Sun Life Philippines implements ALLFINANZ SPARK to enhance underwriting efficiency

Sun Life Philippines, an insurance provider in the country, has officially launched Munich Re’s ALLFINANZ SPARK SaaS solution, marking a significant step in enhancing its underwriting processes.

The ALLFINANZ SPARK platform, which includes advanced data analytics modules such as Insight Origin and Data Exchange, is now live at Sun Life Philippines.

This solution will handle both eApplications and paper applications, transforming the way underwriting is processed. The implementation of this technology is designed to reduce cycle times, minimise operational inefficiencies, and automate various stages of the new business and underwriting process.

By leveraging Munich Re’s cutting-edge SaaS underwriting platform, Sun Life can now underwrite new policies at a reduced cost, quickly launch new products, and integrate the system into its existing operations, all while enhancing the overall client experience.

Alby van Wyk, Chief Commercial Officer, Munich Re Automation Solutions, added: “We are delighted to partner with Sun Life Philippines which has selected our industry-leading SaaS-solution ALLFINANZ SPARK with Insight Origin and Data Exchange modules. SPARK provides Sun Life Philippines with reduced turn-around-times to settlement, automated underwriting, and real-time underwriting decisions. It will also help improve straight-through processing and the overall customer experience with simplified and streamlined underwriting processes, and AI and predictive underwriting.”

Gaurav Mishra, Chief Operations and Digital Enterprise Officer, Sun Life Philippines commented: “Sun Life Philippines is embracing digital innovation to drive growth and better serve our clients. This aligns with our commitment to helping Filipinos achieve lifetime financial security and live healthier lives. The Munich Re Automation Solutions underwriting platform, will enable us to simplify our underwriting and improve straight-through processing to issue policies faster and more efficiently, and improve the onboarding experience of our clients.”

ALLFINANZ SPARK features a versatile rules engine that allows clients to adjust rules to align with their unique underwriting approach and evolving business priorities. It also incorporates third-party data for use in real-time at the point of sale (PoS) or in back-office processes for manual underwriting.

The solution includes a pre-configured starter rulebook to help clients launch quickly. Its intuitive Rulebook Designer empowers users to tailor the system to their specific underwriting requirements with ease.

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