Cardif Assurance Vie Japan and Cardif Assurances Risques Divers Japan begin Automated Underwriting Assessments

Cardif Assurance Vie Japan and Cardif Assurances Risques Divers Japan (Headquarters for both: Shibuya-ku, Tokyo, hereafter: Cardif), the business operations in Japan of BNP Paribas Cardif, the French-based insurance company, have introduced ALLFINANZ Interview Server to automate their underwriting process. The ALLFINANZ Interview Server is an automated underwriting rules engine provided by Munich Re Automation Solutions Ltd. (Headquarters: Dublin), a subsidiary of the Munich Reinsurance Group. Munich Re, Japan Branch provided the companies with support for the development of automated underwriting rules.

Cardif focuses on mortgage protection insurance through the partnership with Japanese banks nationwide. Mortgage protection insurance covers unforeseen risks during repayment. Cardif was first in the Japanese market to offer credit payment protection with a cancer rider in 2001, this covers the remaining balance on a mortgage loan in the case the debtor is diagnosed with cancer. As the pioneers in mortgage protection insurance, Cardif is continuing the development and delivery of industry first insurance products, tools and services that are beneficial to partners and customers. In 2014, the companies launched “Cardif Danshin Online”, a service that enables customers to apply for mortgage protection insurance through a website, the first of its kind in Japan. Movement towards digitalization of insurance processes spurred on by the need to respond to customers in a rapid and meaningful way led to the introduction of an automated underwriting process, and the implementation of ALLFINANZ Interview Server.

When applying for insurance on a PC or tablet device, a list of questions regarding customers’ health status and medical histories appear on the screen. Customers are then prompted to answer more detailed questions based on the information they have disclosed, from which an automated underwriting decision is made. This process is intended to greatly reduce the time spent to reach underwriting decisions. Looking ahead, the companies plan to periodically adjust and modify underwriting rules based on the results to further improve straight through processing rates (STP rates).

ALLFINANZ Interview Server is Munich Re’s automated underwriting rules engine that can be used to obtain disclosures on the screen of a PC or tablet and make underwriting decisions at the time the application is received. The use of reflexive questions permits the user to obtain detailed information about the insured person’s health and medical history, which would have been difficult to obtain by the conventional paper-based disclosure process. There are no restrictions on the sales channels, permitting the automation of underwriting processes by sales personnel, independent insurance brokers, call centers, internet direct, and bank sales. Reflexive questions enable the collection of more detailed and relevant information about an applicant’s health. It lowers the burden on the customers by reducing the frequency they are requested to provide supplementary medical information. It lowers the frequency of cases that are manually referred to the underwriter to assess, therefore boosting sales and cutting the insurance company’s costs. When building and revising underwriting rules, underwriters can add or revise rules with ease and without support from an IT division using ALLFINANZ Rules Designer, a rule building tool that is easy to operate.

BNP Paribas Cardif
[Headquarters: Paris France, CEO: Renaud Dumora]

World leader for creditor insurance, BNP Paribas Cardif plays an essential role in the lives of insured customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed enterprise, BNP Paribas Cardif strives to have a positive impact on society and make insurance available to the largest possible number of people. In a world shaped by new and evolving lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with almost 500 partner distributors in a variety of sectors (banks and financial institutions, automotive companies, retailers, telecommunications companies, energy companies, Independent Financial Advisors and brokers) who market the products to their customers. BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 35 countries with strong positions in three regions – Europe, Asia and Latin America. BNP Paribas Cardif also plays a major role in providing finance for the economy. With over 10,000 employees worldwide, BNP Paribas Cardif had gross written premiums of €29.7 billion in 2017.