A Fortune 500 insurance company that offers life insurance, annuities, mutual funds, and other financial services has been using HotDocs for over 10 years in the life insurance underwriting process. The company has over $20 billion in revenue, $190 billion in assets, 5,000 employees, and 3.5 million life insurance policy holders.

The life insurance underwriting process requires a significant amount of correspondence between the insurance company and the various parties associated with the issuance of a policy, including the insured, the client, the applicant, and the “pair. Each piece of correspondence needs to be tailored to a different party and include specific language and clauses pertaining to the subject matter. To address this challenge, underwriters leverage the power of HotDocs document generation.

More than 1,000 members of the company’s underwriting staff use HotDocs Server, a powerful, web-based system that can give users access to a library of shared HotDocs templates. Company employees maintain a library of more than 980 different templates, including letters, policy amendment notifications, policy riders, and endorsements.

For example, if an underwriter receives notice that an applicant must confirm he is not a smoker, the underwriter simply goes to the HotDocs portal, selects the appropriate template, and answers several questions about the applicant. Within seconds, HotDocs generates a custom letter to the applicant that is tailored to the circumstances and uses the precise required language.

The insurance company generates more than 500,000 individual pieces of correspondence each year using HotDocs. Such a process would be tedious and fraught with errors, omissions, and inconsistencies without the help of HotDocs document assembly and automation software. Accuracy and consistency is essential in the underwriting process to ensure the appropriate level of risk is assumed by the policy grantor. In addition, all correspondence maintains a professional appearance, as all formatting, signature lines, and other document elements are carefully maintained as part of the template library.

HotDocs also fits into the larger business process and workflow of underwriting. Once a particular piece of correspondence is generated, it is then profiled and managed via a document management system, which protects the integrity of the document.

Ultimately, thanks to HotDocs, the insurance company’s underwriters spend less time on routine document generation and more time analyzing risk and responding to customers’ needs.