Munich Re Automation Solutions provides underwriting and analytics solutions to the insurance industry. Photo by Stephen Dawson on Unsplash.

Thai Life Insurance has turned to Munich Re Automation Solutions for underwriting solution to streamline the life insurance application process.

The life insurer will use ALLFINANZ SPARK (SPARK), a software-as-a-service (SaaS) cloud-based automated underwriting solution analytics digital solution.

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Munich Re Automation Solutions’ offering is anticipated to increase Thai Life Insurance’s straight-through-processing rate, thereby enhancing the customer experience.

The ALLFINANZ SPARK integration with Thai Life Insurance will go online soon.

Munich Re Automation Solutions vice president, customer success Seng Thiam Toh said: “The life insurance market in Thailand is continuing its journey towards greater digitization and we’re delighted to support Thai Life in their digital journey.

“SPARK will provide Thai Life Insurance’s customers with a faster turnaround time, and a more personalised risk assessment and experience, allowing underwriters to focus their efforts on complicated cases.”

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Thai Life Insurance EVP of life operations K.Denpong Jesadaviriya said: “After an extensive evaluation of potential partners for our digitalisation project, Munich Re’s ALLFINANZ SPARK solution perfectly fits our needs.

“With ALLFINANZ SPARK, we will be able to move faster in the market, gain access to Munich Re’s analytics services and, in the future, AI/predictive modelling capabilities. We really want to promote 100% adoption of e-application submissions for all channels and, in doing so, accelerate the turnaround times for our customers and provide them with a tailored experience.”

In July 2022, Thai Life Insurance raised THB37.1bn (~$1bn) from its initial public offering (IPO).