ORIX Life Automated Underwriting

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18 October 2016

ORIX Life Insurance Initiates Project to Introduce Munich Reinsurance Group Automated Underwriting Solution

ORIX Life Insurance Corporation

Munich Re Automation Solutions Ltd. of the Munich Reinsurance Group has concluded a contractual agreement, including a licensing agreement, with ORIX Life Insurance Corporation (below, "ORIX Life Insurance") enabling the introduction of the automated underwriting rules engine ALLFINANZ Interview Server (below, “AIS”). The Japan Branch of Munich Reinsurance (Life Reinsurance) also concluded a contract for the development of automated underwriting rules (interactive, reflexive questions which ask for information necessary for the underwriting of each illness or injury), which entails the creation of common reflexive questions as well as rules covering everything up to the underwriting outcome in a manner that reflects ORIX Life Insurance's underwriting philosophy.

This latest approach at ORIX Life Insurance creates an illustration when proposing an insurance plan to a customer and then uses that data for paperless application procedures from start to finish.

The newly-introduced AIS will generate additional questions as necessary during the application process in response to health conditions disclosed by the person to be insured and provide, in some cases, on-the-spot underwriting results as part of insurance sales operations. With its question-and-answer format, AIS prevents missed information on required entries, fully missed entries and other such problems in order to eliminate unnecessary processing work, thus reducing the burden placed on the company processing the application as well as the customer. 

If automated underwriting results call for revised terms based on the health conditions disclosed by the applicant, the applicant may select either on-the-spot declaration or submission of a paper declaration form at a later date, thus providing the customer with a choice of declaration methods to meet their preferences.

In addition to AIS, the company will also introduce a new application programming interface (API) module. Use of this API module enables ORIX Life Insurance to create their own health-information disclosure onscreen interface rather than using the default interface provided with AIS.

ORIX Life Insurance plans to introduce AIS across multiple sales channels including agency channels, direct-sales channels and Web-based direct channels, and hopes to begin full-scale utilization of the new system in 2017.

About ORIX Life Insurance Corporation

Headquarters: Minato-ku, Tokyo; Representative Director and President: Kazunori Kataoka

  • Began operations as an ORIX Group life insurance company in 1991 and celebrates their 25th anniversary this year.
  • Boasts a total of 3 million individual life insurance policy customers as of the end of May 2016. Has achieved rapid, two-digit growth for 10 years running.
  • Number of new policies exceeded 500,000 policies, a growth in three consecutive years
  • ORIX Life Insurance Corporation responds to customers’ needs by providing simple, easy-to-understand insurance products with affordable premiums. The company made their debut with medical insurance “CURE” in September 2006 and has steadily expanded their product offerings. In recent years, they have added insurance tailored to specific diseases/conditions.
  • Company products such as CURE medical insurance have been highly ranked compared with other insurance products, even by professionals.
  • In terms of customer services, the company offers health-related medical consultations, direct payments of advanced medical care benefits, and a wide range of others.
  • Company insurance policy sales focus mainly on agency-based sales but also include direct channels and bancassurance. The company established direct sales channels in March 2016 and plans to start its business in October.
  • Company web site

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