Italian insurer Generali has expanded its partnership with Munich Re Automation Solutions internationally.
Under this partnership, Generali has selected Munich Re’s ALLFINANZ as its automated underwriting solution for the life insurance business globally.
Generali will now leverage ALLFINANZ solution globally to automate all phases of its life insurance application process. This is said to help the insurer finalise contracts in minutes, instead of weeks.
The solution is said to considerably speed up the underwriting process while ensuring consistency across all 50 markets globally.
Commenting on the development, Generali Group Protection & Underwriting head Domenico Di Napoli said: “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.”
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In July this year, Munich Re Automation Solution partnered with Generali Indonesia to offer SPARK ALLFINANZ solution. In 2016, the company provided ALLFINANZ to Generali Slovenia.
Munich Re Italy executive director and Life & Health head Marco Pistamiglio added: “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.”
In March this year, Generali board of directors approved the creation of a fund up to €100m to combat the coronavirus outbreak following its 2019 results.