Munich Re Automation Solutions, a provider of insurtech solutions to the life insurance industry, has launched its predictive underwriting enablement technology, Predictor, in South Africa.
ALLFINANZ Predictor is designed to simplify the deployment and integration of predictive models, helping firms to achieve greater automation, better evidence management, in-depth model performance monitoring and an improved user journey.
Munich Re also safeguards insurers against model drifts and false positives by providing reinsurance on the underlying insurance policies.
“The co-creation of model development by Munich Re’s AI and Analytics team, and deployment with ALLFINANZ Predictor will open the tap to much needed predictive underwriting solutions for life and health insurance,” said Michal Nejthardt, Head of Digital at Munich Re of Africa.
“This marks the beginning of a new era in underwriting using AI, rules and data to fundamentally transform the onboarding experience.”
Paul Donnelly, Executive Vice President EMEA for Munich Re Automation Solutions also commented: “The launch of ALLFINANZ Predictor marks an exciting milestone in the life insurance industry’s push towards realising the benefits of automation.”
“But while everyone is chasing the obvious benefits, the process of making them a reality can be complicated and time consuming – that is why we have created Predictor.”
