Munich Re Automation Solutions, an insurtech subsidiary of the global reinsurer, has joined forces with life insurer Generali Indonesia in an effort to help boost the latter’s underwriting process and streamline the risk assessment process.
Reports from Fi News suggest Munich Re AS will provide its cloud-based business, digital underwriting and analytics solution, to Generali Indonesia.
The solution, ALLFINANZ SPARK, is designed to allow clients to utilise their own sources of data and analytics, including predictive modelling and machine-learning algorithms, in order to automate and enhance their existing underwriting process.
This equates to greater agility and sales growth, while also reducing the need for paperwork, repetitive questions and medical examinations.
“This collaboration is also an opportunity for our agents to shorten the sales process, encourage them to be more productive and better serve their clients,” said Edy Tuhirman, Generali Indonesian Chief Executive Officer, said.
According to Munich Re, the collaboration “represents a broader shift in the Indonesian life insurance industry, catering to digital-savvy consumers who are looking for an improved digital experience when buying life insurance.”