Automated life insurance solution allows users to create, adapt and amend underwriting rules in real time
A major bank in Sweden and the Baltic countries, Swedbank, has rolled out digital underwriting for life insurance customers.
Implemented by Munich Re Automation Solutions, the ALLFINANZ platform has been integrated to deliver auto-underwriting capabilities within its Swedish insurance business.
Designed to create cost and process efficiencies, as well as improve customer experience, ALLFINANZ is a modular solution which allows Swedbank's business users to create, adapt and amend underwriting rules in real time. An interview engine has also been implemented.
Chosen following a selection process, the ALLFINANZ module, which is accessed by customers via an online banking portal, also offers insights and data analytics to Swedbank.
"We strongly believe that technology has the power to transform the life insurance business," said Johanna Okasmaa Nilsson, CEO at Swedbank Försäkring. "With the right technical solutions, we can create more accurate quotes and appropriate policies and enable more people to benefit from the reassurance that sound insurance provides. Choosing ALLFINANZ as our provider will support us in using new, data-driven services in an effective way, and help add value to our existing and potential customers as well as other stakeholders."
"This was one of the most thorough and in-depth selection processes we have been through," added Paul Donnelly, EVP EMEA, of Munich Re Automation Solutions. "We were extremely impressed by the level of scrutiny, and the commitment to quality and customer service demonstrated by everyone at Swedbank Försäkring. We are confident that, following such a process, ALLFINANZ will deliver on the bank's commitment to its customers and support its strategy for growth."
An official close to the firm also said Munich Re is looking to make "quite a big push" into the EMEA market, including UK. "No specific UK names in the pipeline at the moment, but it's definitely part of the plan," he said.
Following Albany Park partnership
Symptoms, diagnoses, drugs, fertility information
From ‘money takers’ to ‘health helpers’?
5.4 million 'microbusinesses' in the UK in 2018
Backed by Swiss Re