Allfinanz, the leading vendor of underwriting automation software for the life insurance industry, has today announced that TOWER Australia (ASX:TAL) is piloting an automated underwriting solution. The solution combines automated underwriting technology from Allfinanz with a business rules set produced by MunichRe. Based on technology already widely used in the UK market, TOWER is the first Australian insurance company to adopt automated underwriting.
(PRWEB) September 26, 2007 -- Allfinanz and MunichRe have combined to provide a leading automatic underwriting and rules system.
The system, now being piloted by TOWER Australia Group Ltd uses a technology-based automatic underwriting system supplied by Allfinanz and enabled with a rules set prepared by Munich Re. It provides automatic underwriting decisions across the full range of retail life insurance products - term, total and permanent disability (TPD), critical illness and income protection.
Mr Matthew Pilcher, Business Manager Life at Munich Re Australia said: - "The automatic underwriting system contains a comprehensive rule set developed to meet the specific requirements of the Australian market. The rules have been modified in partnership with TOWER to meet their specific needs whilst working to maximise Straight Through Processing (STP) rates."
TOWER selected the Allfinanz system coupled with the Munich Re rules set after conducting a global assessment of automated underwriting technologies. TOWER felt the selected system could best meet its specific underwriting needs. A pilot program to test the system is being carried out.
Mr Brett Yardley, Head of Alliances & Direct Business for TOWER Australia said: - "Our aim was to re-invent the end-to-end application process to reduce cycle time and hassle for customers and distributors. A robust underwriting capability is a critical part of the overall business solution we have developed - Accelerate by TOWER."
Mr David Wall, Chief Executive of Allfinanz commented, "Our solutions for Australian life insurance companies makes it possible to slash days from the typical life insurance application process, and even allow insurers the option of offering instant approval. In this instance, by partnering our unique automated underwriting technologies with Munich Re's expertise and business rule sets, we are able to deliver the required improvements in productivity for our client."
Notes for Editors:
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, and in so doing slash costs and drive greater profitability.
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