Intends to offer applications and lead to a higher acceptance rate
SBI-AXA Life Insurance has launched Japan’s first automated underwriting engine for life insurance.
Japans SBI-AXA Life has introduced a new processing system for life insurance applications that intends to offer applications and lead to a higher acceptance rate. The new system is based on Allfinanz’s Underwriting Rules Engine (URE) and Munich Re’s Japanese underwriting rules set.
SBI-AXA is Japan’s first direct-to-consumer life insurer to use the internet to collect data from applicants. The company had been seeking ways to improve the acceptance rate of its application process, and opted for the Allfinanz system in January 2009. The implementation project began in February 2009.
The new system uses drill-down questions, developed by Munich Re, to obtain disclosure data concerning the insurance applications. This means that SBI-AXA will now be able to decline fewer, and accept more, life insurance applications.
Toshiaki Suzuki, executive officer and general manager, customer service department at SBI-AXA, said: By introducing this system, we are now able to underwrite more precisely and accept more applications. This will help our customers and our own growth prospects.