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Munich Re and Disability Management Services deliver first online and fully automated individual disability insurance product

Munich Re, U.S. (Life) and Munich Re Automation Solutions Ltd., in partnership with Disability Management Services, Inc. (“DMS”), are delighted to announce the launch of Disability Insurance Made Easy (“DIME”) with National Guardian Life Insurance Company (“NGL”).

This third generation of DIME provides a unique, turnkey, Web-based disability insurance (DI) program backed by Munich Re’s proven ALLFINANZ automated underwriting technology and DMS, the leading independent third party administrator and consulting firm for DI risk management.

This release provides the first true "click to purchase" consumer experience for long term disability protection. Its key features include:

Intuitive, instant and confidential premium quoting

Streamlined electronic application and electronic signature

Powerful automated underwriting technology for instant approval

Electronic delivery of coverage

Convenient credit card payment options
"The Social Security Administration estimates that one in four of 20 year-olds living in the United States will become disabled before they reach age 67," states Mark Costello, FSA, MAAA, vice president of Living Benefits for Munich Re, U.S. (Life).

"Couple this figure with research that suggests as many as 76% of Americans are living paycheck-to-paycheck and it’s obvious to see that there is an unmet need for income protection. We are meeting that need by bringing affordable — and meaningful — coverage in a hassle-free way."

Adding to Munich Re’s commentary, Steve Miller, vice president, DMS, contributes, "The middle income market is extremely underpenetrated for income protection. Until now, the challenge has been that there hasn’t been an efficient, consumer friendly way to deliver this protection.

This Web-based, fully automated version of DIME solves this issue. The DIME program enables insurers to add a valuable product that requires minimal internal resource to implement to their portfolios. Together we’re helping insurers like NGL diversify sources of revenue and profits, enhance client retention and differentiate their value proposition in the market, while simultaneously providing consumers meaningful coverage. It’s a great thing."

DIME is a customized disability insurance product development and delivery program backed by turnkey administration and expert risk management provided by proven industry leaders. To find out more about DIME, contact Roger Stacy at Munich Re, or Steve Miller at DMS.