National Friendly has adopted Munich Re Automation Solutions’ Allfinanz Spark solution to provide traditionally underserved members with simplified access to income protection.
The solution’s analytics and reporting capabilities aim to translate and simplify the complexities around underwriting and will facilitate the underwriting of National Friendly’s new income protection offering as it targets a cohort of members traditionally underserved by the market due to their occupation or medical history.
Commenting on the development, Graham Singleton, CEO at National Friendly, (pictured) said: “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.”
Paul Donnelly, vice president, EMEA at Munich Re Automation Solutions, added: “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.”
The new proposition received a soft launch to prospective members on 22 October and covers a range of situations from accidents to chronic health conditions.
