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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.

About ORIX Life Insurance Corporation

Orix Life began operations as an ORIX Group life insurance company in 1991. It boasts a total of 3.5 million insurance policy customers as of the end of April 2017 and has achieved rapid, two-digit growth for 11 years running. Orix Life develops products with “simple, easy-to-understand” and “providing rational assurance at low prices” as its guiding concepts. It has expanded its product offerings from medical insurance “CURE” it introduced in September 2006. Company insurance policy sales focus mainly on agency-based sales but also include direct channels and bancassurance. The company established direct sales distribution channels in March 2016 and started to pursue new customers through these channels in October.
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