Insular Life Launches Automated Underwriting

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

10 August 2016

Insular Life introduces Automated Underwriting System in the Philippines

-----------------------------------------------------------------------------------------------------------------

Press release issued on 25 July 2016 by Insular Life who has deployed the ALLFINANZ underwriting rules engine to speed up its life insurance policy application process.
-----------------------------------------------------------------------------------------------------------------

Insular Life Philippines

Leading Filipino life insurer Insular Life takes a bold step in utilizing technology to speed up the policy application process as it launched its Automated Underwriting (AU) System.

The Automated Underwriting (AU) System uses a rules-based underwriting engine, integrated with Insular Life’s online proposal and application tools, which equips the company to quickly render an underwritingdecision during the policy application process. The AU System is accessible to the Insular Life financial advisor through the company’s online Agent Portal and is linked to Insular Life’s MyProposal system. Thus, as soon as a customer decides on a product, the agent can proceed to underwrite him through the AU System. This automated process ends with an underwritingdecision that can be communicated right away to the client, thereby hastening the application process and consequently, the delivery of the new policy.The AU System cuts the waiting period from the previous two to three days, to as short as a few minutes, for an underwriting decision to be given.

The use of the automated underwriting system is increasing steadily worldwide, but has remained untapped in the Philippines, until Insular Life’s AU System was launched recently. Since adopting the automated underwriting, Insular Life has been able to generate over P100million in new business as a direct result of using the AU System.

The growth spurt that automated underwriting gives insurance companies is considerable, from widening distribution channels and shortening the sales cycle, to increasing business administrative efficiency. For Insular Life, however, the additional benefit of the AU System is the bespoke customer experience that allows it to offer a wider range of products that are more suited to its client’s profiles.

Insular Life’s AU System is supported by the ALLFINANZ Interview Server (AIS) of Munich Re Automation Solutions.

How Insular Life embraces technology to provide a better experience to their clients and agency force

Press coverage


Main Navigation
Service Men
Accessibility

© 2017 Munich Re Automation Solutions Ltd. All Rights Reserved.

Note


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