Point of sale solution: Digital insurance sales with MIRA PoS

In insurance sales, efficiency, speed and accuracy are crucial for competitiveness and customer satisfaction. That's why Munich RE developed MIRA PoS: a point of sale software to digitize and optimize processes at the point of sale. This revolutionary "Software as a Service" (SaaS) product simplifies data collection, risk assessment and reporting.

But how can the integration of Konfuzio further enhance the capabilities of MIRA PoS? Let's take a closer look.

What is MIRA PoS?

MIRA PoS (Point of Sale) is a state-of-the-art solution from Munich Rewhich works seamlessly in the background and offers users a smooth and efficient application process. It records application data, carries out risk assessments and provides real-time reports. At the heart of MIRA PoS are the Underwritingrules which, in combination with a powerful rule processing engine, dynamically ask applicants risk-related questions. This ensures a high degree of automation and efficiency. The result is a simplified process and a reduction in the need for manual input.

What does point of sale mean in insurance sales?

In legal terms, the term point of sale refers to the place or phase of a transaction where the buyer and seller conclude a contract, whether physically or virtually. In insurance sales, the PoS is the place and moment at which insurance is concluded. It is a central point for sales promotion, as it supports and promotes the sales force's closing behavior. This is where customer data is recorded, risk assessments are carried out and policies are issued.

Difference between MIRA PoS and MIRA Digital Suite

MIRA Point of Sale solution

Definition MIRA PoS Point of Sale

Definition

MIRA PoS is a specialized software solution from Munich Re that aims to digitize processes at the point of sale. It is designed as "Software as a Service" (SaaS) and supports the recording of application data, risk assessment and reporting directly at the point of sale.

Functions and features

  • Automated data acquisition - Captures application and risk data directly at the point of sale.
  • Risk assessment - Uses a set of rules for dynamic risk assessment based on the information submitted.
  • Quick decisions - Enables case-closing decisions based on current data and predefined rules.
  • Integration into the sales process - Works seamlessly in the background to support and accelerate the sales process.
  • Flexibility - Customizable questions and risk assessments, depending on the specific requirements of the insurer.

Target group

MIRA PoS is aimed at insurance companies that want to make their sales processes at the point of sale more efficient by automating data collection and risk assessment.

MIRA Digital Suite - Comprehensive digitization platform

Definition MIRA Digital Suite Platform Digitization

Definition

The MIRA Digital Suite (MDS) is a comprehensive platform from Munich Re that bundles various software solutions and services. It supports life insurers in the digitalization of their entire business processes along the value chain. It comprises several tools, including MIRA PoS.

Functions and features

  • Variety of tools - Includes various modules such as MIRA PoS, MIRApply Physician, MIRApply Insured and CLARA.
  • Digital risk assessment - Automates risk assessment and reduces the processing time of applications.
  • Process optimization - Improves efficiency and accuracy in various areas, including application and benefit verification.
  • Integration and analytics - Provides comprehensive analysis functions for evaluating case data and optimizing business processes.
  • Flexibility - Allows users to integrate and customize the various tools as required.

Target group

The MIRA Digital Suite is aimed at life insurers who want to pursue a comprehensive digitalization strategy and optimize their processes along the entire value chain.

Practical examples and use cases

Digitalization as a competitive advantage

Swiss Life Germany relies on short, integrative and fast communication channels with brokers and customers. This strategy facilitates cooperation and gives the company a decisive competitive advantage. The introduction of digital services such as CLARA and MIRApply Physician has also made underwriting more efficient and doubled the number of underwriters in the team.

MIRA PoS and dark processing

Although MDS tools such as MIRA PoS and MIRApply Physician speed up processes, MIRA PoS was not introduced at Swiss Life because the company does not have its own sales force and works through independent brokers. Instead, it uses the vers.diagnose platform, which generates a significant proportion of applications in the biometrics business and therefore plays a key role in the company's digitalization strategy.

MIRApply Physician to reduce throughput times

Munich Re's MIRApply Physician electronic physician inquiry solution has reduced the processing time for insurance applications at Swiss Life by 40 percent. While traditional paper-based inquiries extended the process by 30 to 60 days, the digital solution enables fast and usable data collection and thus significantly speeds up the underwriting process.

MIRApply Insured for improved communication with applicants

Building on the success of MIRApply Physician, Munich Re developed the MIRApply Insured online tool for applicants. Swiss Life optimized communication and expanded the range of applications by collecting not only medical but all risk-relevant information online. This comprehensive communication platform has already helped over 160 applicants.

CLARA as a sales argument and customer loyalty tool

Munich Re's Claims Risk Assessor CLARA reduces the processing time for claims assessment by up to 50 percent. Structured telephone interviews speed up the process and increase customer satisfaction. CLARA has become a key sales argument in marketing and is used in 40 percent of all benefit applications at Swiss Life.

CLARA plus for automated BU decisions

Swiss Life is currently testing CLARA plus, a tool for determining the degree of occupational disability (BU degree). This tool can make case-closing disability decisions for 80 percent of applicants and has already resulted in considerable time and cost savings. The CLARA plus algorithm provides effective support, particularly in complex cases such as mental illnesses.

The role of Konfuzio in improving MIRA PoS

Konfuzio is a Intelligent document processing platformwhich uses artificial intelligence to extract and understand information from unstructured documents.

By integrating Konfuzio into MIRA PoS, we can significantly strengthen the system's capabilities.

In the following areas in particular, Konfuzio and Munich RE's Point of Sale solution are especially effective in combination:

  1. Automated document processing - Konfuzio can automate data extraction from various document types, including PDFs, scanned images and handwritten forms. This means that all necessary application and risk-related documents can be processed automatically and fed directly into MIRA PoS without manual intervention.
  2. Improved data accuracy - The AI-controlled extraction technology from Konfuzio ensures high accuracy in data capture, reducing errors that typically occur with manual data entry. This accuracy is crucial for risk assessment and decision making within MIRA PoS.
  3. Increased speed and efficiency - By integrating Konfuzio, the entire process from application to risk assessment can be significantly accelerated. By automating data extraction and validation, MIRA PoS can make decisions faster and provide a smoother customer experience.
  4. Comprehensive data analysis - With Konfuzio's ability to process large amounts of data quickly and accurately, MIRA PoS is able to use this information for deeper data analysis. This includes portfolio monitoring, benchmark comparisons and individual analysis, providing valuable insights that drive business strategies.

Advantages of integration

  • Seamless workflow - The integration ensures a seamless workflow where document data is immediately processed and analyzed without the need for manual input.
  • Scalability - Both MIRA PoS and Konfuzio are designed to handle large volumes of data, making the integrated solution highly scalable to meet the needs of growing businesses.
  • Data protection compliance - Munich Re's commitment to data protection is reflected in Konfuzio's capabilities to ensure that all data processing meets the highest data protection standards.
  • Flexibility and adaptability - The integration enables flexible and customizable workflows tailored to specific business needs, improving the user experience and operational efficiency.

Practical application

Consider an insurance company that uses MIRA PoS to process life insurance applications. By integrating Konfuzio, the company can automatically process all incoming applications and extract relevant data from each document. This data is then used by MIRA PoS to assess risk and make decisions in real time. The result is a faster, more efficient application process that reduces the burden on underwriters and increases customer satisfaction.

Conclusion - Digitizing insurance sales

The integration of Konfuzio into MIRA PoS represents a significant step forward in the digitalization of sales processes in the insurance industry.

By combining the powerful data extraction capabilities of Konfuzio with the robust risk assessment and decision-making capabilities of MIRA PoS, insurance companies can achieve unprecedented levels of efficiency, accuracy and customer satisfaction.

This synergy not only increases the value of MIRA PoS, but also sets new standards for digital insurance solutions. Contact our experts to explore your options together.

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Charlotte Goetz Avatar

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