MorganAsh collect “intelligent information” on applicants for life and health insurance, forming long-term outsourcing partnerships with life and health insurance companies, to improve their new business acquisition process, reduce costs, increase revenues and improve customer satisfaction.

MorganAsh provide high quality tele-underwriting and innovative non-invasive medical testing in addition to traditional medical information services. These services although highly complementary can be deployed separately as required.

MorganAsh services are designed to bring value to all areas of product acquisition; customers enjoy a simpler, fairer and faster process avoiding the arduous task of long application forms; agents and IFA's similarly enjoy an effortless and faster process allowing them to concentrate on their core skills with the consumer; insurers reduce acquisition costs and improve protective value; re-insurers take on quality business improving mortality profits; legislative bodies favour increasing objectivity and transparency provided.

Overview

Tele-underwriting is the use of a telephone interview as the primary means of gathering risk-related information about an applicant for life assurance. It is a concept that has evolved in the US over 15 years ago and is now established business practice there, with well over one million tele-interviews being performed each year. Major US Life Companies cite benefits of dramatically reduced business cycle times, reduced underwriting costs (due to less reliance on traditional medical information), better quality risk information and a more effective audit trail as the main drivers to adopting tele-underwriting.  In the UK and Ireland MorganAsh are now working with over 15 companies on the piloting and introduction of Tele-underwriting.

Benefits to companies in the UK of undertaking outsourced tele-underwriting with MorganAsh include:

Increasing revenues by:

• increasing the number of policies placed on the books

• reducing the amount of ‘not taken up' applications due to the pipeline delays

• taking advantage of reinsurance discounts linked to better risk management information

Reducing costs by:

• reducing the overall new business acquisition costs

• reducing the amount of incomplete applications (20% - 60% in the traditional processes)

• reducing the amount of expensive GPR's by 20%-80%

• improving customer experience as policies can be completed within days instead of the industry average of 7 weeks

• improving the intermediaries' experience by reducing the amount of information they have to collect and completing policies within days not weeks

• improving the quality and audit trail, and the claims management process.

Tele-underwriting is a way of delivering better quality new business, while at the same time improving customer experience and service to distribution partners. It can range from a limited use on selected cases, to improving the data gathered, to completely re-engineering the underwriting process.

General Functionality

• Most interviews can be completed within a few days.

• Costs of acquiring new business are reduced.

• Faster turn-around times mean the amount of policies sold increases due to improved customer satisfaction and reduction in NTU's.

• Better quality information enables better analysis of risk and hence more accurate premiums. The result should be improved mortality profit.

• Improved customer satisfaction improves the insurers public image.

Customer Configuration

• At inception the tele-underwriting service is configured to match the underwriting philosophy of the Life office and to integrate with the existing systems and distributors.

• The Service is designed to receive data in multiple formats. The preferred option is to link electronically, but paper and scanned images can also be used if desired.

• Life Offices may filter the applications that require tele-interviews first, or pass all applications to MorganAsh who will undertake initial screening of the applications.

• A simple to use graphical interface displays the reflexive drill down questions enabling underwriters to easily see the hierarchy of questions. This enables underwriters to request modifications of the drill down medical questions as and when changes are required.

• New products and new interview questions can be added and trialled at any time.

• The tele-interview service is branded for each customer and interviewers can be dedicated for a specific Life Office if required.

The Consumer Application

• As the tele-interviewer takes over the role of collecting the medical and personal history, much of the embarrassment and frustration of the application process is removed from the point of sale.

• IFA's or agents can save between 30 – 60  minutes per application, time that can be better spent advising their clients.

• Only simple (short form) information is required, no medical questions are required to be completed at the point of sale.

• The costs and administrative waste of incomplete forms are eliminated.

• Applications can be received from multiple channels for the same product.

• IFA's enjoy faster payments of commissions, and less drop off from those applications that lapse (the NTU's).

• Administration costs are reduced due to the handling of applications electronically. Reduction in NTU's and returns of incomplete applications.

• Data on applications can be received in several formats: paper, fax, electronically or direct over the phone.

• Errors in the application process are reduced.

The Tele-Interview

• Interviews are undertaken in total confidence with independent people, removing the embarrassing confrontation with advisors,  especially when male advisors have to discuss intimate medical information with female customers.

• The interviewers build a rapport with customers to encourage them to disclose all relevant information. MorganAsh interviewers have a medical background, have good communication skills and are trained in conversation management techniques.

• All interviews are recorded digitally and stored for quality audit and any future claims. The customer is made aware of this which also helps in reducing non-disclosure.

• Each interview is unique depending on the medical status of the individual.

• Separate interviews are undertaken for joint life policies separately thus allowing for information to be revealed that may not be disclosed in front of respective partners.

• As the questioning is reflexive there are no redundant questions systems store many hundreds of questions that are only asked if they are required.

• Questions are specific for each product and each customer and are dependent on the sums assured, gender and age of the individual.

Reports

• Completed interview information can be delivered in multiple formats including; paper, electronically into existing underwriting engines or as a scanned image for integration with underwriting systems. MorganAsh promote electronic data transfer for efficiency and speed.

• Monthly reports are delivered to provide information on performance and trends.

Underwriting

• Traditional manual underwriting can be used as well as automatic underwriting. This process is vastly improved as better objective and extensive information is provided enabling a more efficient completion of the underwriting process.

• Underwriters spend less time organising the collection of further information, as this is already provided.

• GPR's are still used, but so called comfort GPR's are no longer required. The amount of GPR's ordered can fall by up to 80%.

Automatic underwriting

• MorganAsh combine with RGA Technical Partners to provide a fully integrated, fully automated tele-underwriting service to reduce underwriting administration and costs.
• MorganAsh use the AURA (Automated Underwriting and Risk Analysis) underwriting rules engine to manage the reflexive questions for the tele-interviewing and tele-underwriting service.
• AURA allows the storing of thousands of questions that are only asked if appropriate for the particular applicant.
• The AURA rules engine is robust, proven and already used extensively within the life insurance industry.
• Questions and rules can be changed as and when required.
• AURA captures and manages all data in a structured and easily accessible format, providing powerful and efficient management information on all aspects of new business transactions.
• Automation of underwriting decisions – Accept, Postpone, Refer to manual, Decline; of medical evidence requirements.
• Underwriting process and decisions applied consistently in a controlled manner.
• Quicker process speeds up total new business acquisition overall.
• This fully automated service can be totally outsourced to MorganAsh, significantly reducing the investment needed to implement internally from £millions to £thousands. It reduces the time taken to become fully operational, from years to weeks, gaining speedier access to market, providing competitive advantage and delivering profits faster.

Case tracking

• Browser access allows authorised access for those involved in each application to monitor the application progress.

• Advisors can be kept informed proactively or reactively to keep them informed of progress with an application.

• E-mails are automatically generated to keep Life admin informed of the status of the application.

Claims Management

• The process delivers far better information available for future claims, thus reducing conflicts with customers and embarrassing brand nightmares with regulatory and consumer organisations.

• A complete audit trail of the interaction with the customer is recorded thus providing evidence to satisfy regulatory compliance.

• Improved rigorous auditable collection of risk information improves relationships with the Ombudsman.

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