Munich Re Automation Solutions, the leading provider of insurtech solutions to the life insurance industry, has today launched its advanced predictive underwriting enablement technology, Predictor, in South Africa. Over the last few years, firms have come to understand how predictive modelling can transform the underwriting process and with it, customer experience. Predictor has been developed in direct response to the demand for an accessible way to harness this game-changing technology.
Predictor simplifies and accelerates deployment and integration of predictive models, helping firms to realise their key business objectives faster. For example, firms may have predictive models that when integrated with their underwriting process can:
- Help deliver increased straight-through processing by improving the decision-making process, and reducing the need for manual underwriting
- Support improvements in managing evidence, indicating where additional information is required
- Streamline the user experience by providing personalised questions or removing unnecessary questions
- Identify possible non-/false disclosure at the point of sale
Munich Re Automation Solutions global clients are already using Predictor and reaping the benefits of greater automation, better evidence management, in-depth model performance monitoring and an improved user journey. What’s more, the technology is easily integrated into established underwriting processes. This technology can also be effectively deployed for AI models that target HIV and cotinine tests at applicants above a certain risk threshold and thereby reducing onboarding friction and costs.
High accuracy AI models developed by Munich Re’s AI and Analytics team, provide a comprehensive analysis on risk implications and optimisation as well as AI explainability to supplement risk management and governance requirements of insurers and regulatory bodies. Munich Re also safeguards insurers against model drifts and false positives by providing reinsurance on the underlying insurance policies. This complete offering of deep AI and insurance expertise, state-of-the-art technology and reinsurance enables insurers to transform their underwriting operations in a swift and secure way.
The launch follows the release of Munich Re Automation Solutions blueprint for how augmented automated underwriting will revolutionise customer experience. Augmented Automated Underwriting: the next generation of underwriting, highlights how predictive modelling will play a key part in the future of underwriting and revolutionise the life insurance industry.
Michal Nejthardt, Head of Digital at Munich Re of Africa said: “The co-creation of model development by Munich Re’s AI and Analytics team, and deployment with ALLFINANZ Predictor will open the tap to much needed predictive underwriting solutions for life and health insurance. This marks the beginning of a new era in underwriting using AI, rules and data to fundamentally transform the onboarding experience.”
Paul Donnelly, Executive Vice President EMEA for Munich Re Automation Solutions continues: “The launch of ALLFINANZ Predictor marks an exciting milestone in the life insurance industry’s push towards realising the benefits of automation. But while everyone is chasing the obvious benefits, the process of making them a reality can be complicated and time consuming – that is why we have created Predictor.”