Munich Re, Thai Life partner on automated underwriting solution
Munich Re Automation Solutions, a subsidiary of global reinsurer Munich Re, has partnered with Thai Life Insurance Public for the implementation of its cloud-based automated underwriting solution ALLFINANZ Spark.
Thai Life will adopt Munich Re's Spark to streamline the process of its life insurance applications and improve its customers’ buying experience.
ALLFINANZ SPARK is a SaaS-based automated underwriting and analytics digital service which clients can implement at a lower cost, integrate easily into their current systems and launch quickly.
Seng Thiam Toh, vice president, customer success at Munich Re Automation Solutions, said: “The life insurance market in Thailand is continuing its journey towards greater digitization and we’re delighted to support Thai Life in their digital journey. SPARK will provide Thai Life Insurance’s customers with a faster turnaround time, and a more personalized risk assessment and experience, allowing underwriters to focus their efforts on complicated cases.”
K.Denpong Jesadaviriya, EVP of life operations at Thai Life Insurance, added: “After an extensive evaluation of potential partners for our digitalisation project, Munich Re’s ALLFINANZ SPARK solution perfectly fits our needs. With ALLFINANZ SPARK, we will be able to move faster in the market, gain access to Munich Re’s analytics services and, in the future, AI/predictive modelling capabilities. We really want to promote 100% adoption of e-application submissions for all channels and, in doing so, accelerate the turnaround times for our customers and provide them with a tailored experience. We’re excited to partner with Munich Re Automation Solutions on this.”
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