Munich Re Automation Solutions Targets Mid-Tier Life Insurers with Hosted Automated Underwriting

The SaaS solution aims at helping mid-tier life insurers automate their underwriting processes in order to explore profitable opportunities and improve customer experience.

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Munich Re Automation Solutions Ltd (Dublin), a subsidiary of the Munich Re group, has launched ALLFINANZ  SPARK for general availability. The SaaS solution aims at helping mid-tier life insurers automate their underwriting processes in order to explore profitable opportunities and improve customer experience.

“By offering auto-underwriting and analytics on a SaaS model we are removing many of the upfront costs and implementation barriers to entry that mid-tier firms face, while providing the full power of our enterprise application,” comments Declan O’Neill, EVP, Product & Data, Munich Re Automation Solutions. “As a result, they can automate and accelerate customer onboarding, eliminate error-prone paperwork, repetitive questions and medical tests, and bring the power of analytical insights to their underwriting business. This means a more responsive, more agile business. Our customers who have already deployed SPARK on a SaaS basis have reported substantial improvements in client satisfaction as a result.”

Declan O’Neill, EVP, Product & Data, Munich Re Automation Solutions.

The vendor describes ALLFINANZ SPARK as enabling firms to input their own sources of data and analytics including predictive modelling and machine-learning algorithms, in order to automate the underwriting process. This affords clients greater agility and sales growth, while reducing paperwork and improving immediacy for the end-user. SPARK can be accessed at any time, giving end users even more choice and convenience, according to Munich Re Automation Solutions.

The full SPARK service comprises the following, by the vendor’s description:

  • A pre-configured sample underwriting rulebook that facilitates your rules development implementation speeding up time to impact;
  • Sophisticated rules for common conditions, which allows you to reduce the average number of questions asked from 100 to ten, and enables firms with the potential to offer instant cover, ask more reflexive questions, or refer the case;
  • An intuitive rules designer that enables business users to adjust rules and customize the solution in line with risk parameters and underwriting philosophy;
  • Easy integration with internal and external third-party data providers, accelerating decision-making without inconveniencing clients; and
  • Business insights that provide an essential view of how the business is performing and identify areas for improvement.

“We have certainly seen demand for a hosted model increase dramatically in the North American, European and Asian mid-tier markets over the past few years,” adds O’Neill. “We are delighted to be bring our thirty years of experience of enterprise technology to this market, ensuring these firms remain competitive and relevant to their customers.”

As a hosted solution, customers gain immediate access once registered on the ALLFINANZ SPARK platform. Users are provided with real-time upgrades and information, allowing insurers to focus on their core competencies, according to Munich Re Automation Solutions. SPARK is hosted by Amazon Web Services and is fully compliant with all relevant regulations and ISO standards regarding data security, processing and protection, according to the vendor.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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