Leading UK life insurance providers Unum Ltd adds many new IFAs, Raises Revenue, Binds Business in Seconds, and Integrates to its Back Offices through the implementation of the Allfinanz automated underwriting solution from Munich Re.

Munich Re extends its Automation Solutions client base in Japan by offering its automated underwriting solution to AIG Edison Life Insurance. This fast and paperless new business processing and point-of-sale underwriting solution will dramatically reduce the waiting time for Japanese life insurance applicants. Munich Re is the leading provider of such solutions in Japan and globally.

The Zurich online underwriting system was built to improve the intermediary experience, with the aim to reduce turnaround time, enable more timely communication, and deliver more consistent customer service. With delays being the biggest issue faced by intermediaries, Zurich chose the Allfinanz system because of its superior ability to automatically process the largest number of mortgage and family protection applications.

In 2008 Asteron successfully deployed the Allfinanz Interview Server system across the full range of Asteron Lifeguard® life insurance products.

"The average cycle time to get a life insurance product has gone from several weeks to a day because we've put the pricing and underwriting rules online," said Jeff Smith, Suncorp group executive business technology. "There's a focus on taking capability that is typically back office and making it self-service online."

Read the full article from the The Australian IT section and further details in an article from The Financial Standard.

Click here to read the full article on how Asteron simplified life insurance applications by removing mandatory doctor's reports through pioneering underwriting rules.

Metropolitan Life licensed the Allfinanz Interview Server solution for the implementation of a tele-underwriting process to replace the existing processes of paper application forms. Metropolitan shifted their entire new business process from paper to the telephone in under a year. By embarking on an overhaul process of its life company's new business operations, the company's desired outcome was achieved through improved efficiencies, reduced costs and an enhanced quality of service to both customers and intermediaries.

The implemented Allfinanz system allows Liverpool Victoria to give its independent financial advisors a choice of flexible electronic processes for submitting life protection applications thereby effectively replacing their existing manual processes. This means faster acceptance of applications and significant reductions in overall operational costs.

Prudential had for some time had one of the most comprehensive e-commerce offerings for advisors across life and pensions as a whole. However a weakness in their offering was the lack of an online submission and underwriting capability for protection business. However, all that changed with the launch of their new protection proposition to the market using the Allfinanz Interview Server from Munich Re. This was designed to help Prudential re-enter the protection market as a serious player in 2005 with a highly attractive proposition for adviser firms of all sizes.

Standard Life chose to use an Automation Solution from Munich Re to streamline parts of the underwriting process for their online and back office processing. Chosen because of the functionality and flexibility that the solution offers, the new business process empowers intermediaries and employees to underwrite new business applications more efficiently.