Munich Re's automated underwriting solution goes live for insurer

Munich Re’s automated underwriting solution goes live for insurer | Insurance Business Asia

Reinsurance

Munich Re’s automated underwriting solution goes live for insurer

The tool will be deployed as a SaaS at the point-of-sale

Reinsurance

By
Kenneth Araullo

Munich Re Automation Solutions has announced that its SARA risk assessment solution is now operational with Brazilian life insurer MAG Mongeral Aegon.

SARA, a digital underwriting solution, is deployed at the point-of-sale and will be used by MAG to automate new business in its private segment.

The automated tool works as a software-as-a-service (SaaS) solution that can be integrated via API (application programming interfaces) with insurance companies’ systems.

Guided by Munich Re’s underwriting guidelines and supported by over 140 years of industry expertise, SARA’s underwriting rulebook is continuously updated and provides data insights to drive profitable business outcomes.

SARA can underwrite more than 90% of life insurance applications at the point of sale in under two minutes, providing customers with a personalized experience, it is claimed.

Alberto Abalo, CEO of Munich Re Life and Health for Southern Europe and Latin America, commented on the successful implementation.

“I am thrilled to see MAG embrace our automated underwriting services. By leveraging SARA, MAG will not only streamline its processes but is also enhancing the customer experience at the point-of-sale. This step marks a significant milestone in our partnership and reinforces Munich Re’s commitment to the Brazilian market,” Abalo said.

Nuno David, commercial and marketing director of the MAG Group, also welcomed SARA’s integration into the insurer’s systems.

“The partnership with Munich Re Automation Solutions represents an important step forward in our strategy of providing efficient, high-quality services to our customers. SARA not only simplifies but also streamlines the underwriting process, offering a faster and more personalized experience, in line with the expectations of younger generations, who are looking for convenience and personalization in digital services,” David said.

In other recent developments, Munich Re North America Property and Casualty and Reinsurance leader Dr Marcus Winter shared his insights on trends impacting the reinsurance industry – and its challenges in an interview with AM Best.

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