Thai Life Insurance coverage has turned to Munich Re Automation Options for underwriting resolution to streamline the life insurance coverage software course of.
The life insurer will use ALLFINANZ Spark (SPARK), a software-as-a-service (SaaS) cloud-based automated underwriting resolution analytics digital resolution.
Munich Re Automation Options’ providing is anticipated to extend Thai Life Insurance coverage’s straight-through-processing charge, thereby enhancing the client expertise.
The ALLFINANZ SPARK integration with Thai Life Insurance coverage will go browsing quickly.
Munich Re Automation Options vp, buyer success Seng Thiam Toh stated: “The life insurance coverage market in Thailand is continuous its journey in direction of larger digitization and we’re delighted to help Thai Life of their digital journey.
“SPARK will present Thai Life Insurance coverage’s prospects with a sooner turnaround time, and a extra personalised danger evaluation and expertise, permitting underwriters to focus their efforts on sophisticated circumstances.”
Thai Life Insurance coverage EVP of life operations Ok.Denpong Jesadaviriya stated: “After an in depth analysis of potential companions for our digitalisation mission, Munich Re’s ALLFINANZ SPARK resolution completely matches our wants.
“With ALLFINANZ SPARK, we will transfer sooner out there, acquire entry to Munich Re’s analytics providers and, sooner or later, AI/predictive modelling capabilities. We actually need to promote 100% adoption of e-application submissions for all channels and, in doing so, speed up the turnaround occasions for our prospects and supply them with a tailor-made expertise.”
In July 2022, Thai Life Insurance coverage raised THB37.1bn (~$1bn) from its preliminary public providing (IPO).
