Munich Re Automation Solutions announces business relationship with American Family Life Insurance Company
2024/04/08
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Fortune 300 insurance company transitions to SaaS solution to help control costs, reduce cycle times, and boost customer experience
Munich Re Automation Solutions Ltd announced today that American Family Life Insurance Company is adopting the company’s cloud-based automated underwriting and analytics solution.
ALLFINANZ NOVA is a SaaS platform to help automate and accelerate the life insurance application and underwriting process and enhance the consumer experience.
Munich Re Automation Solutions offers SaaS solutions for automated underwriting, electronic third-party data access, manual underwriting, and deep insights through analytics. Its clients can adopt ALLFINANZ NOVA and seamlessly integrate the new platform into their existing systems quickly and efficiently.
Grant Andrew, VP of Customer Success at Munich Re Automation Solutions North America, commented on the partnership: “We help our clients differentiate in the market through proven, class-leading solutions focused on enhancing the end-consumer experience of insurance. Our SaaS solutions are future-ready ensuring our clients sustained competitive advantage through continually evolving new features and functions to quickly reap the benefits from the explosion of data. This requires the underwriting rules engine, back-office underwriting, third-party data access and analytical dashboards to be highly flexible and quickly adaptable in the hands of underwriters and other business users.
“We believe we offer the most compelling, proven and future-ready solution in the market, and we’re delighted to be working with American Family Life Insurance Company.”
Todd Fancher, President of American Family Life Insurance Company, said of the deal: “We are always evolving our technology to support our innovative products and provide the best customer service possible. We’re committed to continually researching the most up-to-date technology to ensure we are at the forefront of the newest innovation.”
Munich Re Automation Solutions is continuing to expand its footprint in North America, with new deals and new hires across its senior leadership, account management, project management, solution architecture and customer services teams. This growth demonstrates Munich Re Automation Solutions’ commitment to the region and ensuring all customers have easy and ready access to life insurance.
For more information regarding Munich Re Automation Solutions, please visit here.
Munich Re
Munich Re Automation Solutions is part of Munich Re, which is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to Hurricane Ian in 2022. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The Group is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
Disclaimer
This release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.
