Munich Re US unveils new solution to ‘transform’ life insurance underwriting

Munich Re Life US has unveiled a new risk assessment solution designed to “transform” life insurance underwriting.

The combined risk assessment and e-application solution of Munich Re and insurtech Paperless Solutions Group (PSG) enables life insurance carriers to underwrite new policies faster and with greater accuracy.

The new SaaS solution uses cutting-edge digital systems to deliver faster and more precise mortality risk assessment, according to Munich Re. It leverages the innovative technology, analytics and instant decision-making capabilities 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”, it claimed.

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.

"We are proud to have achieved industry topping STP rates while limiting mortality cost," said Brooke Tyson, VP of operations, 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."

Jeff McCauley, president of PSG, added: “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. 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.”

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