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The Guardian Life Insurance Company of America selects Munich Re’s Allfinanz automated underwriting solution to accelerate the enrollment process for its voluntary benefit products

DUBLIN, IRELAND - The automation solutions division of Munich Re today announced that The Guardian Life Insurance Company of America (Guardian) has selected its new business and automated underwriting solution, Allfinanz. The Allfinanz platform will enable Guardian to make benefit enrollment faster and easier for employees applying for group insurance through their employers.

 

The solution will automate Guardian’s open enrollment process and run applicants against third party electronic data providers such as the Medical Information Bureau (MIB). Providing a faster and easier enrollment will help Guardian to grow its voluntary benefits business by creating a more efficient back office underwriting process. As one of the largest mutual life insurance companies in the United States, Guardian protects more than six million employees and their families at 115,000 companies through its full suite of dental, vision and individual disability and life insurance products.

John Furlong, VP and Chief Information Officer of the Group Insurance division, said that Guardian was looking for a system that could help achieve a high level of instant underwriting decisions online while reducing enrollment processing time. “The combination of proven and sophisticated underwriting technology with deep expertise was the key reason we selected Munich Re over other providers. Asking the right questions and collecting the right information is just as critical as the quality and flexibility of the technology that enables the process.” says Furlong.

Allfinanz from Munich Re is a suite of new business and underwriting software that simplifies the life insurance sales process and transforms underwriting into a sales enabler. Guardian’s solution will consist of the Allfinanz Interview Server underwriting rules engine and the Allfinanz business analytics module to pinpoint areas of improvement in underwriting rules and processes.

Colm Kennedy, Executive Vice President Americas at Munich Re Automation Solutions Ltd commented, “We are delighted that Guardian has chosen the Allfinanz solution. We look forward to helping them increase the level of immediate underwriting decisions. The fast turnaround on decisions and the evidence based data analysis of the underwriting process will position Guardian on a path towards continued growth.”

About The Guardian Life Insurance Company of America A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide. For more information about Guardian, please visit www.GuardianLife.com.

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

About Munich Re - 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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