138 lines
4.9 KiB
Markdown
138 lines
4.9 KiB
Markdown
# Contract with Evergreen Life Insurance for Lifellm
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**Contract Date:** January 20, 2025
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**Contract Number:** LF-2025-0012
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**Parties:**
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- Insurellm, Inc.
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- Evergreen Life Insurance Company
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---
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## Terms
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1. **Coverage:** Insurellm agrees to provide Evergreen Life Insurance with access to the Lifellm platform, enabling AI-powered life insurance underwriting, policy administration, and risk assessment for individual and group life policies.
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2. **Duration:** This agreement is effective for a period of 12 months from the contract date, with automatic renewal provisions unless terminated with 30-day written notice.
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3. **Payment:** Evergreen Life Insurance shall pay a monthly fee of $3,500, due by the 5th of every month for the Starter Tier package.
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4. **Policy Volume:** Starter Tier supports underwriting and administration for up to 2,000 active policies. Current baseline: 1,400 policies.
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5. **Confidentiality:** Both parties agree to maintain strict confidentiality of proprietary underwriting models, policyholder health information (PHI), and business strategies.
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6. **HIPAA Compliance:** Insurellm maintains full HIPAA compliance for all health data processed through the Lifellm platform.
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7. **Liability:** Insurellm's liability is limited to direct damages not exceeding the total fees paid in the preceding 6 months.
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---
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## Renewal
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Unless either party provides written notice of termination at least 30 days prior to contract expiration, this agreement automatically renews for successive 12-month terms under the same terms, subject to pricing adjustments with 60 days' advance notice (capped at 10% annual increase).
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---
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## Features
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Evergreen Life Insurance will receive the following Starter Tier features:
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1. **AI-Powered Underwriting:** Accelerated underwriting process analyzing:
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- Medical histories and prescription databases (Milliman IntelliScript)
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- Motor vehicle records (MVRs)
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- Credit-based insurance scores
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- Lifestyle and occupation risk factors
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- Automated underwriting decisions for standard risks
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2. **Risk Assessment:** AI-driven mortality risk modeling considering:
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- Age, gender, and family medical history
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- Current health conditions and lab values
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- Tobacco and alcohol use
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- High-risk activities and occupations
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3. **Automated Policy Management:**
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- Digital policy issuance and delivery
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- Beneficiary management and updates
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- Premium calculation and billing integration
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- Coverage adjustments and conversions
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- Policy reinstatement processing
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4. **Smart Document Processing:** OCR and NLP extraction from:
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- Medical records and attending physician statements (APS)
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- Lab results and paramedical exams
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- Application forms
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- Financial documentation
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5. **Customer Portal:** Policyholder self-service portal featuring:
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- Policy document access
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- Beneficiary updates
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- Premium payment processing
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- Coverage summary and statements
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- Digital insurance cards
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6. **Regulatory Compliance:** Built-in compliance monitoring for:
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- State insurance regulations
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- NAIC model laws and regulations
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- Anti-money laundering (AML) requirements
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- Policy form approvals
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7. **Basic Analytics:** Standard dashboards tracking:
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- Application submission and approval rates
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- Average underwriting cycle time
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- Policy persistency and lapse rates
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- Face amount in force
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---
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## Support
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Insurellm commits to providing comprehensive support to Evergreen Life Insurance:
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1. **Onboarding:** 2-week implementation program including:
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- System configuration and setup
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- Training for up to 8 underwriters and administrators
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- Integration with Evergreen's policy administration system
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- Data migration from legacy system (up to 1,400 policies)
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2. **Technical Support:**
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- Email and phone support Monday-Friday 8 AM - 6 PM EST
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- Response time: 12 hours for critical issues, 24 hours for standard
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- Online ticketing system for issue tracking
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- Knowledge base and FAQ access
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3. **Platform Updates:**
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- Quarterly feature releases
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- Monthly security patches and improvements
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- Advance notice of updates (minimum 14 days)
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- Release notes and user documentation
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4. **Account Management:**
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- Named customer success manager
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- Semi-annual business review meetings
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- Usage analytics and optimization recommendations
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- Assistance with tier upgrade when volume grows
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5. **Compliance Support:**
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- Annual compliance review and audit support
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- Regulatory update notifications
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- State insurance department filing assistance
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---
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**Signatures:**
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_________________________________
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**Michael Torres**
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**Title**: Chief Revenue Officer
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**Insurellm, Inc.**
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**Date**: January 20, 2025
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_________________________________
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**Catherine Wu**
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**Title**: Chief Underwriting Officer
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**Evergreen Life Insurance Company**
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**Date**: January 20, 2025
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---
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This agreement enables Evergreen Life Insurance to modernize their life insurance operations with AI-powered underwriting and administration technology.
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