Immediate Issue with Automated Underwriting
|The company||New Zealand-based Insurtech company – founded 2006|
|Customers||Life and Health insurance companies|
|Products||Digital Distribution of Life, Trauma, Disability and Medical insurance products|
|Core IP||A technology platform that entirely automates the sales process – ‘quote’ to ‘policy issue’ in 10 mins|
|Benefits||For consumers – we make buying insurance faster and more accessible; For insurers – increased sales / reduced acquisition costs|
|Why Us?||11 years global experience – the people who sell the system, implement the system.|
The platform offers life insurers and distributors some 5 distinct advantages:
- Straight through processing (STP):
A proven underwriting engine accepting a high proportion of life insurance applicants in real time, delivering consumers an ‘instant’ buying experience.
- An absolute cost advantage:
Removing people, paper and traditional underwriting costs from the sales and acquisition process delivers companies an absolute cost advantage.
- Consistent and compliant underwriting:
An electronic underwriting approach that ensures life insurance applications are completed and assessed accurately, objectively and consistently.
- New growth opportunities:
The internet is emerging as the preferred channel for younger consumers. IL platform provides insurers the means to access this rapidly emerging market.
- Efficient for agents and brokers:
For traditional insurance channels, the platform enables agents and brokers to complete a sale more quickly and economically, leading to increased business flows and loyalty.
Implementing smart distribution systems for life and health insurance is not something we do.
It’s all we do!
There is no substitute for experience when it comes to electronic underwriting and straight-through-processing. These are the two key technologies, along with our user interface design that makes Intelligent Life stand-out from the crowd. In particular;
- Our electronic underwriting engine enables up to 75% of applicants to be offered a policy instantly online. It takes years of mortality and claims experience to achieve this level of acceptance.
- We have experience in dealing with anti-selection, channel conflict, identity validation, electronic signatures, fraud detection, compliance, privacy, data security and audit procedures across four continents.
- We offer a unique blend of skills that bridge seamlessly across all aspects of life insurance, digital marketing and technology. This enables us to design, customise and deploy our platform quickly and efficiently to meet your business needs.
- nib launch intelligent life underwriting engine
- Kiwi World first recognised as Finalist in Insurance Innovation Awards
- Life Direct taps into Hugo
- Instant health insurance is a ‘world first’
- World First Provides Instant Health Cover for New Zealanders
- Broker portal launches online application
- Accuro launches online application
- Intelligent Life spreads around
|Scope, analyse and design||Customisation||Delivered as..|
|Business requirements||Configure products and rules||Fixed management and hosting fee|
|Auto-underwriting rules and process mapping||Integrate with core systems||OR|
|System interface requirements (API’s)||Test and deploy||Transaction fee per application|