The PRWIRE Press Releases https:// 2007-09-24T18:00:00Z Allfinanz and Munich Re Deliver an Australian first with TOWER 2007-09-24T18:00:00Z 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. Learn more at allfinanz.com. 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 About TOWER Australia Group Ltd 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: Money Management Adviser Choice Risk Awards 2007 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 Press Contacts: Allfinanz Alby van Wyk, Tel: +61 408 630 478 (Mob) Alby.vanwyk@allfinanz.com Munich Re Matthew Pilcher Tel: +61 2 9272 2016 mpilcher@munichre.com TOWER Australia Rod Metcalfe Tel: +61 (02) 9448 9761 rod.metcalfe@toweraustralia.com.au Allfinanz Brings Automated Insurance Underwriting to Australian Market 2007-03-28T18:00:00Z allfinanz-brings-automated-insurance-underwriting-to-australian-market Allfinanz, the leading vendor of underwriting automation software for the life insurance industry globally, has today announced an expansion into the Australian market, and the establishment of an office and technology support center in Sydney. Alby van Wyk, Head of Business Development for Allfinanz Asia Pacific commented, “One of the key business problem facing Australian insurers is the costly and inefficient process of getting new business into their systems. For many Australian insurers, the underwriting process hasn’t changed much over the last 50 years.” In a highly competitive global market, insurance companies are trying to grow quickly, while reducing business costs and accurately price risk. Allfinanz delivers new business process automation solutions, enabling instant issue of new policies and straight through processing of life insurance business. Alby van Wyk continued, “Allfinanz has established a new project and technical support centre in Sydney to support our growth in the region. Our Sydney office will provide implementation services and technical support to customers in the region.” Allfinanz global clients include HSBC, Standard Life, Prudential, and Metropolitan Life. Allfinanz has technology partnerships with both IBM and EDS. About Allfinanz Allfinanz is the leading provider of new business processing and underwriting automation software for the life insurance industry. Founded in 1987, Allfinanz is based in Ireland, with offices in the UK, US, Australia, Hong Kong, Singapore and South Africa. Allfinanz solutions eradicate the traditional inefficiencies of processing new insurance business, and in so doing slash costs and drive greater profitability. Visit www.allfinanz.com for more information. Media Contact: Sebastian Rice, Silverspan, 02 9959 1991, seb@silverspan.com, www.silverspan.com