Munich Re Life, in partnership with insurtech Paperless Solutions Group (PSG), has announced a new combined risk assessment and e-application product that will allow life insurance carriers to underwrite new policies faster and more accurately.
The product combines the risk assessment and instant decision-making capabilities of Munich Re’s alitheia solution with the application and point-of-sale process of PSG’s eValuate PLUS to achieve straight-through processing (STP) rates that more than double the industry average, the companies said.
According to Munich Re’s 2022 Accelerated Underwriting Market Report, the industry’s average STP rate is 21%. Using alitheia’s technology and analytics, life insurers can achieve STP rates of 40% to 50%, while providing their customers with a simple online insurance application using eValuate PLUS.
Cases that are ineligible for instant decisions through alitheia still see faster turnaround times and higher approval rates, Munich Re said. alitheia integrates with Munich Re Automation Solutions’ Underwriter Workbench to support data-assisted manual underwriting. Through this combination, 80% of cases that aren’t eligible for instant decisions can be manually approved within 48 hours, Munich Re said.
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“We are proud to have achieved industry-topping STP rates while limiting mortality cost,” said Brooke Tyson, second vice president of operations at Munich Re Life US. “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.”
“The combination of alitheia and PSG’s eValuate PLUS provides a powerful solution for life insurers looking to automate their underwriting and, at the same time, improve their customer and agent experiences,” said Jeff McCauley, president of PSG. “What we have created with Munich Re is a truly modern and interconnected process that has been tested by large agencies for validation and will drive life insurance sales through a seamless seller-buyer approach.”
Munich Re also recently announced the launch of a customized cyber risk management program.
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