Orlando, Florida, September 6, 2016 (BUSINESS WIRE) – Hannover Life Reassurance Company of America “Hannover Re US” receives “Most Transformative Solution” award for the automated underwriting solution hr | ReFlex. The award recognizes hr | ReFlex as a tool that can take life insurers into the next era by enhancing the underwriting process.
A report by Aite Group, Life Insurance Underwriting: Solutions for Today’s Challenges, explores the range of tools and solutions in the U.S. that life insurance companies can tap to address industry pain points such as labor, speed, efficiency, pricing and mortality. Automated underwriting solutions, such as hr | ReFlex, are at the forefront of innovation, modernizing the industry.
“Hannover Re US’s mortality expertise and Hannover Re Group’s global knowledge network contribute to the reinsurer’s ability to develop hr | ReFlex, an advanced solution which is geared to take carriers into the next generation of underwriting,” said Aite Group’s Samantha Chow.
hr | ReFlex is designed to enhance a company’s ability to make the most accurate and timely risk assessment decisions at the point of sale, employing a series of advanced algorithms and best in class underwriting rules. It is built using open and modern architecture so that underwriting question sets and rules are transparent and customizable. The design emphasizes components and functionality that improve the risk assessment process while remaining flexible to evolve with new underwriting paradigms.
hr | ReFlex is at the forefront of supporting accelerated underwriting programs for life insurance and enabling carriers’ web, mobile and digital strategies to meet the demands of today’s consumers.
About Hannover Re US
Hannover Life Reassurance Company of America (Hannover Re US), which is licensed and/or accredited in all 50 states, the District of Columbia, Puerto Rico and Guam, is the North American life and health reinsurance subsidiary of the Hannover Re Group. Hannover Re, with gross premium of around EUR 17 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with around 2,500 staff. Established in 1966, the Hannover Re Group today has a network of more than 100 subsidiaries, branches and representative offices worldwide. The Group's German business is written by the subsidiary E+S Rück. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior"). In 2016 Hannover Re celebrates its fiftieth anniversary.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group's analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.
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Hannover Life Reassurance Company of America
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