New risk assessment tool for life insurers
Medical advances, job mobility and new leisure trends are continually increasing the complexity of medical underwriting for life insurers in connection with the conclusion of life insurance policies. At the same time, keen competition is forcing companies to reduce costs systematically over the long term. Munich Re Internet Risk Assessor (MIRA), a new internet-based risk assessment and rating tool, combines optimised workflow efficiency, a user-friendly interface and Munich Re’s global underwriting knowledge.
A new team of medical experts, underwriters and actuaries in Munich Re’s Centre of Competence for Medical Risks Research and Underwriting continuously track global research developments and use their expertise to keep the content in MIRA systematically up to date. Insurance-relevant scientific knowledge is immediately made available to users. MIRA fits seamlessly into existing business processes and IT environments while providing instant access to a vast and continuously evolving pool of rating recommendations as well as to Munich Re’s underwriting know-how. This makes it possible to an ever increasing extent to insure applicants presenting with pre-existing medical conditions at acceptable premiums. The scope for insurance cover is thus being systematically expanded. Also benefiting from this will be end users, for whom all-round and affordable protection with long-term guarantees is an indispensible part of private provision.
Joachim Wenning, member of the Board of Management responsible for life reinsurance: "With MIRA, we are offering our clients around the world not only a professional tool to turn risk into value but also for the purposes of internal process optimisation. By making available such flexible and long-term solutions, Munich Re is giving its clients that extra edge especially in competitive and highly dynamic markets."
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