Described as a new flexible digital service platform, Munich Re’s ALLFINANZ Cloud is intended to deliver automated underwriting solutions, underwriting operations and enhanced analytics designed for internal use within ClearView as well as for external service providers.
For customers, this new system, once implemented, is intended to deliver what the insurers refer to as a streamlined on-boarding process, while giving ClearView the ability to scale interactions with customers and advisers.
…advisers will have access, in many cases, to fully underwritten, instant decisions
As a ‘…fully flexible digital service’, the insurers claim the new system will increase transparency in the underwriting decision-making process and ensure regulatory compliance is met.
By integrating the this cloud-based system into the new business process, ClearView says advisers will have access, in many cases, to fully underwritten, instant decisions. For those new business proposals that need to be referred, requirements and next steps will be clearly outlined, while the ‘Underwriter Workbench’ module in the new system is set to help improve the manual underwriting process.
These steps are intended to speed the new business and underwriting processes and provide greater transparency for advisers, where applications can be automatically accepted at any time, meaning advisers are not tied to business hours to get a decision that is fully underwritten.
Deborah Lowe, ClearView’s General Manager, Wealth Management and Chief Human Resources Officer, says the cloud-based system will help her firm manage risk and compliance while providing a platform that will enable it to grow “… bringing state-of-the-art technology to fundamentally transform the way insurance is bought in Australia”.