Munich Re Automation Solutions today announced that Generali Indonesia selected ALLFINANZ SPARK, one of Munich Re’s cloud-based new business, digital underwriting and analytics solution to streamline processes and explore valuable new opportunities delivering consistent risk management in the Indonesian market.
The collaboration represents a broader shift in the Indonesian life insurance industry, catering to digital-savvy consumers who are looking for an improved digital experience when buying life insurance.
“Yes, Pandemic enforced challenges with face-to-face interactions and presenting for medicals are the big issues insurers have had to deal with.The need to navigate the current challenges and prepare for the future new normal has been the catalyst for the accelerated adoption of digital platforms,'' said Alby Van Wyk,Executive Vice President of APAC at Munich Re Automation Solutions. .
Generali has selected ALLFINANZ SPARK due to the flexible integration which enables Generali to rapidly enhance the existing process with little to no new business disruption, resulting in higher productivity and reduced turnaround times.
Generali Indonesia will leverage SPARK’s business insights to understand their business performance and improve how the risk assessment questions are presented.They will utilise actionable analytics to automate the underwriting of routine cases that currently take up underwriters’ valuable time.
Edy Tuhirman,CEO at Generali Indonesia commented: “Generali is committed to be more innovative and to better serve customers faster and more efficiently in the digital era. We trust Munich Re Automation Solutions ALLFINANZ SPARK to deliver better customer experiences and enable us to meet the needs of today’s digital-savvy customers and prospects. This collaboration is also an opportunity for our agents to shorten the sales process, encourage them to be more productive and better serve their clients.”
Alby further commented,:“Platforms such as SPARK allow insurers to move quickly to accelerate their digital transformation, and allow them to rapidly layer on new (Munich Re proprietary or 3rd party) digital services over time, to continually improve on their service proposition.With the flexible integration of ALLFINANZ SPARK, Generali Indonesia have the tools to convert more business, more consistently without disrupting the current sales process.”
Additional Munich Re services include,amongst others,the development and deployment of predictive models,new and innovative ways of collecting and automatically assessing medical evidence, new electronic fraud detection tools and claims process automation services,added Alby. .
“Then,there are potential 3rd party digital services and data insurers can avail of,including KYC services, Selfie Digital IDs, wellness program data. The agility and speed to market benefits offered by digital platforms out-way on-premise solutions for these reason,and why we have seen this strong trend emerging, explained Alby.
Multi-year digital transformation plans are being torn up in favour of plans that need deliver compelling business outcomes in a matter of months. And the solutions now deployed need to be future proofed for the phased roll-out of additional digital services over time,he said..