History

For over twenty years, Allfinanz has paved the way in delivering technology solutions to the life insurance industry. Our new business and underwriting process automation software solutions helps make straight through processing (STP) and instant issue a reality for many leading insurers and banks around the world. Allfinanz is the number 1 provider of such systems world-wide, as attested to by our blue-chip client base, track record of project success  and the dominant provider position we occupy in the markets we operate in. Allfinanz has implemented  for our many clients the cutting edge advantage of being able to decision up to 80% of new business applications at the point of sale across a range of distribution channels while reducing administrative costs by as much as 85%.

Allfinanz solutions have been successfully deployed for multiple products across all distribution channels including intermediary, call centre, bancassurance and  direct.

Allfinanz's New Business Processing Solution automates sales processes by electronically capturing application details and automating the underwriting process, while expertly handling all compliance, data-capture, documentation and workflow issues associated with ensuring the completion of all business requirements for each and every new application. For cases that cannot be automatically underwritten, additional requirements are ordered at the point of sale and detailed interview case files passed to underwriters for manual processing, using our Underwriter Workbench application.  

Leveraging on the tried and proven core expertise of Allfinanz' Underwriting Rules Engine, an unrivalled functionality and intelligence exacts a seamless and effective integration into our clients' new business processes and up-and down-stream systems.

Some Developments and Installations

• Prudential - Successfully installed a radically new and flexible offering, combining Intermediary distribution and teleunderwriting.
• Metropolitan Life - Effectively moved from paper based applications to electronic\call centre for all distribution, in 9 months.
• HSBC - Significantly slashed insurance underwriting processing time from weeks to minutes, with the majority of applications decisioned at the POS.
• The Hartford cornered a distribution channel using an innovative short form and call center distribution process.

In November 2007 Munich Re, one of the world's largest reinsurers, acquired 100 percent of the equity of Allfinanz, following on from the implementation of a global marketing and co-operation agreement between Allfinanz and Munich Re, which started earlier that year. By combining Munich Re's expert underwriting rules and reinsurance services together with Allfinanz' software solutions, life insurers throughout the world have access to leading edge technology enabling them to process large volumes of business more efficiently. In addition to increased efficiencies, insurers can expect greater in-depth analysis of their business data and processes leading to continued improvements to the underlying underwriting rules and feedback on many measures impacting insurers' profitability.

Allfinanz are headquartered in Dublin, Ireland, and have regional offices in Sydney, Australia and Tokyo, Japan.

Allfinanz customers include HSBC, Standard Life, Prudential, The Hartford, Metropolitan Life, Liverpool Victoria, Bank of Ireland, Tower. We've also made it our business to establish partnerships with industry leaders like EDS and IBM.