Reinsurance News

Munich Re & National Friendly collaborate on income protection offering

2nd December 2021 - Author: Luke Gallin

Munich Re Automation Solutions Ltd., part of the global reinsurer, has partnered with National Friendly to support the launch of a new income protection proposition.

handshake-bwNational Friendly has adopted the ALLFINANZ SPARK solution to provide traditionally underserved members with simplified access to income protection.

The solution’s extensive analytics and reporting capabilities are designed to translate the complex world of underwriting into a straightforward, user-friendly experience.

It’s expected that this will facilitate the underwriting of National Friendly’s new income protection offering, enabling its brokers to reach more customers with a more efficient application process.

The collaboration with Munich Re is part of a wider push by the company to bring income protection to those in need.

Via SPARK, National Friendly has designed an offering that is able to provide members with a fair and accurate assessment.

Graham Singleton, Chief Executive Officer (CEO) at National Friendly, commented: “Earlier this year, following conversations with our intermediaries, our leadership team recognised that a proportion of customers were being underserved by the traditional insurance market when it came to income protection. We wanted to turn that around as soon as possible. We knew our timelines were ambitious, but Munich Re matched our pace at every turn.

“We were thrilled to launch our new proposition last month. It’s a totally user-first experience thanks to Munich Re’s streamlined interface. We have already seen our clients benefit.”

The new offering was launched to prospective members on October 22nd and covers everything from accidents to chronic health conditions.

Paul Donnelly, Vice President, EMEA at Munich Re Automation Solutions, said: “Income protection is an essential part of financial or life planning, but a complex application process can make income protection hard to access. In fact, it can make people feel excluded, or that such products are not for them.

“National Friendly is an organisation that embodies the ideals of mutualism that were the foundation of our industry, together with a drive to innovate on behalf of its members and clients. We share their commitment to people-first, accessible product design, and are delighted to be working with them.”

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