visimoney
TLDR:
Gen Re and CME have partnered to launch a fully digital underwriting solution for the life insurance industry in the MENA and East Mediterranean regions. The software application uses advanced technology to assess an individual’s health, lifestyle, and occupation, allowing insurers to tailor policy premiums effectively. The integration of wearable technology and a gamified behavioural rewards system provides insurers with deeper insights into policyholders’ lifestyles.
Summary:
Global reinsurance leader Gen Re and multinational technology firm CME have collaborated to introduce a digital underwriting solution for life insurance in the MENA and East Mediterranean regions. The software application utilizes advanced technology to assess an individual’s health, lifestyle, and occupation, enabling insurers to tailor policy premiums more effectively to individual needs. Additionally, the integration of wearable technology and a gamified behavioural rewards system provides insurers with deeper insights into policyholders’ lifestyles.
The software application simplifies policy issuance and offers new distribution channels for insurers and brokers, fostering growth and accessibility in the life insurance sector. The integration of state-of-the-art technology, such as artificial intelligence and PPG technology, allows for precise risk profiling and analysis of vital signs, ensuring a comprehensive approach to underwriting. The gamified system incentivizes policyholders to adopt healthier lifestyles and engage in preventive health measures beyond the initial underwriting stage.
Insurers can seamlessly integrate the digital underwriting solution into their existing systems or use it as a standalone application, enhancing user experience and communication capabilities. This collaboration between Gen Re and CME aims to revolutionize the life insurance industry by digitizing the onboarding process and providing insurers with valuable insights into policyholders’ health and lifestyle choices.
