Nordic asset manager uses Munich Re technology to transform underwriting process
One of the largest asset managers in the Nordics is implementing underwriting technology from Munich Re Automation Solutions to automate its insurance underwriting process.
Storebrand Livsforsikring AS said the cloud-based technology, ALLFINANZ NOVA, will help transform its customer experience by making the application process easier and quicker, reducing the time by an estimated 65 percent.
The company has also implemented the Underwriter Workbench and Insight Data Analytics services from Munich Re, analyzing the questions that are fed through NOVA to identify ways to increase the straight-through-processing rate.
Storebrand is one of the key providers of child insurance in Norway, and will soon begin underwriting private adult life insurance. Child insurance provides extra financial security for both children and parents if children are exposed to an accident or suffer from a serious illness.
Paul Donnelly (pictured), executive vice president of EMEA for Munich Re Automation Solutions, said: “We are delighted to partner with Storebrand on this initiative, and our work together has provided ample evidence of Storebrand’s deserved reputation for innovation leadership. Storebrand’s desire to offer a market-first Child Insurance product alongside its ambition to provide the best possible user experience indicates that it is likely to become one of our most advanced users in Europe and in turn help drive our technology and services forward.”
Heidi Skaaret, executive vice president, head of retail markets at Storebrand, added: “A key driver for our partnership with Munich Re is improved customer satisfaction and ensuring they have a quick and easy experience when applying for life insurance. Since incorporating NOVA into our systems, we have seen a solid increase in customer satisfaction, and we have already doubled the rate of automation in our underwriting process. These initial results are a testament to our commitment to making the application processes as customer friendly as possible.”
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