John Hancock Financial announced on Wednesday it has joined forces with Clareto, a provider of digital solutions to acquire and aggregate electronic health data, improve underwriting speed and efficiency of life insurance purchase processing.
Through the collaboration, John Hancock will use Clareto’s network to obtain the health data required for underwriting purposes in real-time with proper HIPAA authorization from the customer. John Hancock’s life insurance agents will also be granted access to an entire field of electronic health data sources through a single-entry point, eliminating time and paperwork from the application process.
Speaking about the partnership, Susan Ghalili, VP, Underwriting Transformation and Chief Underwriter of John Hancock Insurance, stated that the partnership with Clareto will further advance the customer experience and provide John Hancock’s 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.”
Dave Dorans, CEO of Clareto, added that he and his team are building a network to enable access to electronic health data for insurance underwriting and claims, typically only requiring a standard HIPAA authorization. He noted Clareto’s team is convinced that the data can be a big part of the solution to transforming the customer experience for insurance products.