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31 August 2016

Automation of medical underwriting of new policies now a reality at Daido Life Insurance Company in Japan

31 August 2016 - Tokyo, Japan - Munich Re Automation Solutions Ltd, a subsidiary of Munich Reinsurance (Headquarters: Munich, CEO: Dr. jur. Nikolaus von Bomhard) has announced that Japan’s Daido Life Insurance Company (Location: Nishi Ward, Osaka City, President: Kudo Minoru, referred below as “Daido Life”) has deployed Munich Re’s automated underwriting rules engine (ALLFINANZ Interview Server) with the support of the Japan Branch of Munich Reinsurance (Life Reinsurance). The system is designed to help Daido Life sharply reduce the time it takes to complete an application and issue new policies.

Daido Life is introducing the automated medical underwriting system in order to shorten the time it takes to underwrite a policy and deliver a better and faster service to their customers. Handling every step from disclosure to underwriting decisioning using electronic data instead of paper-based information, the system helps deliver secure and speedy underwriting decisions, reducing the time customers need to complete an application.

To collect the necessary information required to assess the applicant, the underwriting rules engine generates interactive and reflexive interview questions which are displayed on screen based on the applicants’ responses about their health and medical history.

Reflexive Questioning

The system simplifies the recording of disclosures by applicants and removes the need for a repeated disclosure of the same disease because the rules engine generates pre-configured and orderly questions. By allowing Daido Life to accurately and methodically collect all information necessary to assess an application, the system reduces the need to ask applicants for additional medical information or certificates.

Daido Life operates the ALLFINANZ underwriting rules engine in an offline mode using sales tablet terminals called Ace Wiz. The offline functionality allows Daido Life sales personnel to carry out interviews and use reflexive questioning when the tablet is not connected to the Internet. This functionality has been implemented on all new tablet sales terminals.

Medical Underwriting Automation System at Daido Life

Medical Underwriting Automation System

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From April 2017, it will be possible to instantly notify customers of the underwriting decision and additional medical document immediately after the completion of the interview procedure.

About the ALLFINANZ Interview Server

The ALLFINANZ Interview Server is an underwriting rules engine that takes applicants through a series of automated questions on a PC or a tablet terminal, and makes instant underwriting decisions. The ALLFINANZ Interview Server collects the necessary information through reflexive questions (questions presented interactively according to responses) which are controlled by a set of underwriting rules. This enables insurers to obtain detailed information about the applicant’s health and medical history, which are usually difficult to obtain by conventional paper-based disclosure processes. Reflexive questioning collects detailed information about an applicant’s health, reducing the need to request supplementary medical certificates from clients while reducing the number of cases referred for manual underwriting; thereby cutting the insurance company’s costs and boosting its sales.

There are no restrictions on the sales channels where it can be deployed: sales personnel, independent insurance brokers, call centres, internet direct and bank sales. In Japan, the insurance industry is becoming increasingly aware of the convenience and performance of automated underwriting rules engine. In addition to the standard online version, ALLFINANZ Offline enables risk assessment interviews to be completed using a terminal which is not connected to the Internet. ALLFINANZ API enables insurance companies to build their own risk assessment screen from scratch instead of using the one provided as standard in the ALLFINANZ Interview Server.

Read press release issued by Daido Life (in Japanese)

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