Insular Life, a Philippines-based insurer, has introduced an automated underwriting system using the ALLFINANZ Interview Server (AIS) of Munich Re Automation Solutions (MRAS).
The new system uses a rules-based underwriting engine and aims to speed up the policy application and approval process and is integrated with Insular Life’s online proposal and application tools. This allows the insurer to quickly come out with an underwriting decision during the policy application process. From previously two to three days, the waiting period for an underwriting decision is shortened to a few minutes.
The use of automated underwriting is being adapted worldwide, but it isn’t very common in the Philippines yet. As one of the early adopters of the technology, Insular has been able to generate over US$2.1m in new business.
Automated underwriting provides insurance companies considerable growth, especially through shortening the sales cycle. Another benefit that Insular claimed is the ability to serve its customers better, as automation allows it to offer a wider range of products that are more suited to its client’s needs.
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