(Image credit: Bruno Glätsch.)
Swedbank Försäkring, the insurance branch of Stockholm-based financial services firm Swedbank, has implemented ALLFINANZ, the digital underwriting solution of Munich Re Automation Solutions ltd., a subsidiary of the Munich Re Group (Munich). The deployment of of ALLFINANZ creates platform for innovation at Swedbank Insurance business, according to Munich Re. One of the leading commercial and retail banks in Sweden and the Baltic countries, Swedbank is using ALLFINANZ to deliver auto-underwriting capabilities, create cost and process efficiencies in its Swedish insurance business, and to improve its customers’ experience when applying for life insurance.
“We strongly believe that technology has the power to transform the life insurance business,” comments Johanna Okasmaa Nilsson, CEO, Swedbank Försäkring. “With the right technical solutions, we can create more accurate quotes and appropriate policies and enable more people to benefit from the reassurance that sound insurance provides. Choosing ALLFINANZ as our provider will support us in using new, data-driven services in an effective way, and help add value to our existing and potential customers as well as other stakeholders.”
Swedbank Försäkring chose ALLFINANZ after an extensive and rigorous selection process that put a number of products and vendors under the microscope, according to a Munich Re statement.
“This was one of the most thorough and in-depth selection processes we have been through,” comments Paul Donnelly, EVP EMEA, Munich Re Automation Solutions. “We were extremely impressed by the level of scrutiny, and the commitment to quality and customer service demonstrated by everyone at Swedbank Försäkring. We are confident that, following such a process, ALLFINANZ will deliver on the bank’s commitment to its customers and support its strategy for growth.”
Modular Solution for Digital Underwriting and Advanced Analytics
Munich Re describes ALLFINANZ as a modular solution for digital underwriting and advanced analytics. In addition to the core underwriting module that powers the solution, Swedbank Försäkring has selected the rules design module so that its business users can create, adapt and amend underwriting rules in real time. It has also implemented what Munich Re characterizes as intuitive interview engine that allows it to design, evolve and streamline the interview process for greater customer convenience and faster time-to-cover.
Swedbank Försäkring has also chosen the ALLFINANZ module for business insights and advanced analytics. This enables them to take advantage of the huge amounts of data now available and transform it into actionable insight, according to Munich Re.
Swedbank Försäkring customers can access the new solution through its standard online banking portal as part of the bank’s commitment to making services easily and quickly accessible.