In accordance with Munich Re’s 2022 Accelerated Underwriting Market Report, the {industry}’s common STP charge is 21%. Utilizing alitheia’s expertise and analytics, life insurers can obtain STP charges of 40% to 50%, whereas offering their clients with a easy on-line insurance coverage utility utilizing eValuate PLUS.
Circumstances which are ineligible for fast choices by alitheia nonetheless see quicker turnaround occasions and better approval charges, Munich Re mentioned. alitheia integrates with Munich Re Automation Options’ Underwriter Workbench to assist data-assisted handbook underwriting. By means of this mixture, 80% of circumstances that aren’t eligible for fast choices will be manually accredited inside 48 hours, Munich Re mentioned.
Learn subsequent: Munich Re stories full-year buying and selling figures
“We’re proud to have achieved industry-topping STP charges whereas limiting mortality price,” mentioned Brooke Tyson, second vice chairman of operations at Munich Re Life US. “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 are going to proceed to leverage alitheia’s cutting-edge capabilities to remodel the way forward for threat evaluation.”
“The mix of alitheia and PSG’s eValuate PLUS offers a robust resolution for all times insurers trying to automate their underwriting and, on the identical time, enhance their buyer and agent experiences,” mentioned Jeff McCauley, president of PSG. “What we now have created with Munich Re is a very trendy and interconnected course of that has been examined by massive businesses for validation and can drive life insurance coverage gross sales by a seamless seller-buyer method.”
Munich Re additionally just lately introduced the launch of a custom-made cyber threat administration program.
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