(Image credit: Oswaldo Martínez/Unsplash.)
ASESUISA/SURA (San Salvador, a division of SURA, Medellín, Colombia), the preferred insurer of Salvadorans, has selected Munich Re Automation Solutions Ltd, a provider of automated underwriting and analytics solution to the life insurance industry, to implement automated underwriting in its life insurance operations. The solution will improve the operational processes of the insurer and the experience of its customers across the region, according to a statement from Munich Re.
The solution, which Munich Re calls ALLFINANZ SARA (Simplified Automated Risk Assessment), uses state-of-the-art technology for the digital underwriting of the insurer’s new individual business, leveraging Munich Re’s global knowledge in life insurance, as well as its experience of the El Salvador and wider Latin American market, according to the vendor. This latest milestone in the strategic alliance of ASESUISA/SURA and Munich Re provides a unique tool for both customers and commercial representatives of the company, the Munich Re statement says. Munich Re further describes SARA as a software especially developed by Munich Re Automation Solutions for online life insurance underwriting. It considers all the actions that must be carried out for the discharge process whilst evaluating each individual claim, the company statement says.
Munich Re describes SARA’s process as based on a series of simple questions to determine prospective customers’ insurability, allowing the software to establish, based on activities and personal characteristics, the value of their policy. The primary goal of SARA is to evolve the traditional affidavit towards a more efficient subscription that saves time, effort and the capability to reach a much wider user group.
“The Salvadoran life insurance market is experiencing a drive towards innovation, leading to enormous interest in automated underwriting,” comments Arturo Martín, Munich Re Automation Solutions’ Head of Markets & Clients, Life & Health, Latin America except Brazil. “We are committed to supporting ASESUISA/SURA from Munich Re’s regional office in Madrid as it continues to innovate and improve the customer experience.”
“In October 2022, ASESUISA/SURA embarked on a revolutionizing journey in the life insurance contracting process, becoming the first insurer in El Salvador to use technology and data to carry out the digital and automatic underwriting process through the SUSI project,” says Karen Morán, Director, Autonomy Portfolio, ASESUISA/SURA. “This transition to ‘Simplified Underwriting’, represents an important and strategic step for the digital underwriting of new businesses, and we are delighted to partner with Munich Re as we continue this process of digital transformation and maximizing our operational efficiency.”