Preparing for Growth - Norway's SpareBank 1 Livsforsikring Selects Munich Re's Automation Solutions

Preparing for Growth - Norway's SpareBank 1 Livsforsikring Selects Munich Re's
Automation Solutions

SpareBank 1 Livsforsikring Chooses the Allfinanz Product Suite to Improve Its
Life Underwriting Process and Expand Its Business

DUBLIN, Ireland, Nov. 27, 2012 (GLOBE NEWSWIRE) -- via PRWEB - The Automation
Solutions division of Munich Re announced that the Norwegian life company
SpareBank 1 Livsforsikring (SB1L) has chosen to implement the Allfinanz
product suite. SB1L will use the system to improve the efficiency of the
underwriting process and to help boost its long term profitability.

The SpareBank 1 Alliance is Norway's second largest financial group employing
6,300 staff. SpareBank 1 Livsforsikring is the life insurance company serving
the alliance. SB1L employs 258 staff and provides a broad spectrum of products
through a network of 351 branches across Norway. In 2010, SB1L registered a
total underwriting volume of over 40,000 applications.

SB1L needed a solution that could help improve the efficiency and consistency
of underwriting, improve completion rates and help automate part of the
customer interaction, supporting long term profitability and growth. SB1L
selected the Allfinanz product suite following an extensive evaluation of
available solutions which included demonstrations, workshops and reference
visits. End users at SB1L were central to the decision making process
involving representatives from all parts of the company.

"The implementation of the Allfinanz automated underwriting solution is not
just about being more efficient but also about growing our business. This is a
strategic investment and it was important to us to find a reliable and proven
partner." explains Carl Anton Stenling, Head of Application Management
Department at SpareBank 1 Livsforsikring. "During the evaluation process, the
Munich Re team showed impressive skills and expertise to implement a
sophisticated underwriting solution that can support the variety of products
we offer and our future expansion plans."

Ross Mayne, CEO at Munich Re Automation Solutions Ltd added "We are delighted
with SB1L's decision, which is further testament to Munich Re's excellence and
success on the world market. We are looking forward to working closely and
contributing to SB1L's future success."

The new system is based on the Allfinanz Interview Server and Business
Analytics modules which will provide valuable management information to
support continuous business improvement. The solution will integrate to the
bank's existing workflow system, core back-end systems and customer portal.
The system is expected to be in operation in 2013.

About SpareBank 1 Livsforsikring

The SpareBank 1 Alliance is one of the largest providers of financial products
and services in the Norwegian market. SpareBank 1 Livsforsikring is the life
company serving the Alliance. The banks in the SpareBank 1 Alliance
collaborate in key areas such as brands, work processes, expertise
development, IT operations and system development. The SpareBank 1 Alliance
total assets amounted to approx NOK 740 billion (March 2012). The SpareBank 1
Alliance's main goal is to ensure the individual bank's independence and
regional foundation through strong competitiveness, profitability and
financial soundness. The SpareBank 1 Alliance comprises approximately 350
offices and branches all over Norway. In total, the Alliance has approximately
6,300 employees.

About Munich Re Automation Solutions Ltd

Munich Re's Automation Solutions is the world leading provider of life
underwriting and new business software. For the past 20 years, the company has
transformed how life insurers are doing business with next generation
technology that gives their clients the power to grow more efficiently. The
Allfinanz underwriting suite is a powerful and flexible automated underwriting
solution that life insurers can easily adapt to grow their addressable markets
and stay competitive. It enables straight through processing, increased sales
and reduced costs for life insurers worldwide. Headquartered in Dublin, the
Automation Solutions division of Munich Re has offices in Japan, Australia and
the US. Its client base proudly includes world leading insurance companies
including Zurich, Aegon, HSBC, Prudential, The Hartford, Metropolitan Life,
Bank of China and Comminsure.

About Munich Re

Munich Re stands for exceptional solution-based expertise, consistent risk
management, financial stability and client proximity. Munich Re creates value
for clients, shareholders and staff alike. In the financial year 2011, the
Group – which pursues an integrated business model consisting of insurance and
reinsurance – achieved a profit of €0.71bn on premium income of around €50bn.
It operates in all lines of insurance, with around 47,000 employees throughout
the world. With premium income of around €27bn from reinsurance alone, it is
one of the world's leading reinsurers. Especially when clients require
solutions for complex risks, Munich Re is a much sought-after risk carrier.
Its primary insurance operations are concentrated mainly in the ERGO Insurance
Group, one of the major insurance groups in Germany and Europe. ERGO is
represented in over 30 countries worldwide and offers a comprehensive range of
insurances, provision products and services. In 2011, ERGO posted premium
income of €20bn. In international healthcare business, Munich Re pools its
insurance and reinsurance operations, as well as related services, under the
Munich Health brand. Munich Re's global investments amounting to €202bn are
managed by MEAG, which also makes its competence available to private and
institutional investors outside the Group.

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CONTACT: David Bordas
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