In a deal that anticipates the insurance needs of an aging population in addition to expanding options available to consumers, Insurance.com (Newton, MA), a Fidelity Investments company, has formed an alliance with Boston-based John Hancock Financial Services to offer a long-term care product.
"Long-term care is a critical factor in personal financial planning," says Mark Gerety, director, e-business, John Hancock Financial Services ($127.8 billion in assets under management). "This alliance allows insurance.com customers to link directly to John Hancock to access product-specific information and planning tools that will assist them in making decisions related to long-term care insurance."
The two companies, says Gerety, have been in discussion over the past 12 months about ways that they can work together. According to Lou Geremia, president, Insurance.com, the addition of the John Hancock products will expand the choices available to customers, providing them with access to quality policies from a pioneer in long-term care. Prior to this deal, Insurance.com's offerings included auto, home, life, health, motorcycle, watercraft and pet insurance policies from more than 170 providers.
The offering, adds Diana Scott, John Hancock's senior vice president, e-business, is important because it will help many people defray the costs of long-term care, protect their assets and receive appropriate care.
Insurance.com's offering of John Hancock's long-term care product coincides with the relaunch of the Insurance.com site. The latest version of the site, according to Geremia, helps customers understand their insurance needs and options more intuitively.