SaaS-enabled ALLFINANZ SPARK solution set to transform life insurance for even more firms and their clients
Dublin, Ireland (Oct. 15, 2019) – Munich Re Automation Solutions Ltd, a leading InsurTech specialist and subsidiary of the Munich Re group, is bringing its auto-underwriting expertise to the global mid-tier insurance market with ALLFINANZ SPARK, one of its SaaS solutions. As a hosted service, SPARK gives mid-tier firms the opportunity to automate their underwriting processes, explore valuable new opportunities, and positively transform their customer’s experience of life insurance.
“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,” says Declan O’Neill, EVP Product & Data at 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.”
ALLFINANZ SPARK enables firms to input their own sources of data and analytics including predictive modelling and machine-learning algorithms, so they can 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.
The full SPARK service comprises:
- 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 customise the solution in line with risk parameters and underwriting phoilosophy.
- Easy integration with internal and external third-party data providers, accelerating decision-making without inconveniencing clients.
- 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,” says Declan O’Neill, EVP Product & Data at Munich Re Automation Solutions. “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.”
Customers gain immediate access once registered on the ALLFINANZ SPARK platform. As a hosted service, users are provided with real time upgrades and information, allowing insurers to focus on their core competencies. SPARK is hosted by Amazon Web Services. It is fully compliant with all relevant regulations and ISO standards regarding data security, processing and protection.
About Munich Re Automation Solutions
Munich Re Automation Solutions, is the world leading provider of digital new business,underwriting and analytics solutions to the insurance industry. Working with forward-thinking customers across the globe, we’re on a mission to revolutionise the way life insurance is bought and sold, using next-generation technology to give insurers the power to grow their businesses profitably. Learn more at www.munichre.com/automation-solutions.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. For more information, visit www.munichre.com.
SOURCE: Munich ReTags: Automated Insurance, automation, Life Insurance, Munich Re, Software as a Service (SaaS)