Our underwriting solution has dramatically reduced the amount of time it takes to process a new piece of business. Approximately 30% of our online life insurance applications are now accepted and underwritten without the need for further client contact.”
(PRWEB) November 6, 2009
Allfinanz and CommInsure have recently announced the completion of a major project to enable faster processing of life insurance applications. For the first time, financial advisers can now offer their clients CommInsure life insurance cover that goes inforce before the client leaves their office.
Part of the Commonwealth Bank Group, CommInsure’s life insurance solutions are sold through financial advisers. CommInsure is one of Australia’s largest life insurers with a strong focus on providing a responsive service. WriteAway, which was launched in July 2009, is an extension of that commitment.
Todd Kardash, Head of Adviser Distribution at CommInsure, commented: “Our advisers have previously relied exclusively on paper forms for life insurance applications, which were unwieldy and added unnecessary delay to the underwriting process. Now, thanks to the sophistication of the WriteAway software and the comprehensive nature of our underwriting rules engine, our clients experience application to policy decision in minutes, not weeks.”
WriteAway is currently operating alongside the traditional paper based form workflow, with advisers able to submit new applications using either method.
In 2007, CommInsure began extensive research effort to evaluate solutions to simplify and accelerate the product application process, so that it could continue to scale its business and retain its market leadership position. CommInsure selected Allfinanz to underpin its automated underwriting due to the company’s reputation and demonstrable track record of successful projects both in this region and globally, the unparalleled flexibility of its technology solution, and its deep expertise.
CommInsure worked with Allfinanz to successfully integrate its underwriting solution with more than 13 separate existing systems, providing a completely seamless experience for its customers.
The transition to automated underwriting and online processing has allowed CommInsure to dramatically speed up underwriting decisions. The Allfinanz Rules Designer used by underwriters to easily fine tune underwriting rules, provides CommInsure with the flexibility and agility it needs to retain and grow its market share, while at the same time reducing costs and improving efficiencies.
Kardash commented “Our underwriting solution has dramatically reduced the amount of time it takes to process a new piece of business. Approximately 30% of our online life insurance applications are now accepted and underwritten without the need for further client contact.”
Designed to be used while the adviser is face to face with their client, the online process creates a tailored series of interactive questions based on the responses of the client. The system also automatically ensures that all of the required information is collected and validated before final submission, reducing unnecessary processing delays.
Because smarter and more dynamic questions are asked only if and when required, and in plain language, the effort and time needed for advisers to collect the information needed has been minimised. An application can now be completed in as little as 20 minutes. This enables them to spend less time on paperwork and more time with their clients, improving their efficiency and satisfaction with the CommInsure offering. The Allfinanz solution also means that an application does not have to be completed in one sitting. 'In progress' applications can be resumed at a time that suits the adviser and their client. This includes the ability for partial completion prior to meeting with the client.
Alby van Wyk, Director of Global Sales at Allfinanz, commented: “We are proud that CommInsure has chosen Allfinanz and our underwriting automation solution. We know that this project will have a sizeable impact in efficiencies to one of the biggest players in their market.”
CommInsure is the insurance arm of the Commonwealth Bank Group and has an inforce risk book of over $1.4 billion (Plan For Life, Risk Statistics March 2009) and over 3 million customers. CommInsure offers a range of life (retail and wholesale) and general insurance products, capital guaranteed styled annuities, investment bonds and superannuation accounts. CommInsure is one of Australia’s oldest trading life insurance companies, operating since 1873. It was named the 2008 Best Life Insurance Company of the Year, Australian Banking & Finance Magazine Telstra Insurance Awards.
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 Munich RE. Allfinanz is headquartered in Dublin, Ireland with offices in Sydney, Tokyo, Hong Kong, the UK and Germany. Customers include HSBC, Prudential, Tower, SBI AXA, Asteron, The Hartford and Metropolitan Life. Learn more at http://www.allfinanz.com.
About Munich RE
Munich RE operates worldwide, turning risk into value. In the financial year 2008, it achieved a profit of €1,528m on premium income of around €38bn. The Group operates in all lines of business, with around 44,000 employees at over 50 locations throughout the world and is characterised by particularly pronounced diversification, client focus and earnings stability. With premium income of around €22bn from reinsurance alone, it is one of the world's leading reinsurers. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of over €17bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal expenses insurance, and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich RE pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. The global investments of Munich RE amounting to €175bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group. Learn more at http://www.munichre.com.