John Hancock – Temporary Term Minimum ChangesBenkis Barrueta
As we start 2021, we acknowledge that we continue to fall short of expectations in the New Business and Underwriting operations areas. Volumes are up sharply and, when paired with the iterative interruptions and delays caused by our recent conversion to a new application processing platform, many have experienced processing times that are not on par with our normal service levels. We apologize for any inconvenience this has caused you or your clients and are working every day to improve.
In order to accelerate a return to service levels that are consistent with our commitment to you, effective January 28, 2021, we are temporarily raising our minimum face amount for term insurance to $750,000. Please see box for additional details.
At the close of last year, we successfully completed the conversion to the new processing system and have other initiatives planned for 2021 that we believe will alleviate delays and frustrations.