Munich Re Automation Solutions, the insurtech subsidiary of global reinsurance firm Munich Re, will help FTLife digitize its underwriting process.
The Dublin-based firm will provide its cloud-based automated underwriting solution Allfinanz Spark to FTLife, which will allow the insurer to expand its digital capabilities and offer customers a simpler and enhanced experience, it announced in a statement on Thursday.
The integration of Spark is also expected to provide real-time counter-offers for selling to FTLife clients in the future, turning manual processing into on-the-spot and accurate decision-making, and improving straight-through-processing rates resulting in higher productivity, the announcement said.
The partnership with FTLife follows deals made this year for Munich Re to provide its digital underwriting tool to insurers in Malaysia and Indonesia.
Challenging Climate
In the announcement, Munich Re noted that the Hong Kong life insurance industry is only expected to grow at a rate of 1.51 percent in 2020, down from 6.7 percent pre-Covid forecasting, so insurers are looking to expand their digital capabilities to adapt to this challenging business climate.
«Customer feedback showed a need for an easier way to buy, renew or adjust policies, so we are responding,» Vivian Choi, FTLife Chief Operations Officer, said.
