ORIX Life goes paperless with ALLFINANZ from Munich Re
06:05 PM CET 2019/11/21
ORIX Life Insurance Corporation (ORIX Life) began to use a paperless application process called ORB (*1) on November 16, 2017. To more efficiently process disclosures and perform automated underwriting they introduced ALLFINANZ.
ALLFINANZ is an automated new business and underwriting solution from Munich Reinsurance Group, enabling applicants to complete disclosures on a PC or tablet (*2). Orix Life built their rules for automated underwriting with the support of the Japan branch of Munich Re.
ORB ends incomplete information and missing supplemental documentation when applying for life insurance and sharply shortens the time required to complete an application. ALLFINANZ displays questions adapted to the contents of the applicant’s disclosures and health status, enabling accurate and speedy underwriting results based on the answers given, and same day application processing.
ORIX Life introduced ALLFINANZ as a customer-centric operations management initiative, not only to its online direct channel, originally launched in 2011, but also to its agency and direct sales channels.
(*1) - ORB: Initials of the words ORIX Life Relationship Builder. It expresses the desire to ensure that the process of transforming anxiety to a sense of security is easier to understand and simplified, strengthening links between “customers,” “all our agents,” and ORIX Life.
(*2) - Limited to cases where disclosure documents are used.