Norwegian life company SpareBank 1 Livsforsikring chooses the Allfinanz product suite – Munich Re

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24 October 2012

Norwegian life company SpareBank 1 Livsforsikring chooses the Allfinanz product suite

The Automation Solutions division of Munich Re today announced that the Norwegian life company SpareBank 1 Livsforsikring (SB1L) has chosen to implement the Allfinanz product suite. SB1L will use the system to improve the efficiency of the underwriting process and to help boost its long term profitability.

The SpareBank 1 Alliance is Norway’s second largest financial group employing 6,300 staff. SpareBank 1 Livsforsikring is the life insurance company serving the alliance. SB1L employs 258 staff and provides a broad spectrum of products through a network of 351 branches across Norway. In 2010, SB1L registered a total underwriting volume of over 40,000 applications.

SB1L needed a solution that could help improve the efficiency and consistency of underwriting, improve completion rates and help automate part of the customer interaction, supporting long term profitability and growth. SB1L selected the Allfinanz product suite following an extensive evaluation of available solutions which included demonstrations, workshops and reference visits. End users at SB1L were central to the decision making process involving representatives from all parts of the company.

“The implementation of the Allfinanz automated underwriting solution is not just about being more efficient but also about growing our business. This is a strategic investment and it was important to us to find a reliable and proven partner.” explains Carl Anton Stenling, Head of Application Management Department at SpareBank 1 Livsforsikring. “During the evaluation process, the Munich Re team showed impressive skills and expertise to implement a sophisticated underwriting solution that can support the variety of products we offer and our future expansion plans.”

Ross Mayne, CEO at Munich Re Automation Solutions Ltd added “We are delighted with SB1L’s decision, which is further testament to Munich Re’s excellence and success on the world market. We are looking forward to working closely and contributing to SB1L’s future success.”

The new system is based on the Allfinanz Interview Server and Business Analytics modules which will provide valuable management information to support continuous business improvement. The solution will integrate to the bank’s existing workflow system, core back-end systems and customer portal. The system is expected to be in operation in 2013.

About SpareBank 1 Livsforsikring
The SpareBank 1 Alliance is one of the largest providers of financial products and services in the Norwegian market. SpareBank 1 Livsforsikring is the life company serving the Alliance. The banks in the SpareBank 1 Alliance collaborate in key areas such as brands, work processes, expertise development, IT operations and system development. The SpareBank 1 Alliance total assets amounted to approx NOK 740 billion (March 2012). The SpareBank 1 Alliance’s main goal is to ensure the individual bank’s independence and regional foundation through strong competitiveness, profitability and financial soundness. The SpareBank 1 Alliance comprises approximately 350 offices and branches all over Norway. In total, the Alliance has approximately 6,300 employees.

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