INSURANCE: Automation for Oldsters

After experimenting with accident and health policies for auto-racing drivers, test pilots and United Nations truce teams, the Continental Casualty Co. (assets: $419,761,432) was ready to solve one of the insurance industry's greatest longtime problems: a low-cost hospital-surgical plan for persons 65 and over. With the help of International Business Machines' wonder-working 705 computer, Continental devised a radical new policy procedure that cuts costs sharply and comes close to automating insurance for oldsters.

Last week Continental ended its most ambitious drive to recruit "65-Plus" policyholders in seven states—New York, Connecticut, New...

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