Munich Re and FTLife announce Digital Underwriting Partnership
FTLife Insurance Company Limited (FTLife) and Munich Re Automation Solutions, a leading provider of digital new business, underwriting and analytics solutions to the insurance industry, have announced a new collaboration focusing on the provision of a cloud-based digital underwriting solution.
The new collaboration will allow FTLife to use Munich Re’s SaaS digital automated underwriting solution – ALLFINANZ SPARK (SPARK) – to offer a much-enhanced digital experience for customers, including shorter turnaround times for issuing policies. It is a significant advance in the digitalisation of FTLife’s underwriting process, according to a press release.
SPARK is a flexible easy-to-integrate service which will gradually allow FTLife to quickly and seamlessly enhance its existing underwriting capabilities, while offering new features. It is also expected that SPARK will provide real-time counter offers for selling to FTLife clients in the future, turning manual processing into on-the-spot and accurate decision-making, and improving straight-through-processing rates resulting in higher productivity.
Alby Van Wyk, Executive Vice President, Asia, Munich Re Automation Solutions, said: “ALLFINANZ SPARK will bring simplicity, speed and clarity to the quotation and policy-generating process. It means that customers can save lots of back-and-forth during the life-insurance underwriting process. To support this, the SPARK platform uses state-of-the-art technology to enable insurers to quickly layer on new digital services over time, including implementing predictive underwriting in the future. It’s very different to what went before and customers enjoy a far better experience.”
Vivian Choi, Chief Operations Officer, FTLife, said: “We are very pleased to collaborate with Munich Re, long at the forefront of the digital revolution in insurance. Customer feedback showed a need for an easier way to buy, renew or adjust policies, so we are responding. This new digital underwriting solution will reduce time needed, thereby speeding up the process in the long run, yet with no compromise on accuracy, security or competitiveness of our product offerings and pricing.”