ClearView Wealth has announced it will use a cloud-based underwriting solution developed by a subsidiary of Munich Re Group.

Allfinanz Cloud, launched last year by Munich Re Automation Solutions, uses predictive modelling and machine learning to streamline the onboarding process for new customers and reduce the number of underwriting solutions that are required to be asked for common conditions.

ClearView GM Deborah Lowe says the move to deploy the solution is part of the business’s multi-year IT transformation project to improve customer experience.

“ClearView continues to invest in IT infrastructure and our focus is on building a complete end-to-end digital solution that delivers a superior adviser and client experience and will support the ability for customers to self-service in the future,” Ms Lowe said.

“A key priority in selecting a solution was to help us, on the one hand, effectively manage risk and compliance while on the other, provide a flexible platform that would enable us to continuously innovate in the market.”

She says the cloud-based solution will “fundamentally transform the way insurance is bought in Australia.”

The deal with ClearView is the first coud-based solution in Australia for the Munich Re subsidiary. A number of life insurers in the Asia Pacific region such as Prudential Thailand and FT Life Hong Kong are using the solution.