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29th September 2021
Storebrand adopts Munich Re Automation Solutions’ cloud-based digital services solution to automate life underwriting decisions
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Munich Re Automation Solutions has announced that Storebrand Livsforsikring AS(Storebrand) has selected ALLFINANZ NOVA to automate its life insurance underwriting process. NOVA, a fully flexible cloud-based platform from Munich Re Automation Solutions, will help Storebrand transform their customer experience by making the application process easier and quicker.
As well as reducing the application processing time by an estimated 65%, ALLFINANZ NOVA has allowed Storebrand to simplify how they ask for health information, helping increase the rate at which applicants finish an application. Storebrand has also implemented the Underwriter Workbench and Insight Data Analytics services from Munich Re, analysing the questions that are fed through NOVA to identify ways to increase the straight-through-processing rate.
Storebrand went live with automated child insurance underwriting in June and private adult life insurance is following soon. Storebrand is one of the key providers of child insurance in Norway with award winning products. Child insurance provides extra financial security for both children (for example Disability) and parents if children are exposed to an accident or suffer from a serious illness.
Commenting on the partnership, Paul Donnelly, evp of EMEA for Munich Re Automation Solutions, comments “We are delighted to partner with Storebrand on this initiative, and our work together has provided ample evidence of Storebrand’s deserved reputation for innovation leadership. Storebrand’s desire to offer a market-first Child Insurance product alongside its ambition to provide the best possible user experience indicates that it is likely to become one of our most advanced users in Europe and in turn help drive our technology and services forward.”
Heidi Skaaret, evp, Head of Retail Markets at Storebrand added “A key driver for our partnership with Munich Re is improved customer satisfaction and ensuring they have a quick and easy experience when applying for life insurance. Since incorporating NOVA into our systems, we have seen a solid increase in customer satisfaction, and we have already doubled the rate of automation in our underwriting process. These initial results are a testament to our commitment to making the application processes as customer friendly as possible.”
Alongside NOVA, Munich Re and Storebrand worked closely with technology partner, Sopra Steria, who supported on the business processes improvement, as well as design and integration of the solution.
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