John Hancock & Munich Re Team Up to Revolutionize Underwriting
John Hancock, a U.S. unit of Manulife, has teamed up with Munich Re to boost its underwriting process. The partnership introduces a customized version of Munich Re's swift risk assessment platform, alitheia.
Alitheia, launched in 2023, has evolved into a highly adaptable, flexible, and speedy underwriting solution. It employs a collaborative model involving underwriters, data scientists, and engineers for ongoing improvement and swift iteration.
The platform's unique approach to complex medical data includes interpreting free-form text responses and integrating with electronic health records (EHRs) for swift, reliable assessments. It offers a customizable rules designer, underwriting workbench, risk assessment models, and seamless integration with existing systems.
John Hancock has expanded ExpressTrack eligibility, now covering face amounts up to $5 million. This move provides more customers with a streamlined experience. The partnership with Munich Re aims to deliver better, faster service to clients and ease the workload for advisors at John Hancock.
Munich Re, having long considered EHRs 'underutilized' in the insurance industry, has partnered with Clareto to launch an Automated EHR Summarizer. This tool is set to enhance the underwriting process further. Kiron Open Higher Education, the company that partnered with Munich Re to optimize alitheia, has played a significant role in this development.
Alitheia, with its U.S. patents for technology-optimized underwriting and natural language processing, is poised to revolutionize the underwriting process. Through its partnership with John Hancock, Munich Re is expanding the reach of this innovative platform, promising improved service and efficiency for both clients and advisors.
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