Munich Re Automation Solutions Ltd, a leading insurtech specialist and subsidiary of the Munich Re group, is bringing its auto-underwriting expertise to the global mid-tier insurance market with ALLFINANZ SPARK, its SaaS solution.As a hosted service, SPARK gives mid-tier firms the opportunity to automate their underwriting processes, explore valuable new opportunities, and positively transform their customer’s experience of life insurance.
“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.”
ALLFINANZ SPARK enables firms to input their own sources of data and analytics including predictive modelling and machine-learning algorithms, so they can automate the underwriting process. This affords clients greater agility and sales growth, while reducing paperwork and improving immediacy for the end-user. SPARK can be accessed at any time, giving end users even more choice and convenience.
The full SPARK service comprises:
· A pre-configured sample underwriting rulebook that facilitates your rules development implementation speeding up time to impact
· Sophisticated rules for common conditions, which allows you to reduce the average number of questions asked from 100 to ten, and enables firms with the potential to offer instant cover, ask more reflexive questions, or refer the case
· An intuitive rules designer that enables business users to adjust rules and customise the solution in line with risk parameters and underwriting phoilosophy
· Easy integration with internal and external third-party data providers, accelerating decision-making without inconveniencing clients.
· Business insights that provide an essential view of how the business is performing and identify areas for improvement.
“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,” says Declan O’Neill, EVP Product & Data at Munich Re Automation Solutions. “We are delighted to be bringing our thirty years of experience of enterprise technology to this market, ensuring these firms remain competitive and relevant to their customers.”
Customers gain immediate access once registered on the ALLFINANZ SPARK platform. As a hosted service, users are provided with real time upgrades and information, allowing insurers to focus on their core competencies. SPARK is hosted by Amazon Web Services. It is fully compliant with all relevant regulations and ISO standards regarding data security, processing and protection.