Munich Re Life US (Munich Re) has partnered with insurtech Paperless Options Group to supply a brand new resolution to hurry up the life insurance coverage underwriting course of.
The answer brings collectively the danger evaluation and decisioning capabilities of Munich Re’s alitheia and the appliance and point-of-sale means of PSG’s eValuate PLUS.
Munich Re claimed that the underwriting resolution gives straight-through processing (STP) charges which might be “greater than double the {industry} common”.
The brand new providing is designed to adapt to completely different merchandise, distribution channels, and goal markets.
In addition to serving to life insurance coverage carriers make sooner choices and enhancing buyer expertise, the answer is claimed to release assets that may be deployed to unravel extra complicated issues.
Munich Re Life US 2nd VP of operations Brooke Tyson mentioned: “We’re proud to have achieved industry-topping STP charges whereas limiting mortality value. By integrating alitheia with main expertise from companions like PSG, we’re enabling life insurance coverage carriers and distributors to develop their enterprise whereas bringing life insurance coverage to extra folks. We’ll proceed to leverage alitheia’s cutting-edge capabilities to rework the way forward for danger evaluation.”
PSG president Jeff McCauley mentioned: “The mixture of alitheia and PSG’s eValuate PLUS gives a strong resolution for all times insurers seeking to automate their underwriting and, on the identical time, enhance their buyer and agent experiences.
“What we’ve got created with Munich Re is a very fashionable and interconnected course of that has been examined by giant companies for validation and can drive life insurance coverage gross sales by way of a seamless seller-buyer method.”
