Ageas Federal Life partners with Munich Re Automation Solutions in India for cloud-based underwriting shift
- Ageas Federal Life Insurance Co Ltd (“Ageas Federal Life”) adopts Munich Re Automation Solutions’ ALLFINANZ SPARK, a cloud-based automated underwriting solution, in India
- The move will help take Ageas Federal’s straight-through-processing rate to 85%, significantly improving the customer experience
Munich Re Automation Solutions Ltd, a leading insurtech specialist and subsidiary of Munich Re, today announced that Ageas Federal Life has chosen its cloud-based underwriting solution, ALLFINANZ SPARK (“SPARK”), to improve its clients’ buying experience.
Largely driven by need to digitize critical processes in an increasingly competitive landscape, Ageas Federal Life’s move to SPARK will allow the company to boost its straight-through-processing to 85%, ensuring best-in-class customer service.
In addition to the core SPARK offering, Ageas Federal Life have subscribed to SPARK’s Analytics service, for out of the box interactive analytical dashboards as well as modules to integrate, manage & control the use of third-party data sources. These solutions will allow Ageas Federal Life to future-proof its business as the insurance industry continues to shift towards cloud-based AI and predictive underwriting.
Alby van Wyk, Chief Commercial Officer at Munich Re Automation Solutions said: “We are delighted to support Ageas Federal Life in its drive towards greater digitalisation. With the Indian life insurance industry speeding up to digitalisation, through the adoption of SPARK, Ageas Federal Life is demonstrating its commitment to, not just a seamless customer underwriting experience, but also modernising its sales process.”
Hans Loozekoot, Chief Transformation Officer at Ageas Federal Life commented: “We are excited to broaden and deepen our existing partnership with Munich Re. While we have an existing reinsurance partnership with Munich Re, we were looking for a SaaS-based underwriting solution that has been proven both globally, and in India. SPARK is an important part of our transformation strategy aimed at significantly improving the customer experience by implementing best in class digital solutions."
Ageas Federal Life plans to go live with ALLFINANZ SPARK in the coming months. The announcement follows recent Munich Re Automation Solutions deployments in India including Tata AIA, PNB MetLife and previously Aviva India.
About Munich Re Automation Solutions Ltd.
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 http://www.munichre.com/automation-solutions
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