Munich American Reassurance Company │ Munich Re

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Life insurance...simplified
Pacific Life makes life insurance simple with new business and underwriting
solution from Munich Re

DUBLIN, IRELAND - The U.S. life reinsurance and automation solutions
divisions of Munich Re today announced that Pacific Life Insurance
Company has implemented an automated underwriting platform to support
its strategic initiatives of transforming the way life insurance is sold and
new market expansion. The new platform incorporates Munich Re’s
Allfinanz solution with a customized version of Munich American
Reassurance Company’s EDGE underwriting manual, and is helping
Pacific Life deliver more efficient and consistent underwriting with
reduced processing time.

 

Pam Askins, Assistant Vice-President for Pacific Life’s IT and Strategic Planning
department in the Life Insurance Division welcomed the successful
implementation. “I’d like to congratulate the teams from Pacific Life and Munich
Re. We are very pleased with the collaboration and support we have received.
We are already seeing real benefits: our underwriting time has been reduced to
half a day, which is a tremendous achievement. Our plan is to leverage this
capability for all our products and achieve more efficiency gains in the future.”

Founded in 1868 and claiming more than half of the 100 largest United States
companies as clients, Pacific Life Insurance Company is a long standing
insurance industry leader. The company needed a new business underwriting
system that could help increase speed-to-issue, improve back office efficiency
and enhance the customer and agent experience. Pacific Life chose Munich Re
for their unique rules-based underwriting expertise combined with the
robustness and ease of use of its world leading new business and underwriting
automation technology platform, Allfinanz.

Marti Trevillian, Director of Underwriting Training and Research in Pacific Life’s
Life Insurance Division commented: “We are excited to see our new automated
processing in action. The system streamlines the traditional underwriting
process. All information is assessed systematically and, when necessary, key
information can be delivered to an underwriter for further evaluation. The
resulting risk classification provides consistent outcomes, and the overall
process efficiencies improve our ability to underwrite more applications per
year.”

The Allfinanz solution consists of a rules engine that incorporates EDGE rules;
an Underwriter Workbench to improve manual underwriting efficiency; a
business analytics module to identify areas of improvement in rules; and the
Evidence Analyzer to collect and process third party data automatically. The
solution integrates with providers such as Hooper Holmes, Milliman, MIB and
Lexis Nexis, and automates the collection and processing of every requirement
so underwriters and agents don’t have to.

Colm Kennedy, Executive Vice President Americas at Munich Re Automation
Solutions Ltd commented: “The technology implemented will bring measurable
benefits to Pacific Life’s new business process and position them for growth in
the future. Pacific Life’s strategic ambition, combined with our technology and
underwriting expertise, made this project a success right from the start.”

Mike Taht, Senior Vice President, Individual Reinsurance at Munich American
Reassurance Company added: “This solution will reinforce Pacific Life’s position
in the marketplace as a leader in delivering innovative insurance products, and
we are pleased to deliver the solution that will allow them to grow in the years to
come.”
 

About Pacific Life - Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans.  Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2013 is compiled by Pacific Life using the 2013 FORTUNE 500® list.

Munich Re Automation Solutions Ltd, a division of Munich Re, is the world leading provider of new business and underwriting software to the life insurance industry. For the past 26 years, the company has transformed how life insurers are doing business with next generation technology that gives their clients the power to grow more efficiently. The Allfinanz new business and underwriting suite is a powerful and flexible automated underwriting solution that makes life insurance easy to sell. Headquartered in Dublin, the Automation Solutions division of Munich Re has offices in Japan, Australia and the U.S. Its client base proudly include world leading insurance companies including Pacific Life, Zurich, Aegon, HSBC, Prudential, The Hartford, Metropolitan Life, Bank of China and Comminsure. Web site: http://automation.munichre.com

Munich American Reassurance Company, founded in 1959, is one of the largest reinsurers in the U.S. offering life and disability reinsurance to insurance companies throughout the United States. The company also writes group, credit and other reinsurance products. Headquartered in Atlanta, with an office in Chicago, Munich American is licensed, accredited or authorized in all fifty states; Washington, D.C.; Guam; and Puerto Rico.


Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2012, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of around €52bn. It operates in all lines of insurance, with around 45,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2012, ERGO posted premium income of €19bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €214bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

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