BASKING RIDGE, N.J., May 22 -- Hooper Holmes (Amex:HH) today introduced APS PLUS, a new Attending Physician Statement (APS) summary designed to help brokers and life insurance companies place more business and control costs. The Company also announced that it has partnered with SYNEV, a proven technology leader, and eNoah, experts in insurance industry business processes, to create and deliver APS PLUS.
Brokers and life insurance companies have, until now, lacked the tools to efficiently collect and analyze the hundreds of pages of medical records when a client applies for life insurance. The APS PLUS medical records summary provides a cost and time efficient solution to brokers and carriers. The summary is part of an end-to-end service that begins with collecting APSs or by summarizing existing records. In addition, an underwriting assessment written to specific carrier requirements can also be provided.
APS PLUS summaries are delivered by a trained workforce of medical assessment professionals, usually within 48 hours or less. The service is managed over a proven, secure, web-based workflow system built upon Microsoft standard technology. Summary data is provided to underwriters in several forms, including images and XML, a data format which enables statistical analysis.
"APS PLUS is unique because it's designed to be tailored to our customers' underwriting standards. It can be offered as a standalone product or as part of an end-to-end service," said Roy H. Bubbs, President and CEO of Hooper Holmes. "APS PLUS is powered by a proven workflow system that gives customers status on their cases at every stage of the process. Through our partnership with SYNEV and eNoah, we firmly believe that the quality and turnaround time of this service has created the gold standard for APS summaries."
"Hooper Holmes is a leader in this industry and we are delighted to be able to partner with them to bring APS PLUS to the market," said Barry Noble, President of SYNEV. "For almost a decade, we've been providing an ever-expanding range of services to the insurance industry. Our proven, secure workflow system will prove to be a key aspect to the success of this unique offering."
APS PLUS is available now. Customers can receive a free demonstration of APS PLUS by calling Mike Cunningham at Hooper Holmes Underwriting Solutions on 800-803-8828 or Lou Sims at SYNEV on (940) 262-3090.
About SYNEV
Founded in 1989, SYNEV is a privately held company focused on financial services and designing and implementing life insurance administration systems in the U.S. and Europe. As workflow and office systems became more affordable, SYNEV saw an opportunity to bring risk management closer to the consumer. SYNEV today serves some of the largest insurance carriers in the world with highly secure, rapidly deployable solutions built upon Microsoft technology.
About eNoah
eNoah is a knowledge-driven IT & business process outsourcing company with a track record of delivering value. With over 100 years of cumulative experience across several vertical industry groups, the company offers in-depth process knowledge and unique domain expertise designed to deliver the greatest value at the lowest risk. The eNoah team operates 24/7 from two state-of-the-art facilities strategically located in the IT corridor of Chennai, India.
About Hooper Holmes
Hooper Holmes is the 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. As the leading provider of risk assessment services for the insurance industry, Hooper Holmes provides insurers with the widest range of medical exam, data collection, laboratory testing and underwriting services in the industry.
With presence in over 250 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. Each year we arrange more medical exams than any other company and process 3.8 million specimens in our laboratory. We provide 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. We underwrite 300,000 cases annually and complete more than two million telephone interviews. We are also a leading provider of medical claims evaluation services used by property and casualty insurance carriers, law firms, self-insureds and third-party administrators to handle personal injury and accident claims.
This press release contains "forward-looking" statements, as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements included in this press release include, without limitation, the expected reductions in expenses through productivity improvements. 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 covenants 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, 2007, filed with the Securities and Exchange Commission on March 14, 2008. 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.