MUNICH-RE
17.4.2018 09:02:11 CEST | Business Wire | Press release
Munich Re Automation Solutions Ltd, the global leader in digital new business and underwriting solutions, again disrupts life insurance automation by releasing ALLFINANZ Spectra. Cloud-based Spectra turns an inefficient pre-assessment process into closed sales. Spectra promotes the buying decision into the first two minutes of contact.
Agents or prospects enter minimal data and watch Spectra instantly assess insurability and probable pricing. Guided questions dynamically fine-tune results before their eyes and initiate the building blocks towards a formal application. At every point, the agent is empowered with adequate knowledge to suggest a close.
Today's impatient clients stay interested. Higher risks aren't mired in discouraging, sale-killing detours. All parties know in minutes who is insurable, in which rate categories, and who is not. Agents can use one request to query single or multiple insurers for multiple benefit types.
"The hard work that agents and underwriters put into pre-assessments is often wasted," says Colm Kennedy, Executive Vice President Americas at Munich Re Automation Solutions. "Requests often clog underwriters' desks with telephone notes or consume hours in emails. Conversion rates are abysmal at 4%. Resulting quick-quotes risk inconsistency because data from that phase never arrives into rules engines to inform the formal decisions."
"Spectra remedies these problems and can deploy worldwide to advisers and staff on every platform within days," Kennedy continues. Spectra's intuitive graphical display or spectrograph of underwriting outcomes immediately shows brokers and prospects their results as calculated by the insurer's underwriting rulebook. Similarly, rules engines assimilate and leverage previously wasted input and business intelligence from hundreds of pre-assessments per week.
Kennedy adds, "Sales forces and prospects benefit when Spectra suggests upsells, cross-sells, or down-sells. High-risk clients you might have lost—or income-guarantee sales you'd have missed—now augment agents' and insurers' bottom lines, while insurance for those who thought they were uninsurable becomes a possibility."
Underwriter bottlenecks dissolve, assessment consistency is achieved and distributors become informed. ALLFINANZ Spectra is a turnkey solution that requires no IT effort to implement and can be made available quickly to your entire distribution network.
"Every sale has an emotional component," says Kennedy. "Don't let interest cool—or let other agents interlope—while old procedures plod along."
View source version on businesswire.com: https://www.businesswire.com/news/home/20180417005016/en/
Contact:
Munich Re Automation Solutions Ltd
David Bordas
Tel: +353 1
293 2888
dbordas@munichre.com
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