Munich Re software unit launches online disability insurance

Software designed by Munich Re Automation Solutions, a software provider of automated underwriting solutions and subsidiary of Munich Re, will enable Disability Insurance Made Easy (DIME), a web-based disability insurance programme, the company has said.

Its so-called ALLFINANZ automated underwriting technology will power the latest release of the DIME programme, which it says enables insurers to add a new insurance product, with minimal internal resources required, to their portfolios.

Colm Kennedy, executive vice president, Americas, at Munich Re Automation Solutions, said: “The focus of the technology solution is to provide instant approval while maintaining high quality underwriting. To achieve this, the process leverages the latest advancements in underwriting electronic data to provide a consumer experience that is fast, simple and much less intrusive than ever before.”

Mark Costello, vice president of living benefits for Munich Re, US (Life), added: “If a carrier is going to succeed in reaching the middle market, they need technology that is quick and painless to implement and provides the back end resources to monitor the business and react quickly.

“ALLFINANZ does that while facilitating powerful underwriting rules that can serve as a proxy for the cumbersome and invasive process widely used today.”