Italian insurer Generali has announced a partnership with ALLFINANZ, Munich Re’s insurtech subsidiary.
Adopting ALLFINANZ will help Generali to improve the accuracy of its life insurance underwriting decisions by enabling it to automatically manage life insurance applications globally.
By harnessing ALLFINANZ, Generali will automate each phase of its life insurance application process, finalising contracts in minutes instead of weeks.
The partnership also means that the insurer can overcome delays previously faced by applicants whilst also ensuring consistency across all 50 territories globally.
In July, Munich Re Automation Solutions announced a partnership with Generali Indonesia to deliver its SPARK ALLFINANZ solution and partnered with Generali Slovenia in 2016 providing ALLFINANZ.
Frédéric de Courtois, General Manager of Generali Group said: “Digital transformation is one of the pillars of our ‘Generali 2021’ strategy. On life insurance solutions we required a partner specifically in early automation stages, accelerating the move from paper to a digital process.
“We are eager to expand our relationship with Munich Re Automation Solutions as their proven expertise in each of our operating regions shows they can support, advise, guide and assist our colleagues embarking on this exciting journey.”
Domenico Di Napoli, Generali Group Head of Protection & Underwriting, commented: “With our global presence, it’s essential for our entities to provide point of sale underwriting and speed up the sales process for protection business.
“Munich Re’s software allows us to carry out complex analytics, supporting our underwriters and distributors daily. Munich Re’s team is tried and tested by Generali and we have already seen the advantages added by their technology.”
Marco Pistamiglio, Head of Life & Health and Executive Director, Munich Re Italy commented: “Following a rigorous selection process we are pleased that Generali sees the benefits of extending its partnership with Munich Re.
“The close cooperation between our Life & Health and the Automation Solutions colleagues ensures Munich Re will operate as one collaborative team to provide quality customer experiences. This approach will ensure our digital underwriting capabilities match Generali’s ambitions, service their customers and fit into their long-term growth strategy.”
Paul Donnelly, Executive Vice President EMEA at Munich Re Automation Solutions further added: “I am delighted that Generali has selected Munich Re’s ALLFINANZ as its automated underwriting solution for the life insurance business globally.
“Generali’s access to a state-of-the-art platform will drive automation and consistency of underwriting. The partnership reaffirms our position as the number one choice of multinational insurers seeking to automate life insurance underwriting.”