Allfinanz, a Dublin-based provider of software for financial services companies, has seen its new automated underwriting solution, developed for New Ireland Assurance, in action with the launch of NIA’s broker channel.
The system gives New Ireland’s brokers a flexible electronic capability for submitting life protection applications, speeding the sales process for life and critical illness cover so that applications can in many cases now be accepted immediately.
The Allfinanz system ensures that brokers ask prospective customers all the right questions related to the life assurance product applied for. The system prompts the interviewer to ask only relevant and appropriate questions in order to enable an automated underwriting decision, and in many instances medical reports are now no longer required.
Allfinanz customers include HSBC, Standard Life, and Prudential.
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