Digitisation of insurance underwriting continues with MetLife/Munich Re partnership
Munich Re Automation Solutions Ltd has partnered with MetLife France, which has adopted the ALLFINANZ product suite to digitise its life insurance underwriting process
ALLFINANZ, with automated underwriting and analytics solutions, will increase MetLife France’s straight-through-processing rate, while reducing time to market for new product launches. It is hoped that the technology will enable MetLife France’s life insurance brokers and agents to provide a faster and more efficient application process for their customers, greatly speeding up the underwriting process by typically providing a quote within 24 hours.
In addition, MetLife France will be able to set up its own underwriting rules to be in line with risk policy, reflecting the flexibility of the ALLFINANZ solution.
Digital functionality in underwriting
Agnès Bruhat, General Manager at MetLife France added, “We are delighted to partner with Munich Re Automation Solutions to incorporate digital functionalities into the underwriting process and improve the customer journey. We are dedicated to offering top customer service, so it was a natural choice to switch to the ALLFINANZ automated underwriting tool from Munich Re. The added-value is substantial for the end customer, as well as for the underwriter allowing them time back, a higher transformation rate, and secured processes.”
Paul Donnelly, Executive Vice President, EMEA at Munich Re Automation Solutions commented on the partnership saying: “MetLife France has demonstrated it is able to adapt to the demands of digital transformation, by putting technology associated with its know-how at the service of its policyholders. We believe that digital underwriting is the future for the French life insurance market and are excited to support MetLife France on their journey. ALLFINANZ will provide MetLife France’s intermediaries with the capability to have one-and-done conversations with customers instead of multiple forms and questionnaires, greatly speeding up and improving the customer experience.”
This is part of a wider digitalisation push for MetLife, which has now adopted ALLFINANZ technology in several other of their global entities, including the Gulf, Brazil, China and India.
While technology is the main driver of change, its impact is being accelerated by the fact that the entire insurance sector is awash in new capital.