Munich Re Automation Solutions, a provider of digital new business, underwriting and analytics solutions to the life insurance industry, has today launched a report laying out the next generation of automated underwriting.
Augmented Automated Underwriting: the next generation of underwriting highlights the common challenges faced by the life insurance industry and shows how augmented automated underwriting (AAU) will help firms face these head on to achieve common goals.
Hailed as the fifth generation of the digital evolution of underwriting, AAU is the product of three critical components: technology, analytics and insurance expertise.
Alby van Wyk, Executive Vice President, Asia at Munich Re Automation Solutions said: “AAU provides the answer for two of the biggest priorities for life insurance firms, meeting the expectations of an increasingly tech savvy customer base, and satisfying internal pressure to bring down the cost of onboarding. Those who successfully adapt will be able to harness the power of AI to unlock greater business value from advanced analytics applied to an ever-increasing list of data sources. Ultimately, this will allow firms to transform their customer experience, offering a journey which is easier, quicker, and less likely to be uncompleted.”
The paper examines in detail:
Alby continues: “There’s a huge variance across APAC when it comes to levels of automation, so the journey towards AAU within the region will take different routes. What is consistent is that customers are no longer only looking for the lowest price, but also for firms that offer the most up to date technologies and best user experience. The firms who can adapt quickest and capture convenience hungry customers will set themselves ahead of competitors.
“Additionally, a key advantage of AAU is that it can be built into existing systems, however this is a complex journey, so firms need to select the right partner to ensure implementation success.”
Re-disseminated by The Asian Banker