Munich Re: VitalityLife wins prestigious 2018 Celent Model Insurer Award for Operational Excellence
April 26, 2018 17:45 KST
DUBLIN--(Business Wire / Korea Newswire) April 26, 2018 -- Munich Re Automation Solutions Ltd. has announced that its long-established client, VitalityLife, has been recognized in Celent’s 2018 Model Insurer awards for its exemplary work in re-writing the rules of underwriting to achieve operational excellence.
VitalityLife was rewarded for its novel use of technology in its Vitality Nurse initiative, reducing the time needed to fix underwriting terms for a life cover application from an average of 14 working days to as little as two hours. This initiative deploys a new team of Vitality nurses, equipped with the powerful third party data processor ALLFINANZ Evidence Analyzer from Munich Re. The nurse visits the client at home, carries out the blood test and enters their medical screening results directly into the ALLFINANZ Evidence Analyzer on their iPad, producing an immediate underwriting result.
“We’re well known for our innovative products which are rooted in a culture of creativity and a desire to do what’s best for society” said Deepak Jobanputra, Deputy CEO, VitalityLife. “We look to collaborate with organisations like Munich Re that have the ability to think differently and bring ideas to life, helping us to continually engage with our members and develop a loyal customer base.”
"VitalityLife is an organisation that wants to stand out, and is not afraid to do things differently” says Paul Donnelly, Executive Vice President EMEA at Munich Re. “The team at VitalityLife has shown drive, tenacity and leadership to bring this initiative to fruition, I wholeheartedly congratulate them on receiving such well-deserved international recognition. It is a fitting reward for their hard work and innovation.”
Celent is a global research and advisory firm for the financial services industry. The Model Insurer Awards recognise the best practices of technology usage in areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. This year, Celent received a record number of nominations from all over the world. Around a hundred companies with headquarters in 29 countries submitted a total of 132 nominations.
“The Model Insurer Awards recognize how insurers are harnessing technology to change the face of insurance.” says Nicholas Michellod, Senior Analyst at Celent “Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.”
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