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Allfinanz and Munich Re Announce Global Insurance Underwriting Technology Relationship

  • 11 April, 2007 14:20

<p>Allfinanz, the leading vendor of underwriting automation software for the life insurance industry globally, has today announced a global marketing and co-operation agreement with Munich Re, one of the world’s largest reinsurers.</p>
<p>The relationship involves the development of automated insurance underwriting solutions. The joint solution will allow life insurance companies to combine industry proven expert underwriting rules developed by Munich Re with straight through processing insurance underwriting technology from Allfinanz.</p>
<p>One of the key business problems facing Australian insurers is the costly and inefficient process of getting new business on to their books. Initiatives by insurers over the last 50 years to streamline and improve the underwriting process have generally been unsuccessful.</p>
<p>Alby van Wyk, Head of Business Development for Allfinanz Asia Pacific commented, “From our market research amongst life insurance companies in Australia and New Zealand, less than 20% of policies are currently handled using straight through processing. There is clearly room for improvement. Allfinanz’s joint solution with Munich Re provides Australian life insurance companies with a proven path to increased sales, reduced costs and higher levels of efficiency.”</p>
<p>Matthew Pilcher, Business Manager at Munich Re Australasia commented, “The ability to efficiently process new business is the great challenge for life insurance companies. The key to successfully automating this process is combining efficient and user-friendly technology with superior underwriting rules and expertise.”</p>
<p>This joint solution offers immediate benefits for both life insurance companies and their clients.</p>
<p>This technology relationship offers the prospect of faster processing of insurance applications, and in many cases, automatic acceptance of new business. This significantly reduces the likelihood of policy attrition, and reduces the administrative costs associated with writing new policies. The life insurance industry typically faces “not completed” rates of 25% for new policy applications.</p>
<p>Matthew Pilcher continued, “Munich Re are continuously finding new opportunities for our insurance partners to improve their profitability. By combining Allfinanz’s market leading technology with Munich Re’s expert underwriting rules, we are delivering a proven, best of breed business automation solution. And through regular monitoring of the high quality Management Information, that the Allfinanz system provides, we will continue to enhance the underwriting rules to increase auto-acceptance rates over time.”</p>
<p>Shane Burdack, Chief Underwriter at Munich Re Australasia said improving the underwriting process was critical for the Australasian insurance market.</p>
<p>"It is all about more effective and efficient use of resources. With the current market shortage of experienced underwriting technicians, these initiatives will not only improve service outcomes for distribution channels and insurance applicants, but will allow risk managers to ensure their skilled technicians are being utilised analysing the more complex medical and financial risks that can not be handled via the straight through process engine"</p>
<p>Alby van Wyk commented further, “The new technology relationship will give life insurers an opportunity to transform their internal processes for writing new business, and secure competitive advantage in a highly competitive market.”</p>
<p>Allfinanz global clients include HSBC, Standard Life, Prudential, and Metropolitan Life. Allfinanz has technology partnerships with both IBM and EDS.</p>
<p>About Allfinanz
Allfinanz is the leading provider of new business processing and underwriting automation software for the life insurance industry. Founded in 1987, Allfinanz is based in Ireland, with offices in the UK, US, Australia, Hong Kong, Singapore and South Africa. Allfinanz solutions eradicate the traditional inefficiencies of processing new insurance business, and in so doing slash costs and drive greater profitability. Visit www.allfinanz.com for more information.</p>
<p>About Munich Re Group
The Munich Re Group operates worldwide, turning risk into value. In the business year 2006, it achieved a profit of €3,536m, the highest in its 126-year corporate history. In 2006, its premium income amounted to approximately €37bn and its investments to around €177bn. The Group is characterised by particularly pronounced diversification, client focus and earnings stability. It has approximately 37,000 employees in over 50 countries throughout the world and operates in all lines of insurance. With</p>
<p>premium income of around €22bn in the year 2006 from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group; it is the second-largest provider in the German primary insurance market and a leading player in the European insurance market in health insurance and legal expenses cover. The ERGO Insurance Group is present in 25 countries, and 33 million clients place their trust in the services, competence and security it provides.</p>
<p>Media Contact:
Sebastian Rice, Silverspan, 02 9959 1991, seb@silverspan.com,
www.silverspan.com</p>

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