Reinsurance News

Munich Re’s automation insurtech eyes mid-tier market

16th October 2019 - Author: Luke Gallin

Munich Re Group’s specialist insurtech subsidiary, Munich Re Automation Solutions Ltd, is set to bring its auto-underwriting expertise to the global mid-tier insurance marketplace with one of its SaaS-enabled solutions, ALLFINANZ SPARK.

Munich ReSPARK operates as a hosted service, and provides mid-tier companies with the chance to automate their underwriting processes, explore valuable new opportunities while at the same time positively transform their customer’s experience of life insurance.

SPARK allows companies to input their own sources of data and analytics so that they can automate the underwriting process, and Munich Re explains that this provides clients with greater agility and sales growth, while at the same time reducing the amount of paperwork. The service can be accessed at any time, which provides users with more choice and convenience.

Declan O’Neill, EVP Product & Data at Munich Re Automation Solutions, said: “By offering auto-underwriting and analytics on a SaaS model we are removing many of the upfront costs and implementation barriers to entry that mid-tier firms face, while providing the full power of our enterprise application.

“As a result, they can automate and accelerate customer onboarding, eliminate error-prone paperwork, repetitive questions and medical tests, and bring the power of analytical insights to their underwriting business. This means a more responsive, more agile business. Our customers who have already deployed SPARK on a SaaS basis have reported substantial improvements in client satisfaction as a result.”

According to an announcement on the release for the global mid-tier insurance sector, Munich Re states that the full SPARK service includes: A pre-configured sample underwriting rulebook; Sophisticated rules for common conditions; An intuitive rules designer; Easy integration; and business insights.

“We have certainly seen demand for a hosted model increase dramatically in the North American, European and Asian mid-tier markets over the past few years. We are delighted to be bring our thirty years of experience of enterprise technology to this market, ensuring these firms remain competitive and relevant to their customers,” said O’Neill.

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