Munich Re pushes digital revolution in APAC life insurance market with new underwriting solution

As a cloud-based service, SPARK gives Asian life insurance and advisory firms the ability to quickly implement automation and, ultimately, artificial intelligence to improve the efficiency of their underwriting process and deliver immediate decisions by utilising extensive data and analytics, removing critical barriers. This service will ultimately transform the customer experience as well as the speed to market, reducing it from “next year” to “next quarter”. 

“The life insurance industry is evolving and insurers who embrace the latest technologies can reach customers in new and innovative ways, gaining a competitive advantage. This is especially crucial in challenging market environments such as these. With the ability to get up and running quickly, ALLFINANZ SPARK enables firms to ignite the digital underwriting experience faster than ever before, providing  the services they need to reach new customers and new markets.” says Declan O’Neill, Executive Vice-President for Product & Data at Munich Re Automation Solutions.

ALLFINANZ SPARK enables firms ultimately to utilize their own sources of data and analytics, including predictive modelling and machine-learning algorithms, in order to automate and enhance their existing underwriting process. This affords them greater agility and sales growth, while reducing the need for error-prone paperwork, repetitive questions and intrusive medical examinations.

We’ve onboarded four life insurers onto ALLFINANZ SPARK in the pre-launch phase, with a strong new business pipeline in train.