On September 15th, 2018, InfinityHR will be releasing another update to its automated Human Capital Management (HCM) platform. This update will affect the Evidence of Insurability (EOI) and Guaranteed Issue (GI) configurations within the software.
Evidence of Insurability Update
With this update, administrators may now configure EOI in a new manner that incorporates additional requirements and needs. The increased functionality will also allow for specific configuration against any change event individually.
As these EOI updates will now allow administrators to configure benefit plans more completely, they will also reduce the risk of an employee being offered the incorrect amount of coverage as well as decreasing manual intervention by the administrator to ensure proper EOI/GI rules are being followed.
To see what’s exactly happening with the release of this EOI update, please watch the 18.9 End User Release webinar recording.
Who does this update affect?
The EOI updates will affect Administrators that configure benefit plans that have EOI.
Is there any action required?
There is no action required by users. The new EOI configuration will be available immediately on the EOI Rules tab for each plan.
Current EOI configuration will be copied into the new format as part of the release to maintain current functionality.
To review the release notes for this upcoming EOI update, please visit the EOI Updates page on our website.
Evidence of Insurability Update – Terminology
What is Evidence of Insurability?
Sometimes referred to as medical underwriting or proof of good health. EOI is typically a part of the life or disability insurance application process. Employees who elect this insurance may have to complete a form with questions regarding health, gender, height, weight, tobacco status and physical condition. A medical underwriter reviews the applications and determines if applicants meet acceptable standards of the insurance requested.
What is Guaranteed Issue?
The option to purchase a selected amount of insurance without EOI. This specified amount determined by the insurance company is called guaranteed issue. The insurance company is stating to the applicant that they are allowed a selected amount of insurance upon initial offering, no matter their income, age, gender or medical history.