Munich Re offers auto-underwriting expertise to the mid-tier insurance market
Munich Re is offering auto-underwriting expertise and software that it claims can save mid-tier insurers time and money.
Munich Re Automation Solutions, an insurtech specialist and part of Munich Re, says that ALLFINANZ SPARK, a software as a service (SaaS) solution, can help improve customer experience by automating and accelerating customer onboarding, and improve the rate of straight-through-processing.
The company says the solution can also eliminate traditional methods including paperwork and repetitive health questions and intrusive medical tests, using predictive modelling and machine-learning algorithms to produce valuable datasets.
“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,” says Declan O’Neill, EVP Product & Data at Munich Re Automation Solutions.
“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.”
The full SPARK service includes a pre-configured sample underwriting rulebook that facilitates rules development implementation speeding up time to impact, as well as sophisticated rules for common conditions, which allows a reduction in the average number of questions asked from 100 to 10, and enables firms with the potential to offer instant cover, ask more reflexive questions, or refer the case.
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