Mar 2, 2021

Munich Re and Helvetia partner on digital underwriting

MunichRe
HelvetiaSeguro
Underwriting
Digital
William Girling
2 min
Munich Re and Helvetia partner on digital underwriting
Two big players in the insurance market, Munich Re and Helvetia Seguros, will be collaborating on digital life insurance underwriting in Spain...

The partnership will leverage key technology developed by Munich Re Automation Solutions. Specifically, it will enable Helvetia Seguros’ intermediaries to streamline their underwriting progress for the country through process automation, UX optimisation, and a reduced quantity of prospects lost in the ‘sales funnel’.

By combining Helevtia’s expertise in the Spanish life, health, funeral and accident insurance markets with Munich Re’s digital underwriting technology and techniques, the duo hope to foster best-practice and boost sales. 

“Munich Re’s global expertise and proven track record in the life insurance industry have been decisive factors which made them the clear choice of partner for Helvetia Seguros,” said Carlos Piñero Porro, Director of Life Insurance, Helvetia Seguros. 

“Our company, being a fast-moving organisation, required a well-established partner who could provide proven technology and we’re convinced this is the right choice.”

Automation: Digital insurance’s secret weapon?

As we have discovered in previous articles (on RPA and claims settlement respectively), replacing manual processes with automation tech can have a significant impact on insurance innovation.

With industry consensus appearing to coalesce around its further utilisation, particularly in underwriting, the partnership between Helvetia and Munich Re could indicate a pattern for broader insurance ecosystem trends. 

Paul Donnelly, Executive Vice President EMEA at Munich Re Automation Solutions, commented: “This partnership affirms our position as the primary choice for firms aiming to accelerate their life insurance automated underwriting capabilities. 

“For years Helvetia Seguros has been pushing the boundaries to provide an excellent, technology-driven, service to its intermediaries and customers. It is considered to be a front-runner in the Helvetia Group and we are delighted that it has placed its faith in us as its partner for what should be a revolution in the Spanish life insurance market. We’re confident this partnership will shape up to be a perfect match.”

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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