Japan’s SBI-AXA Life Insurance Co. Ltd. has launched a new processing system for life insurance applications. This will allow faster applications and lead to a higher acceptance rate. The new system is based on an underwriting rules engine (URE) from Allfinanz and Munich Re’s Japanese underwriting rules set. It is the first of its kind in the Japanese life insurance industry, says the company.
SBI-AXA is Japan’s first direct-to-consumer life insurer to use the Internet to collect data from applicants. It is also the first life insurer in Japan to use Allfinanz’s URE to support the new business process. The company had been seeking ways to improve the acceptance rate of its application process, and opted for the Allfinanz system in January 2009, after a rigorous selection process. The implementation project began in February 2009, taking just eight months from decision to launch.
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