Thai Life Insurance has selected Munich Re Automation Solutions’ cloud-based automated underwriting solutions to streamline life insurance applications.
Thai Life Insurance was established in 1942 as the first life insurance company in Thailand. Since then, it has been striving to be the leading international life insurance company that “offers total life solutions and creates financial security for every life.”
The company selected the cloud-based automated underwriting solution, ALLFINANZ SPARK (SPARK), to streamline the process of its life insurance applications and improve its customers’ buying experience.
SPARK is a SaaS-based automated underwriting and analytics digital service which clients can implement at a lower cost, integrate easily into their current systems and launch quickly.
Seng Thiam Toh, vice president, customer success at Munich Re Automation Solutions, said, “The life insurance market in Thailand is continuing its journey towards greater digitisation 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 personalized risk assessment and experience, allowing underwriters to focus their efforts on complicated cases.”
K.Denpong Jesadaviriya, EVP of Life Operations at Thai Life Insurance, added, “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. We’re excited to partner with Munich Re Automation Solutions on this.”
In June last year, Thai Life Insurance reportedly raised $1bn from an initial public offering (IPO) in Thailand.
The raise followed earlier reports that the company was eyeing an IPO, in which it would sell 2.16 billion shares for 16 baht ($0.45) each.
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