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In partnership with Pacific Life Re our Australian office was established in 2015. Inspired to bring a fresh approach to the marketplace, we are driven by a passion to transform the Australian Life Insurance Industry – just as it has done in the UK.
Our suite of technology includes our Underwriting Rules Engine, Workbench, Business Analytics, User Interface and Claims Rules Engine giving insurers the speed, scale, and data needed to achieve market-leading results. This has resulted in UnderwriteMe having one of the highest satisfaction rating in the UK & Ireland market.*
For insurers in the UK, life insurance market is highly competitive and insurers continue to look for ways to better sell their services to advisors. The Australian market, via the Life Insurance Framework (LIF), is facing similar challenges around seeking efficiencies along with creating differentiated service propositions.
By transforming the life insurance sales process, UnderwriteMe’s insurance partners have been able to improve their service to advisors and consequently increase their new business sales (in some cases by over 30% on the back of a faster process and better advisor experience).
The new technology puts the control at the underwriters’ fingertips allowing them to make and deploy changes without the need to involve IT resources, significantly shortening rule development and testing time. It also allows rules to be altered and backtested against existing applications, giving immediate feedback on the impact of a rule change on STP rates.
Market leading analytics gives access to deep insights on submissions and bottlenecks allowing further improvements in STP rates.
All of the above have resulted in UnderwriteMe having the highest insurance satisfaction rating in the UK market.
For more information, please contact Rakesh Kaul at: Raskesh.Kaul@underwriteme.co.uk
*NMG Consulting’s Reinsurance Programme 2017