FMS, the Dublin-based software manufacturer, has won a contract to supply its Allfinanz product to Travelers Life & Annuity, one of the best known insurance providers in the US. It is integrating the browser-based automatic underwriting product at its call centre for bank-based customers. Now Travelers can underwrite term-life insurance within three business days and bank customers interested in buying life insurance can receive a free quote in minutes using a toll-free phone number.

According to Mr Jim Maher, chief executive officer of FMS: "Travelers Life & Annuity and Allfinanz have effectively rewritten the rules of bancassurance. Leads coming in from the bank branches can be dealt with much more quickly, since the online automatic underwriting takes an axe to the sales cycle. It will greatly increase the chance of closing a sale."