Munich Re Automation Solutions Ltd, an 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 software as a service (SaaS) solutions.
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’.
“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,” Declan O’Neill, Executive Vice-President for Product and Data at Munich Re Automation Solutions, said.
ALLFINANZ SPARK enables firms to utilise 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.
Four life insurers were onboarded onto ALLFINANZ SPARK in the pre-launch phase, with a strong new business pipeline in train.
“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 artificial intelligence-driven underwriting initiatives, ensuring durable competitive advantage in the region and avoid missing out on future growth opportunities,” Alby van Wyk, Executive Vice-President for Asia at Munich Re Automation Solutions, said.
Re-disseminated by The Asian Banker