VitalityLife Provides Innovative Health Services and More Accurate Underwriting with Munich Re’s ALLFINANZ Underwriting Software
VitalityLife, a leading UK life insurance provider, is breaking new ground in automation and pricing. Powering product offerings and economies are the latest versions of Munich Re’s ALLFINANZ digital underwriting software to drive customer acquisition, underwriting and process improvement.
New insurance products from recognised industry leader VitalityLife offer customers reduced premiums through ongoing health monitoring. VitalityLife's Wellness Optimiser and Vitality Nurse engage members and incentivise them to manage wellness by offering innovative dynamic pricing on their premiums.
VitalityLife first installed ALLFINANZ software in 2007 but required ongoing automation only available in today's ALLFINANZ suite. Other underwriting automation software were evaluated but fell short.
Andrew Smith, Underwriting Philosophy and Automation Manager at VitalityLife, said, "We aim to innovate and be the best at what we do”.
"The flexibility the ALLFINANZ product suite provides will help us better structure, present and evaluate health questions and answers. In true multi-stage underwriting, it then further automates the assessment of Vitality Nurse exams, with blood tests shortly to follow.”
"This capability to integrate with external data is future-proofing us for whatever new sources of information we decide to use in the underwriting journey. We need to partner with an organisation that constantly evolves and enhances its solution because we’re always looking at how we can take our business to the next level."
Most applications get a final underwriting decision in less than an hour. The goal is to deliver multi-stage, nurse-involved decisions in a day.
Paul Donnelly, Executive Vice President EMEA at Munich Re Automation Solutions Ltd, observes, "VitalityLife is an organisation defined by ambition, creativity and exploration. Partnering with them pushes us to be our best. Together we are on a journey to invert our thinking from asking what is possible using today’s technology to a place where we say let’s build tomorrow’s technology to enable the imaginable."
VitalityLife are the first insurance company to reward people for healthy living. They are owned by Discovery Holdings, a leading global insurer with over 4.4 million clients. For more information on VitalityLife, visit https://www.vitality.co.uk/life-insurance/
Munich Re Automation Solutions Ltd., a Munich Re subsidiary, is the world leading software provider of digital new business and underwriting solutions to the life insurance industry.
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