Munich Re's automation insurtech rolls out new pre-assessment processing tool

Munich Re Automation Solutions has partnered with Lincoln Financial Group for its automated life insurance underwriting solution ALLFINANZ Spectra.

Lincoln is the first-ever life insurer to implement Munich Re Automation Solutions' cloud-based pre-assessment processing tool, which claims to provide faster and more accurate quotes at reduced costs.

Lincoln will use this tool to provide instantaneous quotes to advisors on behalf of clients covering more than 200 medical, avocational and occupational risks.

“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 John Greene, VP and chief medical director of 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, said: “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.”