Munich Re, Spanish insurer Reale partner on automated underwriting solution
Munich Re Automation Solutions, a subsidiary of global reinsurer Munich Re, has partnered with Spanish insurer Reale to implement automated underwriting across its life insurance operations in Spain.
Munich Re hopes the adoption of new automated technology will lead to a more innovative insurance underwriting process, significantly improving the experience of Reale’s clients and partners.
The solution, which is based on Munich Re’s ALLFINANZ Spark digital new business technology and takes advantage of the reinsurer’s global life insurance underwriting experience and its knowledge of the nuances of the Spanish market, will be executed across all sales channels throughout Reale Vida, the Reale Group's life insurance arm's, business globally.
Munich Re calls this innovative combined solution SARA (Simplified Automated Risk Assessment).
“Our latest partnership sees the joining of two European organisations with hundreds of years of experience between them,” said Paul Donnelly (pictured), executive vice president EMEA at Munich Re Automation Solutions. “Both Munich Re and Reale have deep-rooted local market expertise as well as the expertise and benefits that come from being part of a wider group. Reale is widely-known for its focus on innovation and we are honoured that an organisation with Reale’s reputation trusts us as the first choice for innovative firms who recognise the urgent need in accelerating their life insurance automated underwriting capabilities.”
José Ramón López, chief executive officer of Reale Vida y Pensiones, said: “Reale Vida is an organisation with a wide portfolio of products in the Life industry and has a clear dedication to providing quality service to our clients through our intermediary channel. For this reason, we require an innovative, highly flexible and automated underwriting solution and we have achieved this by partnering with an organisation, like Munich Re, with extensive experience in the life insurance market both in Spain and worldwide.”
Ricardo Daura, AUW regional project manager for Southern Europe and Latin America at Munich Re, commented: “We are delighted that Reale has selected SARA to automate it’s insurance underwriting process. The Spanish life insurance market is seeing a collective push towards innovation, bringing with it a huge level of interest in automated underwriting. We are committed to supporting our partners, from Munich Re’s regional office in Madrid, and to accompany Reale as they continue to innovate and improve customer experience.”
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