Munich Re Automation Solutions Ltd, an insurtech specialist and part of the Munich Re Group, has expanded its relationship with Sun Life Financial Inc.
Currently, Sun Life advisers and clients in Canada are leveraging Munich Re Automation Solutions’ cloud and managed services.
This new and expanded collaboration provides access to various modules from Munich Re Automation Solutions’ automated underwriting and advanced analytics tool, ALLFINANZ, for Sun Life advisors and clients in Canada.
The collaboration represents an increasing digital change in the life insurance sector, recognizing the demand for faster and more accurate quotes, more data-driven solutions, and also flexible underwriting processes to serve a range of clients and allowing them to tailor their solutions to their needs.
The company’s ALLFINANZ modules were developed to meet needs within the market to provide solutions serving and improving on legacy technology, while increasing efficiencies across the underwriting process. The firm states that from a customer perspective, the modules ensure more comprehensive and fully automated underwriting, and real-time access to new data.
Colm Kennedy, Executive Vice President, Americas at Munich Re Automation Solutions, commented: “There is a growing call among the public for data-driven and automated processes in insurance underwriting, and we are pleased to provide this tool to the Sun Life client and advisor base. As the world becomes more digital and we encounter the continued need for the latest data and cloud-powered assessments, these digital tools will become invaluable to the insurance sector in providing quick and accurate assessments.”
Norm Leblond, Vice-President, Chief Underwriter & Claims Risk Officer at Sun Life, said: “As we move to an even more robust digital experience, this next generation of analytics tools will help Clients get the coverage they need quickly. We are pleased to join forces with Munich Re Automation Solutions and accelerate the underwriting journey for Clients and advisors.”
Amit Malhotra, Vice President of Individual Reinsurance Solutions at Munich Re, Canada (Life), added: “We are thrilled for this opportunity to collaborate with Sun Life and deepen our partnership. At the onset, we knew that Sun Life’s priority was to serve their clients in the best way possible. Our organizations went through a deep, exploration phase to ensure that we are developing a customized solution that aligns with Sun Life’s goals and needs.”