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AIG Life Limited has unveiled a new Underwriting Rules Engine (URE) and enhanced intermediated underwriting journey.
The firm believes the new underwriting journey embraces FCA Consumer Duty principles and will help even more people to get – and understand – the protection insurance they’re buying.
AIG Life claims that URE’s modern look, improved technology and simpler questions make it even easier for people to apply for insurance and give AIG Life the right information; customers in turn receive faster decisions, the firm says.
The new rules engine is built using Swiss Re’s Magnum Pure technology and allows the life insurer’s development underwriting team to make underwriting rule changes agilely. It advances AIG’s underwriting too as new sources of underwriting data can be easily added.
Over 50 improvements have also been made to the underwriting rules to provide better customer outcomes and increase access to insurance.
Importantly, AIG tested its underwriting questions on consumers and intermediaries. Research found the underwriting journey is well-received but highlighted where minor improvements could be made so customers understand the information it’s asking for – and why.
Helen Croft, chief underwriter at AIG Life, said: “Launching the new URE means we continue to be agile and advance our underwriting while making it easy for customers to seek insurance today and prepare for tomorrow.
“How we’ve done that should also give advisers confidence that we’ve got their backs in relation to Consumer Duty. Our consumer and adviser journey testing ahead of launch is evidence that customers understand the information we’re asking them for, and that we’re acting to ensure good customer outcomes.”