Pacific Life Insurance Company Makes Life Insurance Simple with New Business & Underwriting Solution from Munich Re

Dublin, Ireland (PRWEB) July 15, 2013

The U.S. life reinsurance and automation solutions divisions of Munich Re today announced that Pacific Life Insurance Company has implemented an automated underwriting platform to support its strategic initiatives of transforming the way life insurance is sold and new market expansion. The new platform incorporates Munich Re'sAllfinanz solution with a customized version of Munich American Reassurance Company’s EDGE underwriting manual, and is helping Pacific Life deliver more efficient and consistent underwriting with reduced processing time.

Pam Askins, Assistant Vice-President for Pacific Life’s IT and Strategic Planning department in the Life Insurance Division welcomed the successful implementation. “I’d like to congratulate the teams from Pacific Life and Munich Re. We are very pleased with the collaboration and support we have received. We are already seeing real benefits: our underwriting time has been reduced to half a day, which is a tremendous achievement. Our plan is to leverage this capability for all our products and achieve more efficiency gains in the future.”

Founded in 1868 and claiming more than half of the 100 largest United States companies as clients, Pacific Life Insurance Company is a long standing insurance industry leader. The company needed a new business underwriting system that could help increase speed-to-issue, improve back office efficiency and enhance the customer and agent experience. Pacific Life chose Munich Re for their unique rules-based underwriting expertise combined with the robustness and ease of use of its world leading new business and underwriting automation technology platform, Allfinanz.

Marti Trevillian, Director of Underwriting Training and Research in Pacific Life’s Life Insurance Division commented: “We are excited to see our new automated processing in action. The system streamlines the traditional underwriting process. All information is assessed systematically and, when necessary, key information can be delivered to an underwriter for further evaluation. The resulting risk classification provides consistent outcomes, and the overall process efficiencies improve our ability to underwrite more applications per year.”

The Allfinanz solution consists of a rules engine that incorporates EDGE rules; an Underwriter Workbench to improve manual underwriting efficiency; a business analytics module to identify areas of improvement in rules; and the Evidence Analyzer to collect and process third party data automatically. The solution integrates with providers such as Hooper Holmes, Milliman, MIB and LexisNexis, and automates the collection and processing of every requirement so underwriters and agents don’t have to.

Colm Kennedy, Executive Vice President Americas at Munich Re Automation Solutions commented: “The technology implemented will bring measurable benefits to Pacific Life’s new business process and position them for growth in the future. Pacific Life’s strategic ambition, combined with our technology and underwriting expertise, made this project a success right from the start.”

Mike Taht, Senior Vice President, Individual Reinsurance at Munich American Reassurance Company added:”This solution will reinforce Pacific Life’s position in the marketplace as a leader in delivering innovative insurance products, and we are pleased to deliver the solution that will allow them to grow in the years to come.”

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