Munich Re Life US and insurtech Paperless Solutions Group (PSG) have teamed up to introduce a new risk assessment and e-application solution, which promises faster and more accurate underwriting for life insurance carriers.
The solution is a combination of Munich Re’s alitheia, offering risk assessment and instant decision-making capabilities, and PSG’s eValuate PLUS, providing a seamless application and point-of-sale process.
This combined solution enables life insurers to achieve straight-through processing (STP) rates of 40-to-50%, surpassing the industry norm of 21%, while delivering a swift and hassle-free online insurance application process to customers.
Even cases that are ineligible for instant decisions via alitheia can benefit from faster turnaround times and higher approval rates, thanks to alitheia’s integration with Munich Re Automation Solution’s Underwriter Workbench.
This solution is also adaptable to various products, distribution channels, and target markets, providing life insurance carriers with greater confidence and speed in underwriting new policies and streamlining the insurance purchasing journey.
Automation is improving the customer experience
Speaking about the new partnership, Jeff McCauley, President of PSG, said: “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.”
He continued: “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.”
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.”
She added: “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.”
