BASKING RIDGE, N.J., Jun 09, 2010 -- Hooper Holmes (NYSE:HH) today introduced iParamed Expedite, a new service that cuts costs and improves accuracy for insurance applications. It is six to seven days faster than current approaches and has been designed to quickly and accurately qualify applicants for life, long-term care, health and Medicare Supplement insurance policies.
iParamed Expedite reduces processing time for both individual and group insurance products by integrating applicant information into electronic files tailored to insurance company workflow and underwriting systems.
"Expedite speeds the application process, lowers overall application costs and eliminates omissions and transcription errors," said Marcus Mears, President of Hooper Holmes Services. "Experience shows that independent agents direct new business to companies that make more timely decisions and issue policies faster than their competitors. And a positive application experience generates additional cross-selling and up-selling opportunities."
Built with open standards technology, iParamed Expedite combines the quality and accuracy of a tele-underwriting interview with a face-to-face exam, providing a complete and accurate application. It seamlessly integrates the application process with underwriting, medical exam and laboratory testing services provided by Hooper Holmes. This virtually eliminates the time-consuming and expensive process of correcting application errors, tracking separate requirements, scheduling medical exams and ordering lab work. All these services are customized to each client's unique product underwriting requirements and ordered and scheduled at one touch by iParamed Expedite.
"Insurance companies invest a significant amount of money in gathering and processing applicant information," said Roy H. Bubbs, President and CEO of Hooper Holmes. "By integrating and streamlining the process, we reduce both underwriting time and expense. And by reducing omissions and errors, iParamed Expedite positively impacts the loss ratios of our clients, resulting in a healthier bottom line."
Expedite is the second service Hooper Holmes has introduced on its new iParamed platform. The Company introduced the iParamed e-Exam, an electronic exam designed to reduce the total cost of underwriting, on April 23. iParamed Expedite is now available nationally for both fully underwritten and simplified issue applications.
Insurance companies, particularly those in healthcare markets, are facing increased pressure on margins. With cost of claims rising and the ability to increase prices limited, more insurance companies look to reduce operating costs to increase profitability. Consumers have also become more selective in choosing agents and carriers. A fast, professional application process helps insurance companies and agents build long term, profitable customer relationships.
About Hooper Holmes, Inc.
Hooper Holmes is a 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. With presence in hundreds of 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.
Hooper Holmes has four divisions. Portamedic provides a wide range of medical exam services nationwide. Heritage Labs tests millions of samples annually and helps life insurers improve underwriting performance by better applying the predictive powers of today's tests. Hooper Holmes' Services provides the industry's best value in data collection, tele-interviewing and underwriting services. Hooper Holmes Health & Wellness provides 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. For more information about the family of companies that comprise Hooper Holmes, Inc., visit the company's web site at www.hooperholmes.com.
This press release contains "forward-looking" statements, as such term is defined in the Private Securities Litigation Reform Act of 1995. 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 covenant 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, 2009, filed with the Securities and Exchange Commission on March 12, 2010. 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.