(Ben Franklin’s Post Office, Philadelphia. Photo credit: Bruce Emmerling.)
Lincoln Financial Group (Radnor, Pa.) has made the debut deployment of Munich Re Automation Solutions’ (Dublin, a subsidiary of the Munich Re Group, Munich.) pre-assessment processing tool ALLFINANZ SPECTRA. Lincoln uses the tool to provide instantaneous quotes to advisors on behalf of clients covering more than 200 medical, avocational and occupational risks, without the need to email or call a Lincoln underwriter, according to a Munich Re Automated Solutions statement.
“With expectations around the customer experience changing almost daily, making the process of purchasing life insurance faster and friendlier is as important as ever,“ comments Dr. John Greene, VP & Chief Medical Director, Lincoln Financial Group. “As part of our commitment to offering a superior digital customer experience, Lincoln collaborated with Munich Re Automation Solutions to integrate SPECTRA into our systems, giving our financial planners and clients access to real-time, accurate life insurance quotes, resulting in a quicker, more efficient underwriting process.”
Munich Re Automation Solutions reports that it developed ALLFINANZ SPECTRA as the result of conversations with its clients and their customers that revealed a need to reduce time-to-result. “From the customer perspective, SPECTRA means faster, more accurate quotes, and reduced costs, a Munich Re Automated Solutions statement says. “In addition to happy customers and reduced overheads, insurance providers benefit from a tool that is completely personalized to their business, and able to read their existing automated underwriting rulebook.”
Easier, More Informative Process
Consumers are aware of life insurance, but many—particularly younger people—are put off by the complexity of the options and application process itself, according to Colm Kennedy, Executive VP, Munich Re Automation Solutions. “Lincoln Financial Group’s commitment to simplifying everything and making the process more educational for the benefit of the overall customer stood out to us,” he says. “We were excited to work with them to provide their customers with a much faster and more informative experience.”
Munich Re Automated Solutions describes SPECTRA as a turnkey solution that can be made available quickly to an entire distribution network. Financial professionals can access the new Lincoln self-service tool on behalf of clients 24/7 through its online portal.