MAG Mongeral Aegon, a Brazilian life insurance company, has deployed Munich Re Automation Solutions’ digital underwriting solution, aiming to enhance its operational efficiency.
The collaboration involves the implementation of Munich Re Automation Solutions’ SARA risk assessment tool at the point of sale for MAG Mongeral Aegon’s private segment.
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Munich Re Automation Solutions, a division of the global reinsurance company Munich Re, specialises in providing automated underwriting and analytics solutions to the life insurance industry.
Its software-as-a-service-based SARA solution is designed to integrate with insurance companies’ systems through application programming interfaces to streamline underwriting processes.
SARA is powered by Munich Re’s underwriting guidelines.
The solution’s rulebook is regularly updated to reflect the latest data insights, Munich Re said.
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By GlobalDataThe reinsurer also claims that SARA has the capability to underwrite more than 90% of life insurance applications at the point of sale in less than two minutes.
Munich Re life and health CEO of southern Europe, and Latin America Alberto Abalo said: “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.”
MAG Group commercial and marketing director Nuno David said: “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 personalised experience, in line with the expectations of younger generations, who are looking for convenience and personalisation in digital services.”
Last week, MAPTYCS, a property and climate risk exposure management company, entered a partnership with Risk Management Partners, also a division of Munich Re.
This alliance will allow users to leverage the MAPTYCS platform to access Munich Re’s Location Risk Intelligence data.
