"The additional value that a life insurer can realize through adopting the Allfinanz Business Analytics platform is enormous.” says Paul Donnelly, Director of Product Management & Marketing at Allfinanz, “Our clients have huge amounts of valuable but incr
Dublin, Ireland (PRWEB) November 23, 2009
Allfinanz, the leading provider of automated underwriting software solutions to the life insurance industry, today announced the launch of its new product: Allfinanz Business Analytics, a powerful business intelligence product which builds out the company's market leading product suite to provide users with a detailed insight into the "black box" of new business processing of new life insurance applications.
"Our flagship products - The Allfinanz Underwriting Rules Engine and Rules Designer are exceptionally powerful, but the additional value that a life insurer can realize through adopting the Allfinanz Business Analytics platform is enormous." says Paul Donnelly, Director of Product Management & Marketing at Allfinanz, "Our clients have huge amounts of valuable but incredibly detailed data - on the applicant, on the process, on the channel and on the decisions that were applied. Allfinanz Business Analytics is the only way to sort through that the mountain of data to find the nuggets of information which really impact the business.
"By extending our product suite in this fashion, we now offer our clients a combined solution that offers both huge efficiency gains and unparalleled visibility into this critical aspect of a life insurer's profitability. Our job is to help our clients become more efficient, more informed and more profitable. We want them to enjoy unprecedented insight into what's really driving business performance. When it comes to understanding the intricacies of automated underwriting and the analytics of the associated business drivers and data sets, Allfinanz Business Analytics is as targeted and as powerful as you can get. That's what Allfinanz is all about - offering products that deliver tangible and measureable business benefits to our clients."
Designed to seamlessly provide detailed analysis and reporting capabilities, Allfinanz Business Analytics includes a library of predesigned reports for various stakeholders in life insurance companies, enabling them to analyse and continually fine-tune underwriting rules, operational processes and distribution effectiveness. Reports can either be generated directly by end-users and business people on demand, without recourse to IT support, or be produced according to predetermined schedules. Once generated, reports can be interactively navigated, allowing relationships between data points to be pinpointed and investigated immediately. Reports include Agent Behaviour & Sales Performance, Distribution Trends, Underwriting Philosophy & Risk Profiling, Case Duration Tracking, Evidence Requirements, and Underwriting Rules Tuning & Decision Path Analysis.
About Allfinanz
Founded in 1987, Allfinanz is the market leader in providing new business processing and underwriting automation software to the life insurance industry. By electronically capturing application details and automating the underwriting process, Allfinanz solutions deliver straight through processing (STP) for life insurers, to lower costs and drive profitability. Allfinanz has enabled STP and "instant issue" at insurers and banks worldwide, who are now able to approve up to 80% of new applications at the point of sale for a variety of life insurance products across a range of distribution channels (including intermediary, call centre, bancassurance, agent and direct channels). This has been accompanied by a significant reduction in new business acquisition costs; by up to 85% in some cases.
Allfinanz was acquired as a wholly owned subsidiary by Munich Re in November 2007, and operates as a separate software company within the Munich Re Group. Allfinanz is headquartered in Dublin, Ireland and has a regional offices in Tokyo, Japan and Sydney, Australia as well as offices in the UK, Germany, and China. Customers include HSBC, Standard Life, Prudential, Genworth, The Hartford and Metropolitan Life. Learn more at http://www.allfinanz.com
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