Munich Re launches predictive underwriting solution in South Africa
Munich Re Automation Solutions, a provider of insurtech solutions to the life insurance industry and a subsidiary of global reinsurer Munich Re, has launched its advanced predictive underwriting enablement technology Predictor in South Africa.
Predictor will streamline the life insurance underwriting process through the utilisation of artificial intelligence and predictive models.
The launch follows the release of Munich Re Automation Solutions blueprint for how augmented automated underwriting will revolutionise customer experience.
Munich Re describes augmented automated underwriting as "the next generation of underwriting" with the potential to revolutionise the life insurance industry.
Michal Nejthardt, head of digital at Munich Re of Africa, said: “The co-creation of model development by Munich Re’s AI and Analytics team, and deployment with ALLFINANZ Predictor will open the tap to much needed predictive underwriting solutions for life and health insurance. This marks the beginning of a new era in underwriting using AI, rules and data to fundamentally transform the onboarding experience.”
Paul Donnelly, executive vice president EMEA for Munich Re Automation Solutions, added: “The launch of ALLFINANZ Predictor marks an exciting milestone in the life insurance industry’s push towards realising the benefits of automation. But while everyone is chasing the obvious benefits, the process of making them a reality can be complicated and time consuming – that is why we have created Predictor.”
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