Disability Insurance Made Easy

Normal view (turn off text only mode)
You are here:

4 April 2016

ALLFINANZ Enables the First Online, Fully Automated Individual Disability Insurance Product Available in the United States

HUK-COBURG

“The focus of the technology solution is to provide instant approval while maintaining high quality underwriting. To achieve this, the process leverages the latest advancements in underwriting electronic data to provide a consumer experience that is fast, simple and much less intrusive than ever before.”

April 4, 2016 - Las Vegas, Nevada, USA - Munich Re Automation Solutions Ltd., a leading software provider of automated underwriting solutions, today announced that its ALLFINANZ automated underwriting technology is powering the latest release of Disability Insurance Made Easy ("DIME") to deliver instant approval of insurance applications.

Disability Insurance Made Easy (“DIME”) is a unique, turnkey, Web-based disability insurance (DI) program which delivers the first true “click to purchase” consumer experience for long term disability protection provided by Munich Re, U.S. (Life) in partnership with Disability Management Services, Inc. (“DMS”). The DIME program is supported by multiple industry leaders and enables insurers to add a valuable insurance product, with minimal internal resources required, to their portfolios.

Colm Kennedy, executive vice president Americas at Munich Re Automation Solutions Ltd comments, “The focus of the technology solution is to provide instant approval while maintaining high quality underwriting. To achieve this, the process leverages the latest advancements in underwriting electronic data to provide a consumer experience that is fast, simple and much less intrusive than ever before.”

The ALLFINANZ underwriting technology enables:

  • Faster processing of applications and better user experience
  • Accurate risk assessment and consistent underwriting through advanced integration capabilities to third party electronic databases
  • On-going monitoring to evaluate the effectiveness of the underwriting process and iteratively improve the rules and questions to deliver quality business fast


“If a carrier is going to succeed in reaching the middle market, they need technology that is quick and painless to implement and provides the back end resources to monitor the business and react quickly. ALLFINANZ does that while facilitating powerful underwriting rules that can serve as a proxy for the cumbersome and invasive process widely used today,” adds Mark Costello, FSA, MAAA, vice president of Living Benefits for Munich Re, U.S. (Life).

If you would like to learn more about DIME or automated underwriting, Munich Re Automation Solutions Ltd. is exhibiting at the Life Insurance Conference, hosted by LOMA, LIMRA, the Society of Actuaries (SOA) and the American Council of Life Insurers (ACLI), at The Bellagio in Las Vegas, Nevada (USA) from 4th to 6th April 2016.

Alternatively, please contact Colm Kennedy (ckennedy@munichre.com) at Munich Re Automation Solutions Ltd., or Roger Stacy (rstacy@munichre.com) at Munich Re, (U.S.) Life.

All news


Main Navigation
Service Men
Accessibility

© 2018 Munich Re Automation Solutions Ltd. All Rights Reserved.

Note


This publication is available exclusively to Munich Re clients. Please contact your Client Manager.