Munich Re Automation Solutions’ SPARK adopted by Thai Life Insurance

INSURANCE

Munich Re Automation Solutions has announced that Thai Life Insurance has selected its cloud-based automated underwriting solution, ALLFINANZ SPARK to streamline the process of its life insurance applications.

Munich Re Automation Solutions describes ALLFINANZ SPARK as a SaaS-based automated underwriting and analytics service that clients can implement easily into their current systems at a lower cost and launch quickly.

It is anticipated that Thai Life Insurance will go live with SPARK in the coming months.

Seng Thiam Toh, Vice President, Customer Success at Munich Re Automation Solutions commented, “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.”

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K.Denpong Jesadaviriya, EVP of Life Operations at Thai Life Insurance, added, “After an extensive evaluation of potential partners for our digitalization 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.”

Meanwhile, Munich Re recently disclosed that it has exceeded its profit guidance for 2022 with a result of €3.4 billion, as the reinsurance division performed well despite the impacts of large losses and the war in Ukraine.

Group-wide, profit increased from more than €2.9 billion in 2021 to just over €3.4 billion, beating the guidance for the year by around €100 million.

The reinsurer’s profit for the fourth quarter of 2022 was €1.5 billion versus €871 million in the prior year period.

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