Global reinsurance leader Gen Re and multinational technology firm CME have partnered in a bid to launch a fully digital underwriting solution for the life insurance industry across the MENA and East Mediterranean regions.
The collaboration has resulted in the development of a software application specifically designed for primary insurers.
Utilising state-of-the-art technology, this sophisticated tool performs a comprehensive assessment of an individual’s health, lifestyle, and occupation.
It seamlessly integrates advanced InsurTech tools, such as artificial intelligence (AI), to swiftly generate invaluable health insights. Additionally, it incorporates PPG technology with advanced algorithms, enabling the analysis of vital signs and remote health parameters.
This inclusive and technology-driven approach enables insurers to conduct precise risk profiling, subsequently enabling them to tailor policy premiums more effectively to individual needs.
Furthermore, beyond simplifying policy issuance, the system opens up new avenues for insurers and brokers to explore diverse distribution channels. As these possibilities expand, it heralds a new era of growth and accessibility, rendering life insurance more widely attainable and advantageous than ever before.
In addition to the comprehensive software suite, the integration of wearable technology and a gamified behavioural rewards system provides insurers with deeper insights into policyholders’ lifestyles. Through gamification, individuals are incentivised to adopt healthier lifestyles and proactively engage in preventive health measures, thus sustaining their involvement beyond the initial underwriting stage.
Insurers have the flexibility to seamlessly integrate the new software module into their existing systems or utilise it as a standalone application. As a result, users will benefit from a smoother, more gratifying experience, accompanied by improved communication and document management capabilities.
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