Munich Re offers auto-underwriting expertise to the insurance market

Munich Re is offering auto-underwriting expertise and software that it claims can save mid-tier insurers time and money. Munich Re Automation Solutions, an insurtech specialist and part of Munich Re, says that ALLFINANZ SPARK, a software as a service (SaaS) solution, can help improve customer experience by automating and accelerating customer onboarding, and improve the rate of straight-through-processing. The company says the solution can also eliminate traditional methods including paperwork and repetitive health questions and intrusive medical tests, using predictive modelling and machine-learning algorithms to produce valuable datasets. "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."