Automating life insurance underwriting

Peter Dinham
Monday, 18 May 2009 15:30

IT Industry - Deals

“After a tender process involving nine vendors, Asteron decided to partner with Allfinanz, using underwriting rule sets provided by Munich Re and tailored by Asteron’s risk assessment team.

“The first stage of the project was completed in September 2008, allowing Asteron to bring Lifeguard EQ to market in November 2008. The most recent expansion of the project was completed in April 2009, delivering additional online tools for insurance advisers.”

According to Crosswell, Lifeguard EQ processes life insurance applications using the Allfinanz automated underwriting solution, with financial advisers entering customer details directly into the web-based system.

“The Allfinanz intelligent underwriting engine automatically tailors the questions asked of each applicant, based on their responses, and the level of insurance cover being requested.

“All information provided by the applicant is recorded, and a PDF version of the completed application is immediately provided back to the applicant and adviser, improving transparency and giving applicants an opportunity to verify data. The entire process is tracked automatically for advisers, with both new applications and existing policies able to be reviewed electronically at any time.”

Crosswell said Allfinanz had successfully implemented the complete system within 10 months.