Munich Re Automation Solutions Ltd, a provider of automated underwriting and analytics solutions to the life insurance industry, has announced that its SARA risk assessment solution is now live with Brazilian life insurance firm, MAG Mongeral Aegon.
SARA is a state-of-the-art digital underwriting solution, deployed at point-of-sale, which MAG will use to automate new business in its private segment.
Moreover, SARA is a software-as-a service (SaaS) solution that can be integrated via API (Application Programming Interfaces) to the insurance companies’ systems.
A notable feature to highlight, is that SARA can underwrite more than 90% of life insurance applications at the point of sale in under two minutes.
Heavily driven by Munich Re’s underwriting guidelines, SARA’s underwriting rulebook is continuously updated and provides critical data insights that can help drive profitable business outcomes.
Alberto Abalo, CEO Munich Re Life and Health, Southern Europe, and Latin America, commented: “I am thrilled to see MAG embrace our automated underwriting services. By leveraging SARA, MAG will not only streamline its processes but is also enhancing the customer experience at the point-of-sale. This step marks a significant milestone in our partnership and reinforces Munich Re’s commitment to the Brazilian market.”
Nuno David, Commercial and Marketing Director of the MAG Group, said: “The partnership with Munich Re Automation Solutions represents an important step forward in our strategy of providing efficient, high-quality services to our customers. SARA not only simplifies, but also streamlines the underwriting process, offering a faster and more personalized experience, in line with the expectations of younger generations, who are looking for convenience and personalization in digital services.”
