Overview
ALLFINANZ NOVA, our automated underwriting and analytics platform, offers a flexible rules engine enabling clients to modify rules that reflect their individual underwriting philosophy and changing business strategies, and with the ability to integrate third-party data for use real-time in point-of-sale (PoS) underwriting, or in the back-office for manual underwriting.
Equipped with a pre-configured starter underwriting rulebook to accelerate time to market, the easy-to-use Rulebook Designer enables users to customize the solution to their specific underwriting guidelines.
ALLFINANZ NOVA enables bespoke solutioning beyond our standard ALLFINANZ SPARK software-as-a-service (SaaS) platform. This could include, amongst others, a single tenanted cloud deployment, more extensive analytics, more environments, or new customer requested services.
The core components of the Underwriting Engine include our Rulebook Hub, comprising Rulebook Designer, Rulebook Manager, Starter Rulebook, and Rulebook Services, Interview Screens, Interview Offline and Interview API. Clients also receive Quarterly Reports, providing insights to make data-driven decisions to drive underwriting performance improvements.
Key Features
ALLFINANZ NOVA modules & capabilities include:
- Underwriting decisioning – automate both simple and complex decisions, accelerate your time-to-cover and free up underwriters’ valuable time.
- External data and predictive model consumption – extend your underwriting process through consumption and management of predictive models while integrating with third-party data providers. Thus, enabling you to reduce the need for manual underwriting through straight through acceptance of evidence, helping to reach accurate decisions faster and deliver a more compelling end customer experience.
- Rules design and management – create, adapt and amend your underwriting rules for any data source, risk type, product, channel, language or geography in real time and with no IT or vendor involvement. An easy-to-use rules designer allowing you to customise the solution to your specific underwriting philosophy (with new rules and rule changes published instantly) enabling you to sell how and where you want.
- Manual underwriting enablement – significantly accelerate manual underwriting by giving your experts the information they need to make more informed timely and accurate decisions. In addition, capture data and decisions that can feed back into the further development of your automated underwriting process.
- Intuitive interview platform – enables you to design, evolve and streamline the customer interview process to deliver a greatly enhanced customer experience across all digital devices.
- Business insights and advanced analytics – helping you to make sense of vast amounts of data, giving you actionable intelligence and deep insights into the performance of your business via easily consumable dashboards and reports
Key Benefits
ALLFINANZ NOVA provides:
- Immediate underwriting decisions to enhance your STP rates
- Quarterly reports to monitor and evolve underwriting results
- Improved customer experience
- Increased efficiency to drive sales and reduce costs while managing risk.
- Continual enhancements of the platform to future-proof your technology
ALLFINANA NOVA consists of a range of core and optional product modules that offers benefits to enhance your underwriting processes. Reach out to our team of experts at letstalk@munichre.digital to learn more.