Munich Re Automation Solutions launches next generation underwriting technology
ALLFINANZ Predictor allows clients to seamlessly deploy cutting edge predictive modelling technology into their underwriting process
Munich Re Automation Solutions, the leading provider of insurtech solutions to the life insurance industry, has launched its advanced predictive underwriting enablement technology, Predictor.
Over the last few years, firms have come to understand how predictive modelling can transform the underwriting process and with it, customer experience. Predictor has been developed in direct response to the demand for an accessible way to harness this game-changing technology.
Predictor simplifies and accelerates deployment and integration of predictive models, helping firms to realise their key business objectives faster. For example, firms may have predictive models that when integrated with their underwriting process can:
- Help deliver increased straight-through processing by improving the decision-making process, and reducing the need for manual underwriting
- Support improvements in managing evidence, indicating where additional information is required
- Streamline the user experience by providing personalised questions or removing unnecessary questions
- Identify possible non-/false-disclosure at the point of sale
Munich Re Automation Solutions clients are already using Predictor and reaping the benefits of greater automation, better evidence management, in-depth model performance monitoring and an improved user journey. What’s more, the technology is easily integrated into established underwriting processes.
High accuracy AI models developed by Munich Re’s AI and Analytics team, provide a comprehensive analysis on risk implications and optimisation as well as AI explainability to supplement risk management and governance requirements of insurers and regulatory bodies. Munich Re also safeguards insurers against model drifts and false positives by providing reinsurance on the underlying insurance policies. This complete offering of deep AI and insurance expertise, state-of-the-art technology and reinsurance enables insurers to transform their underwriting operations in a swift and secure way.
The launch follows the release of Munich Re Automation Solutions blueprint for how augmented automated underwriting will revolutionise customer experience. Augmented Automated Underwriting: the next generation of underwriting, highlights how predictive modelling will play a key part in the future of underwriting and revolutionise the life insurance industry.
Tobias Frenz, Head of Digital Solutions Life & Health, Asia Pacific, Middle East and Africa for Munich Re said: “The co-creation of model development by Munich Re’s AI and Analytics team, and deployment with ALLFINANZ Predictor, has led to the successful launch of the first comprehensive predictive underwriting solutions for life and health insurance in Asia Pacific. This marks the beginning of a new era in underwriting using AI, rules and data to fundamentally transform the onboarding experience.”
Alby Van Wyk, Chief Commercial Officer for Munich Re Automation Solutions continues:“The launch of ALLFINANZ Predictor marks an exciting milestone in the life insurance industry’s push towards realising the benefits of automation. But while everyone is chasing the obvious benefits, the process of making them a reality can be complicated and time consuming – that is why we have created Predictor.”
Download the datasheet here: https://automation-solutions.munichre.com/AI-Brochure.html
About Munich Re Automation Solutions Ltd.
Munich Re Automation Solutions, is the world leading provider of digital new business, underwriting and analytics solutions to the insurance industry. Working with forward-thinking customers across the globe, we're on a mission to revolutionise the way life insurance is bought and sold, using next-generation technology to give insurers the power to grow their businesses profitably. Learn more at http://www.munichre.com/automation-solutions
© 2021 Munich Re Automation Solutions Ltd. All Rights Reserved.