Sydney:,
Munich Re Automation Solutions today announced that Australia based ClearView Wealth has selected ALLFINANZ Cloud that covers automated underwriting, underwriting operations and enhanced analytics with API-enabled connections for internal use and to external service providers.
The new digital service platform gives ClearView the ability to scale interactions with customers and agents.
As a fully flexible digital service, ALLFINANZ Cloud will increase transparency in the underwriting decision-making process and ensure regulatory compliance is met.
ALLFINANZ Cloud,will enable ClearView to pursue its multi-year IT transformation project, which is centred on the development of an integrated life insurance Policy Administration System and a cloud-based underwriting rules engine, and strives to enhance the customer and advisor experience.
The platform will also support the experience of underwriters and other staff by giving them insights and easy-to-use tools to continually fine-tune underwriting rules, business processes and customer journeys.
Speaking on the ClearView partnership, Alby Van Wyk, Executive Vice President at Munich Re Automation Solutions said “We are seeing a rapidly rising market demand for next generation new business and underwriting digital services, and are particularly excited to partner with ClearView on their transformation journey in Australia. The ALLFINANZ Cloud platform will enable ClearView, in time, to seamlessly layer on new digital services, such as AI-driven predictive underwriting or third-party data services, in striving to best serve advisors and customers.”
Deborah Lowe, ClearView’s General Manager, Wealth Management and Chief Human Resources Officer said: “A key priority in selecting a solution was to help us, on the one hand, effectively manage risk and compliance while on the other, provide a flexible platform that would enable us to continuously innovate in the market. said “We are excited to embark on this new journey together, bringing state-of-the-art technology to fundamentally transform the way insurance is bought in Australia”.
ClearView’s partnership with Munich Re Automation Solutions follows on from a number of recent announcements across the APAC region, including Prudential Thailand, Generali Indonesia, Hong Leong Malaysia and FT Life Hong Kong, for next generation, new business and automated underwriting digital services solutions.
In 2018, Australian Prudential Regulation Authority (APRA)put into effect new guidelines that strengthened outsourcing requirements for financial service companies.