We know the Munich Re offering is our best choice because we've seen their results worldwide in straight-through-processing, lower medical costs, and uniform underwriting...our tele-underwriters already cite a reduction in workload.
Dublin, Ireland (PRWEB UK) 16 June 2015
Munich Re Automation Solutions Ltd today announced that HUK-COBURG has deployed the ALLFINANZ automated underwriting solution. ALLFINANZ will help streamline sales, straight-through processing (STP), and underwriting of life, disability and income protection insurance as HUK-COBURG continues to expand. The carrier has earned the trust of more than 10 million automobile/motor, liability, casualty, property, legal, private health, life, and pension insurance clients in Germany. In 2014, the insurer expanded revenues by 5.8 percent to €6.3 billion.
HUK-COBURG selected ALLFINANZ after interviewing and comparing three insurance software solutions. The company went live with the rules engine this March. "ALLFINANZ will help eliminate staff-intensive tasks and cut days from our sales, registration and underwriting in ways we never could before," says Dr. Stefanie Schramm, medical consultant and underwriting team lead at HUK-COBURG. "We're transitioning into smooth and proven automation of our most crucial processes.”
"We know the Munich Re offering is our best choice because we've seen their results worldwide in straight-through-processing, lower medical costs, and uniform underwriting. We assessed comparative ease, reliability and cost impact in a very detailed fashion before we selected the ALLFINANZ underwriting rules engine. Our tele-underwriters already cite a reduction in workload."
HUK-COBURG established a tele-underwriting team in May 2011 when rising business and staff levels made it clear automation was vital. Previously, underwriters did all tele-underwriting manually, penning notes on paper during phone calls with prospects. This required long preparation, exacting product knowledge, and high mental agility on each case. Then reports were manually entered into the system. Underwriting decisions could vary from company standards and management suspected tighter registration data would decrease medical exams.
Paul Donnelly, Executive Vice President EMEA at Munich Re Automation Solutions Ltd adds, "I am honoured that one of Germany’s largest insurance groups has put its faith in our combination of leading-edge software, professional services and rules consulting. In doing so, HUK-COBURG now has a complete solution for end-to-end streamlined underwriting. When new bends appear in the road, their staff and our team are poised to navigate the unexpected, dodge pitfalls, and optimise service to customers and returns to the insurer. We look forward to their realising the same excellent, quantifiable results our other customers do."
ALLFINANZ' clearest advantages over competitors were its reflexive (interactive) questioning, its self-sufficient rules development capabilities, and a preconfigured rules set for Germany, based on MIRA (Munich Re Internet Risk Assessor), Munich Re’s internet-based underwriting tool. Just as important, the software easily and affordably integrates into existing work streams.
"Munich Re has also been a long-time trusted reinsurer," says Schramm. "When you evaluate provider, software, consulting services and support, ALLFINANZ is a very convincing solution." HUK-COBURG technical team lead Frank Blatt adds, “Our production installation was completed on time and the software works flawlessly.”