T&D Financial Life partners with Munich Re Automation Solutions to automate underwriting process

Munich Re Automation Solutions Ltd today announced that T&D Financial Life (“TDF”) has adopted its modular underwriting engine (“ALLFINANZ”), to automate its underwriting process. The underwriting engine will transform T&D’s customers’ experience by speeding up the generation of underwriting results so they are delivered instantly. 

In automating the underwriting process, ALLFINANZ allows TDF not only to digitally capture answers on the health declaration form, but also automatically generate additional drilldown questions in case of a medical history of injury/sickness, so that the declaration can be completed at point of sale. Munich Re's automated underwriting solution has undoubtedly added additional value to TDF's new application/declaration process.

TDF is one of the premier insurers specialized in financial entity and insurance shop channels, to have implemented ALLFINANZ as part of the T&D Insurance Group following Daido Life. 

Commenting on the partnership, Yoichi Hayashi, Vice President at Munich Re Automation Solutions Japan says “As the market leader in automated underwriting in Japan, we have a proven track record in revolutionizing our clients’ businesses, and we are delighted to support T&D Financial Life in their underwriting journey.  As we previously worked with TDF’s sister company, Daido Life, TDF was aware of the highly evaluated functionality of ALLFINANZ as an underwriting engine and we are excited to help them utilize the full benefits.”

Mr Hosoda, Managing Executive Officer at TDF: “Having an intensive support from Munich Re, Japan, we have developed underwriting rules which cover over 700 single impairments and 45 combination rules which enables us to assess multiple risks comprehensively. This allows our agents to speed up the application process with customers, and also our underwriters to reduce their daily workload.”

Mr Nagashima, GM of Systems at TDF added: “Having recently released new special disease disability income protection insurance products, we knew we needed to introduce a paperless and automated underwriting process. In such a highly competitive market, ALLFINANZ has helped us manage the influx of requests from insurance agents and companies, and we are pleased to partner with Munich Re Automation Solutions on a solution.”

TDF will now be able to utilize the data collected at the application stage by the rules engine to constantly revise their underwriting rules.  Through analyzing the data, which includes the health declaration of medical history, breakdown of underwriting decisions, ratio of automatically underwritten cases, and application trends, TDF will be able to utilize the data to grow their business.

TDF went live with ALLFINANZ in February 2021.