According to the carrier, in a pilot run of the product conducted earlier this year, more than 90 percent of people who applied for a Hartford policy using Issue First bought the policy. That compares with 68 percent of consumers who purchased a policy using the traditional selling approach.
Through Issue First, the company issues the policy to consumers before it completes the normal underwriting process, says The Hartford. Issue First reverses the order of the process by asking the consumer eight critical questions up front. If they honestly can affirm all eight questions, they receive coverage on the spot that cannot be revoked because of an unforeseen medical condition. Only then does the full underwriting process begin.
The Hartford says it received a patent this year on the system that manages its LifeAccess Accelerated Benefit Rider, which can be added, for an additional cost, to its policies to provide income to those who become chronically ill. The company says it also has patents pending on Issue First and a dozen other products, including its LongevityAccess Rider—the first rider to provide income to policyholders who live to age 90 and meet the terms of the riders. The company has introduced an electronic, paperless application capability that includes the option of using electronic signatures as well.
