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Munich Re Automation Solutions accelerates insurance underwriting with SARA interview screens module

2023/12/19

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    • Munich Re Automation Solutions with new underwriting tool for leading insurers in Spain, Italy, Portugal and Latin America
    • SARA Interview Screens will streamline the customer experience and accelerate insurers’ operational processes
    • The module equips insurers with a comprehensive, efficient solution to optimise policy application processing

    Munich Re Automation Solutions Ltd, a leading provider of automated underwriting and analytics solutions to the life insurance industry, is proud to announce the launch of new module Interview Screens for its automated underwriting point of sale solution, SARA. 

    Lightweight and flexible, SARA Interview Screens adopt the visual experience and user interface of the insurer’s own brand, providing applicants with a seamless journey through the underwriting process. 

    Alby Van Wyk, Chief Commercial Officer at Munich Re Automation Solutions, highlighted the advantages of the new underwriting solution, saying: “SARA Interview Screens streamline the initial phase of the insurance application process. The client system now seamlessly transitions to our underwriting engine, which expertly handles the Screens. This approach accelerates projects by reducing overall effort and time, making it an ideal solution for customers with time or resource constraints who seek configurable out-of-the-box application interfaces.”

    Alberto Abalo CEO Munich Re Life and Health, Southern Europe and Latin America, said: “We are excited to add Interview Screens to our successful automated underwriting solution at the point of sale (SARA). We are very conscious of the digital transformation stress that IT resources are under in insurance companies, so Screens can now help without changing the visual experience and user interface. 

    “SARA already gives our clients a very profound set of rules for underwriting life and health insurance. It is up to date with the latest medical advances, can underwrite more than 90 per cent of the applications in less than two minutes, while at the same time understanding underwriting data to offer a personalised experience. I am sure that Screens will make our clients even easier to enjoy our solution.”

    The Interview Screens engage the underwriting engine, guiding question presentation and prompting user interactions. Initially, as applicants answer a set of interview questions based on their profile, the underwriting engine leverages the predefined SARA rules and questionnaires to determine whether to employ reflexive questions or if an underwriting action should be applied as a result of a disclosure. 

    Once all questions are answered, a comprehensive summary screen displays all entered information, which reverts to the underwriting engine for final decision-making.

    SARA Interview Screens represent a significant leap forward in digital underwriting technology, equipping insurers with a comprehensive, efficient solution for policy application processing. This offering advances Munich Re Automation Solutions’ mission to reinvent the consumer's experience of insurance through innovative technology.

    For more information on SARA please visit Munich Re Digital Solutions website.
    Digital Solutions for Life & Health | Munich Re

    About Munich Re Automation Solutions
    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 revolutionize 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
    Automation Solutions is part of Munich Re, which is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to Hurricane Ian in 2022. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The Group is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

    Disclaimer
    This release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.

    For further questions please contact:
    Brendan Murray
    Brendan Murray
    PR responsible in that region