Underwriting automation software provider Allfinanz has announced its expansion into the Australian market with the establishment of an office and technology support centre in Sydney.

Allfinanz head of Asia Pacific business development, Alby van Wyk, said the Ireland-based company is currently in discussions with a number of customers to bolster its position in the local market which will be supported by its new technicl centre.

"We have recruited two staff from head office and sourced three new employees locally for the new site, which will provide implementation services and technical support to customers in the region," he said.

"One of the key business problem facing Australian insurers is the costly and inefficient process of getting new business into their systems; the underwriting process hasn't changed much over the last 50 years."

Van Wyk identified Aura and IGA as its biggest competitors but is confident the company's technology partnerships with IBM and EDS will make a difference.

Global customers include HSBC, Standard Life, Prudential, and Metropolitan Life.