Three insurers based in Ireland, Singapore and Australia have selected UnderwriteMe’s technology to further modernise their underwriting processes.
UnderwriteMe’s Underwriting Rules Engine will be at the core of the digital transformation of Singapore life, a new entrant to the Asian market and Australian insurer MLC Life Insurance.
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UnderwriteMe’s technology is also part of a second partnership for Dublin-based Friends First.
For MLC Life Insurance, UnderwriteMe said testing has indicated that its technology will double straight-through acceptance rates, and insure customers without the need for onerous manual underwriting.
Melissa Heyhoe, chief customer officer, retail advised insurance, MLC Life Insurance, said: “Underwriting has traditionally been a complex and time consuming process. People applying for life cover typically fill out lengthy questionnaires about their health history, some of which are not relevant to inform their overall risk to us as a life insurer.
“By automating the underwriting process with UnderwriteMe, we’ll be able to ask customers fewer and more relevant questions, and therefore get a more accurate assessment of their risk. We think it will be a game-changer for the industry.”
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By GlobalDataPhil Jeynes, head of sales & marketing for UnderwriteMe, commented: “These are the first of many new partnerships around the world, as we use the power of digital technology to revolutionise the way life insurance is underwritten, with a view to unlocking its huge sales potential.”
