Munich Re launches automated underwriting solution in APAC life insurance market

Munich Re Automation Solutions, a leading insurtech specialist and subsidiary of the Munich Re Group,is bringing its digital underwriting expertise to the Asia-Pacific life insurance market with ALLFINANZ SPARK, one of its SaaS solutions. 

ALLFINANZ SPARK enables firms utlimately to utilize their own sources of data and analytics, including predictive modelling and machine-learning algorithms, in order to automate and enhance their existing underwriting process. This affords them greater agility and sales growth, while reducing the need for error-prone paperwork, repetitive questions and intrusive medical examinations.   

As a cloud-based service, SPARK gives Asian life insurance and advisory firms the ability to quickly implement automation and, ultimately, artificial intelligence to improve the efficiency of their underwriting process and deliver immediate decisions by utilising extensive data and analytics, removing critical barriers. This service will ultimately transform the customer experience as well as the speed to market, reducing it from “next year” to “next quarter”.

Munich Re Automation Solutions has already onboarded four life insurers onto ALLFINANZ SPARK in the pre-launch phase, with a strong new business pipeline in train.

“The life insurance industry is evolving and insurers who embrace the latest technologies can reach customers in new and innovative ways, gaining a competitive advantage. This is especially crucial in challenging market environments such as these. With the ability to get up and running quickly, ALLFINANZ SPARK enables firms to ignite the digital underwriting experience faster than ever before, providing  the services they need to reach new customers and new markets.” says Declan O’Neill, Executive Vice-President for Product & Data at Munich Re Automation Solutions.

“Our business focus is on a mission to “reinvent the consumer experience of insurance through innovative new technology”. With the launch of ALLFINANZ SPARK we’re not only offering insurers a digital service to help navigate some of the current market challenges, but also a digital platform  enabling new AI-driven underwriting initiatives, ensuring durable competitive advantage in the region and avoid missing out on future growth opportunities,” says Alby van Wyk, Executive Vice-President for Asia at Munich Re Automation Solutions. 

Munich Re has already launched ALLFINANZ SPARK in EMEA and North America.ALLFINANZ SPARK  will be the third offering from the Munich Re for APAC life insurance market. Earlier,it had already launched two products -SPECTRA and ALLFINANZ-in the region's life insurance industry.

SPECTRA is company's patented technology that radically reduces the time spent on delivering quick quotes while ALLFINANZ puts an end to slow, expesive manual processes. 

Source: Asia Insurance Post