. This kind of collaboration has the potential to shape the future of the industry.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataClareto CEO Dave Dorans said: “We are building an industry-leading network to enable access to electronic health data for insurance underwriting and claims, typically only requiring a standard HIPAA authorization. We are convinced this data can be a big part of the solution to transforming the customer experience for insurance products.”
Last year, John Hancock rolled out a new life insurance solution devised for Americans living with diabetes.
