Faster, more efficient, more compliant: With MIRA PoS, Eurolife takes the next step in its digital transformation

• Cyprus’s leading life and health insurer, Eurolife Ltd., improves the underwriting process at the point of sale (PoS) thanks to MIRA PoS
• Munich Re tool available to 400 insurance advisors across Cyprus since 2022
• Number of insurance applications receiving a final decision at the first consultation has risen significantly; straight-through processing (STP) rate increased to 75%

MIRA PoS digitalises processes at the point of sale

MIRA PoS is a “software as a service” product developed by Munich Re, which digitalises life insurance processes at the point of sale – from the capture of case and application data all the way to risk assessment and reporting. “The tool accelerates our sales process and improves the quality of risk assessment,” says Stephanos Charalambous, Head of Underwriting at Eurolife.

Describing the advantages of the solution, Charalambous continued: “MIRA PoS is based on a comprehensive set of rules developed by Munich Re, offers a high level of data security and meets our compliance requirements. Compliance-as-a-Service, you might say. The tool integrates seamlessly into our application environment, is easy to use and was able to be individually coordinated with our sales strategy.”

Used by 400 insurance advisors across Cyprus

Eurolife is a Bank of Cyprus Group company. The central pillar of its business model is its sales network of 400 insurance advisors, collaborating closely with the Bank of Cyprus.

MIRA PoS offers extensive benefits for the insurance advisors and their customers alike: after going through the assessment questions together, they receive a decision immediately. The questions are dynamically generated by MIRA PoS during the consultation, and there are significantly fewer of them than in the former assessment. The insurance advisor discusses these questions with the customer and receives an immediate decision. In most instances, there are then no waiting periods or additional appointments.

Thanks to MIRA PoS, Eurolife now achieves an STP rate of around 75%. STP stands for straight-through processing – an end-to-end decision-making process encompassing the consultation, risk-related queries and risk assessment right through to contract conclusion. The STP rate is not only an important KPI for insurers; customers also benefit directly from faster and more efficient processes.

The set of rules encoded in MIRA PoS ensure the quality of the underwriting process. These have been tailored to the Cypriot market, reflect the current status of medical research and ensure evidence-based underwriting decisions.