Cardif Assurance Vie Japan and Cardif Assurances Risques Divers Japan select
Munich Re to support its move to the cloud
- Cardif Assurance Vie Japan and Cardif Assurances Risques Divers Japan (“Cardif Japan”) has adopted Munich Re Automation Solutions’ ALLFINANZ SPARK underwriting engine in its move to cloud-based underwriting
- Cardif Japan is replacing its on-premise underwriting rules engine to increase efficiency, speed and flexibility for clients
Munich Re Automation Solutions Ltd today announced that Cardif Japan has selected its cloud based underwriting solution, ALLFINANZ SPARK (“SPARK”), to remain competitive in the local Japanese market.
By switching to SPARK, Cardif Japan will be able to move faster in the market, gaining access to Munich Re’s analytics services and, in the future, AI/predictive modelling capabilities. This will greatly speed up the customer journey, creating a more frictionless onboarding process and help Cardif Japan reduce overhead costs.
SPARK will allow Cardif Japan to shift operational risks to Munich Re Automation Solutions, and reduce operating costs. Cardif Japan will now receive SPARK’s inbuild analytics service which provides insights across the new business and underwriting process, enabling continual improvement in the underwriting processes and rules performance.
ALLFINANZ SPARK is a new SaaS based automated underwriting solution which clients can implement at a lower cost, integrate easily into their current systems and launch quickly. SPARK can meet life insurers’ needs to sell insurance products in new ways to a variety of markets, deliver exceptional levels of customer experience, and harness new sources of data and insight.
Emiko Umeda, Projects and Services Manager at Munich Re Automation Solutions Japan, commented on the partnership: “The Japanese life insurance market is a highly competitive one, and Cardif Japan’s move from on-premises to the cloud demonstrates its commitment to their customers. We’ve been working with Cardif for a number of years and are excited to continue supporting their digital journey.”
Joris Hoeppener, the Chief Operations Officer at Cardif Japan added: “We have partnered with Munich Re for some time and currently use the on-premise underwriting solution. To further realize additional underwriting automation benefits, we came to the conclusion the Munich Re cloud solution would answer our needs the best. We will be able to realize 1) a higher underwriting automation rate using the build-in analytics to adjust rule performance, 2) an easier to maintain SaaS solution, 3) the ability to quickly scale-up additional SPARK services for new business use cases. Throughout our journey with Munich Re, we have always been impressed with their ability to support us as we continuously want to provide our customers with the best possible service.”
Cardif Japan will go-live on SPARK in November 2022.
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
© 2022 Munich Re Automation Solutions Ltd. All Rights Reserved.