Allfinanz and Munich Re Deliver an Australian first with TOWER

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.

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 is headquartered in Dublin, Ireland and has a regional office in Sydney Australia as well as support offices in the UK, US, Hong Kong and South Africa. Customers include HSBC, Standard Life, Prudential, Genworth, The Hartford and Metropolitan Life.

About Munich Re worldwide

The Munich Re Group operates worldwide, turning risk into value. In the financial year 2006, it achieved a profit of €3,519m, the highest in its corporate history. Its premium income amounted to approximately €37bn and its investments to around €177bn. The Group operates in all lines of business, with around 37,000 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. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of almost €17bn, ERGO is one of the largest insurance groups in Europe and Germany. ERGO is Europe’s market leader in health and legal protection insurance, and 33 million clients in 25 countries place their trust in the services, competence and security it provides.

Learn more at www.munichre.com

TOWER is the only specialist life company listed on the Australian Stock Exchange and is a recognised leader in product design and distribution.   

TOWER is the recent winner of the following industry awards:

       Winner Risk Company of the Year

       Winner Term & TPD Product of the Year

       Winner Disability Product of the Year

Learn more at www.toweraustralia.com.au

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