Munich Re Automation Solutions Ltd, a leading insurtech specialist and subsidiary of the Munich Re Group, today announces their expanded collaboration with Sun Life Financial Inc. (Sun Life), a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients. This expanded collaboration will give access to various modules from Munich Re Automation Solution’s automated underwriting and advanced analytics tool ALLFINANZ for Sun Life advisors and clients in Canada. They are already utilizing Munich Re Automation Solutions’ cloud and managed services.
The collaboration represents an increasing digital change in the life insurance industry, recognizing the demand for faster, more accurate quotes, more data-driven solutions, and flexible underwriting processes to serve a wide variety of clients and allowing them to tailor their solutions to specific needs.
Through conversations with its clients and their customers, Munich Re Automation Solutions recognized a need within the market to provide solutions serving and improving on legacy technology, to increase efficiencies across the underwriting process. The various ALLFINANZ modules were developed to meet these growing needs. From the customer perspective, ALLFINANZ means more comprehensive and fully automated underwriting, and real-time access to new data. In addition to happy customers and reduced overheads, insurance providers benefit from a tool that is completely personalized to their business, and able to read their existing automated underwriting rulebook.
Colm Kennedy, Executive Vice President, Americas at Munich Re Automation Solutions, says: “There is a growing call among the public for data-driven and automated processes in insurance underwriting, and we are pleased to provide this tool to the Sun Life client and advisor base. As the world becomes more digital and we encounter the continued need for the latest data and cloud-powered assessments, these digital tools will become invaluable to the insurance sector in providing quick and accurate assessments.”
Norm Leblond, Vice-President, Chief Underwriter & Claims Risk Officer at Sun Life, agrees: “As we move to an even more robust digital experience, this next generation of analytics tools will help Clients get the coverage they need quickly. We are pleased to join forces with Munich Re Automation Solutions and accelerate the underwriting journey for Clients and advisors.”
Amit Malhotra, Vice President of Individual Reinsurance Solutions at Munich Re, Canada (Life), says: “We are thrilled for this opportunity to collaborate with Sun Life and deepen our partnership. At the onset, we knew that Sun Life’s priority was to serve their clients in the best way possible. Our organizations went through a deep, exploration phase to ensure that we are developing a customized solution that aligns with Sun Life’s goals and needs.”
The new collaboration granting Sun Life clients and advisors use of Munich Re Automation Solution’s technology is planned to go live in 2021.