Munich Re Life US combines risk assessment and e-application solution with insurtech PSG

Munich Re Life US announced a new combined risk assessment and e-application solution with insurtech Paperless Solutions Group (PSG), an MIB business, that allows life insurance carriers to underwrite new policies faster and with greater accuracy.

The solution combines the risk assessment and instant decisioning power of Munich Re’s alitheia with the seamless 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.

Cases that are ineligible for instant decisions via alitheia will still benefit from superior turnaround times and approval rates. 

alitheia integrates with Munich Re Automation Solution’s Underwriter Workbench, a software application within ALLFINANZ, to support data-assisted manual underwriting.

Munich Re Life US combines risk assessment and e-application solution with insurtech PSG

Through this combined solution, over 80% of cases that are not eligible for instant decisions via alitheia are able to be manually approved within 48 hours without fluids through assisted underwriting.

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

Brooke Tyson, 2nd VP of Operations, Munich Re Life US

“We will continue to leverage alitheia’s cutting-edge capabilities to transform the future of risk assessment.”

The combined solution of alitheia and eValuate PLUS is highly adaptable to different products, distribution channels, and target markets.

It brings the benefit from of alitheia’s best-in-class rules, machine learning models, and data provider integrations to produce instant decisions that enable life insurance carriers to underwrite new policies with more confidence and at greater speed and scale and streamline the life insurance purchasing journey.

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

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.”

Designed for its life insurance customers, this solution helps carriers:

  • Make faster decisions. This integrated solution leverages the best technology from alitheia and eValuate PLUS, to help carriers achieve higher STP rates – ultimately helping carriers grow businesses by issuing more policies instantly.
  • Modernize the consumer buying experience. It dramatically shortens the application process and ensures an easy buying experience for the consumer, making life insurance more accessible and comprehensive for more people.
  • Accelerate with confidence given built-in access to reinsurance. Munich Re stands behind alitheia and automatically reinsures policyholders whose underwriting decisions were made using the system.
  • Seamlessly integrate with current systems/fast deployment: alitheia is highly adaptable and integrates easily with carrier front and backend systems.

This transformative solution frees up resources, allowing life insurance carriers and distributors to focus efforts on cases of greater complexity. In partnership with Munich Re, life insurance carriers can help build a society where more people are insured with the confidence of an accelerated, reliable and precise risk assessment.

Nataly Kramer   by Nataly Kramer