Underwriting and analytics solutions provider Munich Re Automation Solutions announced that Thai Life Insurance Public has selected its cloud-based automated underwriting solution, ALLFINANZ SPARK (SPARK), to streamline the processes of its life insurance applications and improve its customers’ buying experience.
The Thai insurer will be adopting the SaaS-based automated underwriting and analytics digital service. Through it, clients can implement at a lower cost, integrate easily into their current systems, and improve launch speed.
“The life insurance market in Thailand is continuing its journey towards greater digitization and we’re delighted to support Thai Life in their digital journey,” said Seng Thiam Toh, Munich Re Automation Solutions customer success vice president. “SPARK will provide Thai Life Insurance’s customers with a faster turnaround time, and a more personalized risk assessment and experience, allowing underwriters to focus their efforts on complicated cases.”
“After an extensive evaluation of potential partners for our digitalization project, Munich Re’s ALLFINANZ SPARK solution perfectly fits our needs. With ALLFINANZ SPARK, we will be able to move faster in the market, gain access to Munich Re’s analytics services and, in the future, AI/predictive modelling capabilities,” said K. Denpong Jesadaviriya, Thai Life Insurance executive vice president of life operations.
“We really want to promote 100% adoption of e-application submissions for all channels and, in doing so, accelerate the turnaround times for our customers and provide them with a tailored experience. We’re excited to partner with Munich Re Automation Solutions on this,” Jesadaviriya said.
Thai Life Insurance is expected to adopt the underwriting system in the coming months.
ALLFINANZ SPARK is Munich Re Automation Solutions’ latest cloud-based business digital life insurance underwriting and analytics product. It features an underwriting engine that automates both simple and complex decisions and accelerates time-to-cover, freeing up underwriters from these tasks. The system also makes better and faster decisions in understanding how clients’ businesses are performing, identifying areas of improvement along the way.
Munich Re recently posted its full-year trading figures, with the reinsurer announcing a profit of €3.6 billion, up significantly from 2021’s €2.9 billion and surpassing its profit guidance of €3.3 billion.
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