We chose Munich Re's ALLFINANZ Interview Server because of its international reputation as the easiest to use and most flexible underwriting rules engine for life insurance companies.
Dublin, IRELAND (PRWEB) September 08, 2014
Munich Re Automation Solutions Ltd., the leading provider of new business underwriting solutions to the life insurance industry, today announced that MSV Life p.l.c. (MSV) has begun implementing the ALLFINANZ Interview Server software. The automated underwriting platform will enable MSV to accelerate income growth and further improve customer acquisition and service.
MSV Life is the leading provider of life insurance protection, long-term savings and retirement planning in Malta. The firm markets through Bank of Valletta p.l.c. and a network of tied insurance intermediaries, brokers and direct sales.
"Our investment in Munich Re's ALLFINANZ life insurance underwriting software and services empowers every MSV employee's dedication to our goals of superlative customer service," says David Curmi, Chief Executive Officer at MSV. "Service here isn't merely a marketing assertion. Our high levels of customer concern set us apart from competitors and have been central to our success. We are eagerly replacing old technologies that barriered web-based sign-ups, added steps, and pushed up costs."
Curmi continues, "We chose Munich Re's ALLFINANZ Interview Server because of its international reputation as the easiest to use and most flexible underwriting rules engine for life insurance companies. Our customers' needs, industry competition and offerings will evolve. ALLFINANZ enables agile responses, safe and profitable rule changes, clear what-ifs, and flexible reporting. Beyond the software's successful demonstrations of speed and flexibility at every phase, our confidence was bolstered by our long relationship with Munich Re's reinsurance and consulting services, which began with our founding in 1994."
MSV's previous customer application solution was a multi-stage, partially automated solution that often delayed applicants due to incomplete questionnaires or unclear responses. Then customer data had to be laboriously entered into back-office machines. Plans are for this installation to become a fully transparent, straight-through process resulting in higher efficiencies from customer to underwriting to new rules and product planning.
The correlation between ALLFINANZ software, faster binding of customers, and more predictable underwriting leading to higher income and profits is proven daily in industry-leading life insurance companies on several continents. Paul Donnelly, Executive Vice President at Munich Re Automation Solutions Ltd. for Europe, Middle East & Africa, says, "MSV Life's forward-thinking philosophy and actions should take it to the front of its field. By deploying ALLFINANZ, the most complete end-to-end risk assessment solution to simplify sales and underwriting, MSV can expect rapid sign-ups, clearer, more-efficient underwriting, and reduced administration costs."
A Munich Re team is on site in Malta and full implementation is expected by year-end.