Munich Re and Disability Management Services, Inc. Deliver the First Online, Fully Automated Individual Disability Insurance Product

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28 March 2016

Munich Re and Disability Management Services, Inc. Deliver the First Online, Fully Automated Individual Disability Insurance Product

Atlanta, GA – March 28, 2016 – Munich Re, U.S. (Life) and Munich Re Automation Solutions Ltd., in partnership with Disability Management Services, Inc. (“DMS”), are delighted to announce the launch of Disability Insurance Made Easy (“DIME”) with National Guardian Life Insurance Company (“NGL”). This third generation of DIME provides a unique, turnkey, Web-based disability insurance (DI) program backed by Munich Re’s proven ALLFINANZ automated underwriting technology and DMS, the leading independent third party administrator and consulting firm for DI risk management. This release provides the first true “click to purchase” consumer experience for long term disability protection. Its key features include:

  • Intuitive, instant and confidential premium quoting
  • Streamlined electronic application and electronic signature
  • Powerful automated underwriting technology for instant approval
  • Electronic delivery of coverage
  • Convenient credit card payment options


“The Social Security Administration estimates that one in four of 20 year-olds living in the United States will become disabled before they reach age 67,” states Mark Costello, FSA, MAAA, vice president of Living Benefits for Munich Re, U.S. (Life). “Couple this figure with research that suggests as many as 76% of Americans are living paycheck-to-paycheck and it’s obvious to see that there is an unmet need for income protection. We are meeting that need by bringing affordable–and meaningful–coverage in a hassle-free way.”

Adding to Munich Re’s commentary, Steve Miller, vice president, DMS, contributes, “The middle income market is extremely underpenetrated for income protection. Until now, the challenge has been that there hasn’t been an efficient, consumer friendly way to deliver this protection. This Web-based, fully automated version of DIME solves this issue. The DIME program enables insurers to add a valuable product that requires minimal internal resource to implement to their portfolios. Together we’re helping insurers like NGL diversify sources of revenue and profits, enhance client retention and differentiate their value proposition in the market, while simultaneously providing consumers meaningful coverage. It’s a great thing.”

DIME is a customized disability insurance product development and delivery program backed by turnkey administration and expert risk management provided by proven industry leaders. To find out more about DIME, contact Roger Stacy at Munich Re, or Steve Miller at DMS.

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 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn 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 leading 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 2014, ERGO posted premium income of €18bn. 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 €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

Munich Re Automation Solutions Ltd, a Munich Re subsidiary, is a leading software provider of new business and automated underwriting solutions to the life insurance industry. For the past 30 years, the company has transformed how life insurers are selling life insurance with next generation technology that gives our clients the power to grow their business profitably. ALLFINANZ is a suite of new business and automated underwriting applications that make life insurance easy to sell and helps insurers transform underwriting into a profit driver. Headquartered in Dublin, Ireland, Munich Re Automation Solutions Ltd has offices in the US, Japan, Singapore and Australia. Its client base proudly include world leading insurance companies including Pacific Life, Guardian, Zurich, HSBC, Aviva, Sony Life, Metropolitan Life, Bank of China and Allianz.

www.munichre.com/automation-solutions

About DMS
Founded in 1995, Disability Management Services, Inc. (“DMS”), is an independent, full-service third-party administrator and consulting firm, specializing in the management of individual and group disability products.

DMS is headquartered in Springfield, Massachusetts, with an additional service center located in Syracuse, New York. DMS has earned the trust of leading insurers and reinsurers by applying specialized capabilities to implement operational solutions that work the first time.

By outsourcing to DMS, clients gain freedom to focus on other priorities and more efficiently utilize capacity. DMS’ track record of success is testimony to the experience and competence of the company’s professional workforce.

About NGL
Founded in 1909, National Guardian Life Insurance Company (NGL) is a $3.8 billion mutual insurance company located in Madison, Wisconsin. NGL is licensed to do business in 49 states and the District of Columbia. The Specialty Group Markets team creatively tailors products, agreements and administration to fit the needs and capabilities of our client partners. NGL specializes in providing individual and group insurance products in the health insurance marketplace. We work with our Partners on a risk-sharing basis to develop the right product solution for their distribution elements. In turn, the products are offered to the public through a developed network of long term Partnerships that make up this focused business model. The DIME program is part of the newly completed joint-venture between Munich Re, DMS, and NGL. DIME is the first online, and fully electronic Individual and automated Disability Insurance delivery platform developed specifically for direct to consumer use. Learn more at groupmarkets.nglic.com

At NGL, it’s about people. To learn more, please visit NGLIC.com

National Guardian Life Insurance Company is not affiliated with the Guardian Life Insurance Company of America a/k/a The Guardian or Guardian Life.

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.

Munich, 28 March, 2016

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