Munich Re has partnered with InsurTech Paperless Solutions Group (PSG) to launch a risk assessment and e-application solutions to transform life insurance underwriting.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions.
PSG, an MIB business, is a provider of cloud-based software solutions for the life insurance and financial services industry. The company’s products and services provide automation and integration for the insurance services industry.
The solution combines the risk assessment and instant decisioning power of Munich Re’s alitheia with the application and point-of-sale process of PSG’s eValuate PLUS to deliver straight-through processing (STP) rates that more than double the industry average and provide an exceptional customer experience for life insurance policyholders.
According to Munich Re’s 2022 Accelerated Underwriting Market Report, which summarizes insights about accelerated underwriting programs from more than 30 U.S. life insurance carriers, the industry average STP rate is 21%. Leveraging alitheia’s innovative technology and analytics, life insurers can achieve STP rates in the range of 40-to-50%, far surpassing industry norms – while providing their customers with a quick and easy online insurance application using eValuate PLUS.
Brooke Tyson, 2nd VP of operations, Munich Re Life US, said, “We are proud to have achieved industry topping STP rates while limiting mortality cost. By integrating alitheia with leading technology from partners like PSG, we are enabling life insurance carriers and distributors to grow their business while bringing life insurance to more people. We will continue to leverage alitheia’s cutting-edge capabilities to transform the future of risk assessment.”
Earlier this year, Thai Life Insurance selected Munich Re Automation Solutions’ cloud-based automated underwriting solutions to streamline life insurance applications. The company selected the cloud-based automated underwriting solution, ALLFINANZ SPARK (SPARK), to streamline the process of its life insurance applications and improve its customers’ buying experience.
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