Munich Re implements automated underwriting solution for Swedbank

Munich Re implements automated underwriting solution for Swedbank | Insurance Business

Munich Re implements automated underwriting solution for Swedbank

A subsidiary of the Munich Re group has helped develop and implement a new digital underwriting solution for one of Sweden’s leading banking companies.

Munich Re Automation Solutions’ ALLFINANZ platform has been integrated by Swedbank Försäkring. This allows Swedbank’s insurance business to deliver auto-underwriting capabilities, make life insurance processing much more efficient, and improve customers’ experience when applying for life insurance.

A release revealed that Swedbank Försäkring ultimately chose Munich Re’s modular ALLFINANZ solution ahead of various other digital insurance platforms following an extensive selection process. The bank selected ALLFINANZ, not just for its core underwriting module, but also for the platform’s rules design module. The module allows business users to create, adapt, and amend underwriting rules in real time.

ALLFINANZ was also selected due to its interview engine – which allows users to design and streamline the interview process – as well as the platform’s capability in providing business insights and analytics.

“We strongly believe that technology has the power to transform the life insurance business. 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,” remarked Swedbank Försäkring CEO Johanna Okasmaa Nilsson.

Nilsson added that choosing ALLFINANZ will help drive Swedbank’s utilization of other data-driven services while adding value to existing and potential customers, as well as other stakeholders.

Paul Donnelly, Munich Re Automation Solutions executive vice-president of EMEA, commented that this has been “one of the most thorough and in-depth selection processes” that Munich Re has ever participated in.

“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,” Donnelly said.

Swedbank customers can access the new solution via the bank’s online banking portal.