Adviser interest this week was drawn to our report on the latest digital underwriting initiative recently launched into the market, where the intention is to significantly increase the speed of underwriting decisions…
Insuretech provider, UnderwriteMe, in collaboration with Zurich Australia, has launched a “market-first” digital underwriting innovation that enables medical screening requests to be sent and received electronically via a health screening provider, United Healthcare Group.
A statement from UnderwriteMe says that once screening is completed by UHG, the results are returned electronically to its Augmented Decision Module “..to instantly provide an eligibility decision.”
It states that the new solution “…significantly increases the speed of underwriting decisions, reducing the amount of time customers and advisers spend waiting and chasing for medical results.”
UnderWriteMe says that in the four months since launch Zurich has been able to automatically assess more than 600 of its customers electronically “…with results automatically accepted in 45 percent of cases.”
Peter Tilocca, Chief Underwriting Officer at Zurich says that UnderwriteMe has “…consistently supported Zurich in optimising our digital underwriting proposition.”
He says the UnderwriteMe platform has enhanced the company’s capability to drive increased automation and a smoother digital experience for its customers.
“Our continued collaboration on key projects, including machine learning and augmented decisioning, pave the way for even greater success in the future.”
…another innovation example where customer friction is being reduced…
Brendan Norton, Head of Customer & Adviser Experience at Zurich added that the collaboration with UnderwriteMe is an alignment between two like-minded businesses which are “…focused on transforming the customer experience. The launch of the ADM is another innovation example where customer friction is being reduced.”
Paul Hughes, Head of Asia Pacific at UnderwriteMe says the firm is proud to work with Zurich to enhance their digital capabilities with its Augmented Decision Module.
“This has resulted in faster issuing of policies and enhanced customer and adviser journeys. We look forward to supporting Zurich to deliver their vision of innovation for the future of life insurance.”
