Munich Re Automation & Lincoln Financial Team Up on Pre-Fill Tech

Munich Re Automation Solutions Ltd, a leading insurtech specialist and subsidiary of the Munich Re Group, has announced the first-ever go-live of its pre-assessment processing tool ALLFINANZ SPECTRA for customers of Lincoln Financial Group.

The collaboration represents a wider shift in the life insurance industry, catering to customers who expect an ‘on-the-spot’ life insurance quote. Life insurers must continue to innovate and improve straight-through processing.

Through conversations with its clients and their customers, Munich Re Automation Solutions recognised a need within the market to reduce time-to-result and developed ALLFINANZ SPECTRA, a pioneering pre-assessment processing tool. From the customer perspective, SPECTRA means faster, more accurate quotes, and reduced costs. In addition to happy customers and reduced overheads, insurance providers benefit from a tool that is completely personalized to their business, and able to read their existing automated underwriting rulebook.

Lincoln Financial Group is the first-ever life insurer to implement this game changing solution. Lincoln uses this tool to provide instantaneous quotes to advisors on behalf of clients covering more than 200 medical, avocational and occupational risks, without the need to email or call a Lincoln underwriter.

“With expectations around the customer experience changing almost daily, making the process of purchasing life insurance faster and friendlier is as important as ever,“ said Dr. John Greene, VP & Chief Medical Director at Lincoln Financial Group. “As part of our commitment to offering a superior digital customer experience, Lincoln collaborated with Munich Re Automation Solutions to integrate SPECTRA into our systems, giving our financial planners and clients access to real-time, accurate life insurance quotes, resulting in a quicker, more efficient underwriting process.“

Colm Kennedy, Executive Vice President at Munich Re Automation Solutions, says: “Most people are aware of Life insurance – too many are put off by the complexity of the options and application process itself, particularly the younger generation. Lincoln Financial Group’s commitment to simplifying everything and making the process more educational for the benefit of the overall customer stood out to us. We were excited to work with them to provide their customers with a much faster and more informative experience.”

SPECTRA is a turnkey solution and can be made available quickly to an entire distribution network. Financial professionals can access the new Lincoln self-service tool on behalf of clients 24/7 through its online portal.

 

About alastair walker (3112 Articles)
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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