Category: General News
Posted Nov 30, 2017 09:36 (GMT +7)
Insular Life's Munich Re ALLFINANZ Rollout Encompasses Philippines' Spectrum of Connectivity Languages and Cultures
SINGAPORE--(BUSINESS WIRE)--Nov. 30, 2017
Insular Life, the first life insurer in the Philippines to automate customer acquisition and underwriting, continues to expand the reach and deliverables of its ALLFINANZ-driven Automated Underwriting System (AUS).
To lead its fast-paced life insurance market, Insular Life resolved to digitize new-customer sign-up and registration. Automating the back office and integrating with Ingenium, its customer database, were additional criteria. Find Insular's full case study at this link.
According to Diana Abuel-Tagra, Vice President of Insular's New Business Division, "In the first month, sign-ups rose 65 percent and agents' use climbed 20 percent. Second month, case throughput rose an additional 283 percent. Our latest version underwrites new customers in 30 minutes, regardless of web latency.
"Our original selection factors show us daily benefits," says Abuel-Tagra. "Underwriters foresaw ALLFINANZ would empower them to change underwriting rules. We don't need IT for rules management."
"Insular was determined to hand agents persuasive and accelerated sales tools. We realised automation would modernise our image as much as it would streamline efficiency. Now, customers tell friends, and ambitious, tech-savvy agents seek us out.”
"We incentivise system adoption in agencies by installing sales kiosks and Wi-Fi in interested offices. Where a complex sale might previously have required six customer trips to gather incremental data, now it's three. But nearly all new business is fully automated. We've cut agent busy-work because our reflexive question trees predict data needs earlier. Even sales contests run more smoothly because AUS counts last-minute closes that previously went uncounted.”
"We're further innovating our industry by training agents' children in AUS so they can relay the technology to parents in comfortable home settings. Someday, those children may see they're pre-educated to become Insular Life agents!"
Alby van Wyk, Executive Vice President Asia Pacific at Munich Re Automation Solutions Ltd, says, "It's our privilege to empower Insular Life to introduce the Philippines to automated underwriting and raise expectations in its industry."
Established in 1910, Insular Life revenues reached PhP 23.3 billion in 2016 with a net worth of PhP 43.8 billion. It ranks in the top five Philippine life insurers with total assets of PhP 132.9 billion. For more information on Insular Life, visit https://www.insularlife.com.ph/
View source version on businesswire.com: http://www.businesswire.com/news/home/20171127005404/en/
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