Swedbank uses Munich Re technology to enhance life insurance buying process

Swedbank, a bank and insurance providers in Sweden and the Baltic, is implementing underwriting technology from Munich Re Automation Solutions.

Swedbank said the technology, ALLFINANZ, delivers auto-underwriting capabilities, creates cost and process efficiencies in its Swedish insurance business, and improves its customers’ experience when applying for life insurance.

ALLFINANZ is a modular solution for digital underwriting and advanced analytics. In addition to the core underwriting module that powers the solution, Swedbank 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 the intuitive interview engine that allows it to design, evolve and streamline the interview process for greater customer convenience and faster time-to-cover.

Johanna Okasmaa Nilsson, chief executive at Swedbank Försäkring, said: “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.

“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.”

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