Global re/insurer Munich Re and Real Vida Seguros have announced the execution of a practical and innovative digital underwriting solution, based on technology developed by a subsidiary of the former, to serve the Portuguese life insurance market.
The new system is based on tech created by Munich Re Automation Solutions, part of the global reinsurer which offers digital new business, underwriting and analytics solutions.
With this new solution, Real Vida Seguros’ intermediaries are now able to offer their customers a more agile state-of-the-art underwriting process and, at the same time, it’s expected to improve the overall customer experience during the contracting process.
Additionally, the implementation of this new system allows intermediaries to offer an innovative insurance underwriting process, significantly reducing the number of applications and proposals that are not taken up during the sales process.
As well as the tech, Munich Re’s team in Spain develops, maintains and improves the underwriting guidelines necessary for managing the digital sale of Real Vida Life insurance, and keeps Real Vida current with the latest underwriting thinking.
According to Vice President and CFO of Real Vida Seguros, Mário Campino, the success of this new partnership with Munich Re is another important step in bringing together, facilitating and creating value for all stakeholders in the business processes of the life/risk insurance sector.
Campino said: “I would like to highlight the excellent work of our partners and of Munich Re who, as a key member of our collaborative team, achieved an exemplary on-time implementation through their diligent and focussed efforts coupled with robust configuration and testing.
“Through this initiative Real Vida Seguros, the leader in sales growth of new life and risk policies in the Portuguese market since 2018, maintains the momentum that was recognized in 2020 by the ANI (The Portuguese National Innovation Agency) with accolades for the project ‘Online Subscription and Issuance of Digitally Certified Life and Personal Accident Insurance Products’ and reinforces its commitment to being Portugal’s innovative life insurance company, from people to people, in a partnership of mutual respect which we are committed to deepening with our partners and customers.”
Daniel Rodríguez, Head of Markets & Clients Spain and Portugal at Munich Re, commented: “We are committed to the continued support of our business partners, from our Munich Re office in Madrid, with all our experience in underwriting and claims, and we are committed to providing great user experiences to their Life customers and a high subscription quality level.”
Paul Donnelly, Executive Vice President EMEA of Munich Re Automation Solutions, added: “This alliance affirms our position as the premier choice for companies looking to accelerate their automated life insurance underwriting capabilities. Real Vida Seguros is providing an excellent service to its intermediaries, driven by technology, and is widely praised as a pioneering company. It placed trust in us as business partners, for what will be a revolution in the Portuguese life insurance market.”
