Munich Re Introduces Automated Underwriting Software for SBI-Axa

Munich Re's [85011] software subsidiary Allfinanz has introduced an automated underwriting engine for SBI-Axa Life Insurance Co., a joint venture of SBI Insurance Co. Ltd. [90530] and Axa Japan Holdings Co. Ltd. [51939].

The new system will allow faster application, contributing to a higher acceptance rate for applicants, according to Munich Re. The system's underwriting rule was customized for the Japanese market and it is the first of its kind in Japan's life sector, the reinsurer said.

"The rules have been adapted to local Japanese practice and language and tailored to SBI-Axa's specific risk acceptance philosophy," said Patrick Sallin, general manager of life department at Munich Re Japan, in a statement. "They cover hundreds of impairments and thousands of different underwriting scenarios to increase the ability of decision-making at point-of-sale and therefore the acceptance rate."

SBI-Axa is Japan's first life insurer to use the Internet to collect data from applicants. "We are now able to underwrite more precisely and accept more applications," said Toshiaki Suzuki, executive officer and general manager of customer service at SBI-Axa.

(By Iris Lai, Hong Kong bureau manager: [email protected])