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Sun Life Financial Inc. (Toronto), an international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients, has expanded its relationship with Munich Re Automation Solutions (Dublin), a subsidiary of Munich Re Group (Munich). The expanded collaboration will give access to various modules from Munich Re Automation Solution’s automated underwriting and advanced analytics tool ALLFINANZ for Sun Life advisors and clients in Canada, according to a Munich Re Automation Solutions statement. Sun Life is already utilizing Munich Re Automation Solutions’ cloud and managed services.
Munich Re Automation Solutions characterizes the companies’ collaboration as representing an increasing digital change in the life insurance industry, recognizing the demand for faster, more accurate quotes, more data-driven solutions, and flexible underwriting processes to serve a wide variety of clients and allowing them to tailor their solutions to specific needs.
Through conversations with its clients and their customers, Munich Re Automation Solutions says it recognized a need within the market to provide solutions serving and improving on legacy technology, to increase efficiencies across the underwriting process. The various ALLFINANZ modules were developed to meet these growing needs. From the customer perspective, “ALLFINANZ means more comprehensive and fully automated underwriting, and real-time access to new data,” the Munich Re Automated Solutions statement says. “In addition to happy customers and reduced overheads, insurance providers benefit from a tool that is completely personalized to their business, and able to read their existing automated underwriting rulebook.”
Colm Kennedy, EVP, Americas, Munich Re Automation Solutions, says that, “there is a growing call among the public for data-driven and automated processes in insurance underwriting, and we are pleased to provide this tool to the Sun Life client and advisor base. As the world becomes more digital and we encounter the continued need for the latest data and cloud-powered assessments, these digital tools will become invaluable to the insurance sector in providing quick and accurate assessments.”
“As we move to an even more robust digital experience, this next generation of analytics tools will help Clients get the coverage they need quickly,” comments Norm Leblond, VP, Chief Underwriter & Claims Risk Officer, Sun Life. “We are pleased to join forces with Munich Re Automation Solutions and accelerate the underwriting journey for Clients and advisors.”
“We are thrilled for this opportunity to collaborate with Sun Life and deepen our partnership,” says Amit Malhotra, VP, Individual Reinsurance Solutions at Munich Re, Canada (Life). “At the onset, we knew that Sun Life’s priority was to serve their clients in the best way possible. Our organizations went through a deep, exploration phase to ensure that we are developing a customized solution that aligns with Sun Life’s goals and needs.”
The new collaboration granting Sun Life clients and advisors use of Munich Re Automation Solution’s technology is planned to go live in 2021.