During the evaluation process, the Munich Re team showed impressive skills and expertise to implement a sophisticated underwriting solution that can support the variety of products we offer and our future expansion plans.
Dublin, Ireland (PRWEB) November 27, 2012
The Automation Solutions division of Munich Re announced that the Norwegian life company SpareBank 1 Livsforsikring (SB1L) has chosen to implement the Allfinanz product suite. SB1L will use the system to improve the efficiency of the underwriting process and to help boost its long term profitability.
The SpareBank 1 Alliance is Norway’s second largest financial group employing 6,300 staff. SpareBank 1 Livsforsikring is the life insurance company serving the alliance. SB1L employs 258 staff and provides a broad spectrum of products through a network of 351 branches across Norway. In 2010, SB1L registered a total underwriting volume of over 40,000 applications.
SB1L needed a solution that could help improve the efficiency and consistency of underwriting, improve completion rates and help automate part of the customer interaction, supporting long term profitability and growth. SB1L selected the Allfinanz product suite following an extensive evaluation of available solutions which included demonstrations, workshops and reference visits. End users at SB1L were central to the decision making process involving representatives from all parts of the company.
“The implementation of the Allfinanz automated underwriting solution is not just about being more efficient but also about growing our business. This is a strategic investment and it was important to us to find a reliable and proven partner.” explains Carl Anton Stenling, Head of Application Management Department at SpareBank 1 Livsforsikring. “During the evaluation process, the Munich Re team showed impressive skills and expertise to implement a sophisticated underwriting solution that can support the variety of products we offer and our future expansion plans.”
Ross Mayne, CEO at Munich Re Automation Solutions Ltd added “We are delighted with SB1L’s decision, which is further testament to Munich Re’s excellence and success on the world market. We are looking forward to working closely and contributing to SB1L’s future success.”
The new system is based on the Allfinanz Interview Server and Business Analytics modules which will provide valuable management information to support continuous business improvement. The solution will integrate to the bank’s existing workflow system, core back-end systems and customer portal. The system is expected to be in operation in 2013.
The SpareBank 1 Alliance is one of the largest providers of financial products and services in the Norwegian market. SpareBank 1 Livsforsikring is the life company serving the Alliance. The banks in the SpareBank 1 Alliance collaborate in key areas such as brands, work processes, expertise development, IT operations and system development. The SpareBank 1 Alliance total assets amounted to approx NOK 740 billion (March 2012). The SpareBank 1 Alliance’s main goal is to ensure the individual bank’s independence and regional foundation through strong competitiveness, profitability and financial soundness. The SpareBank 1 Alliance comprises approximately 350 offices and branches all over Norway. In total, the Alliance has approximately 6,300 employees.
Munich Re’s Automation Solutions is the world leading provider of life underwriting and new business software. For the past 20 years, the company has transformed how life insurers are doing business with next generation technology that gives their clients the power to grow more efficiently. The Allfinanz underwriting suite is a powerful and flexible automated underwriting solution that life insurers can easily adapt to grow their addressable markets and stay competitive. It enables straight through processing, increased sales and reduced costs for life insurers worldwide. Headquartered in Dublin, the Automation Solutions division of Munich Re has offices in Japan, Australia and the US. Its client base proudly includes world leading insurance companies including Zurich, Aegon, HSBC, Prudential, The Hartford, Metropolitan Life, Bank of China and Comminsure.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. Munich Re creates value for clients, shareholders and staff alike. In the financial year 2011, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of €0.71bn on premium income of around €50bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2011, ERGO posted premium income of €20bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re's global investments amounting to €202bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.