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Turn pre-assessments into salesIncrease conversion of underwriting pre-assessments into sales, free up underwriter time and improve service to the distribution community.

A guide for life insurers

Is pre-assessment underwriting generating new business for you?

The pre-assessment workload on underwriting departments has grown over recent years. Distributors habitually contact multiple insurers with pre-assessment requests and consume valuable underwriting time. The result is often low conversion rates from a pre-assessment to a real life insurance application.

Drive up your placement rate and save underwriting time with ALLFINANZ Spectra.

Conversion rates are low: typically between 2% and 10%.

POWERFULSpectra always delivers a spectrum of outcomes even with just partial data and includes an underwriter workflow as a fallback at any time.

MEANINGFULSpectra indicates the probability for each underwriting outcome, helping agents provide better advice to their clients.

INTELLIGENTSpectra utilises information from existing underwritten cases to improve the accuracy of the pre-assessments.

Why underwrite the expensive way?

ALLFINANZ Spectra is a patented technology aiming to become the gold standard for pre-assessment processing.

Reduce underwriting cost Spectra reduces the amount of underwriter’s time spent on pre-assessments. This considerable saving means your underwriting team can be more effectively and profitably re-deployed. In addition, Spectra removes the need for field underwriting guides by giving advisers the information they need instantly.

Save IT time with a cloud solutionALLFINANZ Spectra is a turnkey solution that requires no IT effort to implement and can be made available quickly to your entire distribution network. It is built on a highly secure SaaS infrastructure. The cloud solution means you don’t need to look after ongoing maintenance, upgrades and infrastructure administration.

Reuse your rulebook to reduce costsSpectra can read your existing automated underwriting rulebook with no need to create and maintain a specific pre-assessment rulebook. By using the same rulebook as your underwritten business, Spectra ensures consistency between pre-assessment underwriting and final underwriting. If you don’t have an electronic rulebook, we can provide one.

Intuitive and conversational interface

Spectra’s intuitive and conversational interface helps the agent describe the client as they would in an email to an underwriter.

Critical success factors to drive up sales:

Underwriting results at a glance

1. Achieve high adoption of the technology in the field.2. Shorten the new business process by placing underwriting results

directly into the initial conversation between agents and consumers.3. Place sales effort behind the quotes worth pursuing using advanced

sales desk analytics.

Spectra is designed with high adoption in mind. High adoption by the distribution community is largely a factor of how useful and easy to use the technology is. Spectra always gives an underwriting answer; it works 24/7 and 365 days a year. No case is too simple or too complex. It handles unlimited combinations of medical and risk related conditions.

Using patented technology, it provides all the possible underwriting outcomes and their probabilities at a glance. The full spectrum of outcomes is updated as more information about the client is recorded. Spectra advises how long the application process is likely to take by indicating whether doctor’s reports or other supplemental information will be required.

The spectrum of results is available at a glance for each risk type. Spectra indicates the likelihood of an outcome, represented by the height of the graph. It also identifies additional steps that may be needed to complete the underwriting process such as doctors reports or referrals to underwriter (RUW).

All this information is made available instantly to the agent on their tablet, smartphone or laptop to allow them to have an informed discussion with their client early on in their engagement process. It can work in single or multi-insurer mode depending on the insurer’s preference to allow agents to make one request and get underwriting results from a single or from multiple insurers.

Spectra remembers every case underwritten by your business and learns how to predict the range of underwriting outcomes accurately. Setting the right client expectation early on translates into satisfied distributors.

Ultimately, Spectra enhances performance in the challenging world of distribution.

Refine the spectrum of outcomes by providing additional information about select disclosures.

Refine the range of outcomes

Multi-risk results? Yes

Learns probable underwriting outcomes from existing book of business? Yes

Any need for field underwriting guide? No

Built-in sales desk and advanced conversion tools? Yes

Built-in distribution network performance monitor? Yes

Built-in conversion rate tracking? Yes

Conversion from a quote to a full application? Yes

Quickly deployed to entire distribution network? Yes

Secure SaaS infrastructure? Yes

IT integration required? No

Patented technology? Yes

Could Spectra be the solution you are looking for?

Insurer Benefits

Agent Benefits

Instant and fully automated indicative pre-assessment? Yes

Possible ratings, possible declines and likelihood for each outcome? Yes

Results with only partial pre-assessment data? Yes

Results for unlimited risk profiles? Yes

Updatable as more pre-assessment data is recorded? Yes

Easy to use and intuitive? Yes

Conversion from a quote to a full application? Yes

Probability for each underwriting outcome? Yes

Works on tablet and smart devices? Yes

Always on 24/7 and 365 days a year? Yes

Let’s Talk

Munich Re Automation Solutions Ltd, a Munich Re subsidiary, is

the global leader in digital new business and underwriting and data

analytics software solutions for the life and health insurance

industries. For the past 30 years, we have transformed how life

insurers sell insurance with the ALLFINANZ software product suite,

enabling them to significantly and profitably grow their

business. Headquartered in Dublin, Ireland we also have offices in

Japan, Singapore, Australia and the U.S. With over 100 deployments

globally, we proudly counts many global leaders as clients including

AIG, Aflac, Allianz, Aviva, Bank of China, Cigna, Daido, Etiqa,

Guardian, Great Eastern, HSBC, Lincoln, Manulife, Mitsui, Pacific

Life, Protective, Sony Life, Suncorp, TAL, Vitality and Zurich.

Munich Re Automation Solutions Ltd has offices in:

Dublin | Chicago | Singapore | Tokyo | Sydney

www.munichre.com/automation-solutions

© 2018. Munich Re Automation Solutions Ltd. All Rights Reserved.

Australia office : +61 2 8404 9200

Singapore office: + 65 66531933

Email: automatedunderwriting@munichre.com

Contact us for an exploratory conversation.