Corporate News

• The implementation of ALLFINANZ SARA by ASESUISA/SURA, driven by Munich Re, will provide the Salvadoran life insurance market with optimised digital underwriting solutions.
• The partnership will streamline both the customer experience and ASESUISA/SURA’s operational processes.

Munich Re Automation Solutions Ltd, the leading provider of automated underwriting and analytics solutions to the life insurance industry, has today announced a new partnership with ASESUISA/SURA, the preferred insurer of Salvadorans to implement automated underwriting in its life insurance operations.

It is an innovative and highly flexible solution, which will improve the operational processes of the insurer and the experience of its customers across the region.

The solution, which Munich Re calls ALLFINANZ SARA (Simplified Automated Risk Assessment), uses state-of-the-art technology for the digital underwriting of the insurer's new business, leveraging Munich Re's global knowledge in life insurance, as well as its experience of the El Salvador and wider Latin American market. This latest milestone in the strategic alliance of ASESUISA/SURA and Munich Re provides a unique tool for both customers and commercial representatives of the company.

ALLFINANZ SARA uses the latest technology to enable automated underwriting of individual life insurance. In other words, SARA is a software especially developed by Munich Re for online life insurance underwriting. It considers all the actions that must be carried out for the discharge process whilst evaluating each individual claim.

The process is based on a series of simple questions to determine prospective customers’ insurability, allowing the software to establish, based on activities and personal characteristics, the value of their policy. The primary goal of SARA is to evolve the traditional affidavit towards a more efficient subscription that saves time, effort and the capability to reach a much wider user group.

Arturo Martín, Head of Markets & Clients, Life & Health, Latin America exc. Brazil, from Munich Re comments: "The Salvadoran life insurance market is experiencing a drive towards innovation, leading to enormous interest in automated underwriting. We are committed to supporting ASESUISA/SURA from Munich Re's regional office in Madrid as it continues to innovate and improve the customer experience."

Karen Morán, Director of the Autonomy Portfolio of ASESUISA/SURA says: "In October 2022, ASESUISA/SURA embarked on a revolutionising journey in the life insurance contracting process, becoming the first insurer in El Salvador to use technology and data to carry out the digital and automatic underwriting process through the SUSI project. This transition to ‘Simplified Underwriting’, represents an important and strategic step for the digital underwriting of new businesses, and we are delighted to partner with Munich Re as we continue this process of digital transformation and maximising our operational efficiency".