The combination of proven and sophisticated underwriting technology with deep expertise was the key reason we selected Munich Re over other providers.
Dublin, Ireland (PRWEB) November 08, 2013
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.”