AEON Allianz Life Insurance CO., Ltd. partners with Munich Re to get a leg up in the competitive Japanese life insurance market
- AEON Allianz Life Insurance adopts Munich Re Automation Solutions’ automated underwriting solution, ALLFINANZ SPARK
- Adoption comes as AEON Allianz Life Insurance Co., Ltd. looks to grow life insurance business across Japan
Munich Re Automation Solutions Ltd today announced that AEON Allianz Life Insurance CO., Ltd. (Hereinafter AEON Allianz) has selected its cloud based underwriting service, ALLFINANZ SPARK, to gain a leg up in the competitive local market.
With a hands-on local support team and experience operating in the Tokyo insurance space, Munich Re is well-positioned to support AEON Allianz enter the life insurance market and expand its future business.
Leveraging the complete end-to-end automated underwriting capabilities of SPARK, AEON Allianz will provide its clients with easy access to insurance products and services. SPARK will also allow AEON Allianz to speed up the application process and underwriting, reducing underwriters’ daily workload. Munich Re Japan supported AEON Allianz in its rules development and transferred skills, enabling AEON Allianz to develop new underwriting rules themselves in the future.
The cloud-based solution, SPARK, has extensive analytics and reporting capabilities, as well as predictive underwriting capabilities.
Commenting on the partnership, Yoichi Hayashi, Vice President at Munich Re Automation Solutions Japan, said: “Japan has long been a key priority market for us. As the world’s third largest economy, and with an average lifespan of 84 years, the life insurance market brings with it a unique and evolving set of challenges and opportunities. Efficient, flexible underwriting has never been more important. AEON Allianz’s adoption of SPARK is a testimony to their commitment to ensuring a competitive, forward-looking customer experience. We are excited to support their growth journey.”
Mr. Hitoshi Shinozaki, a board director at AEON Allianz, added: “The Japanese life insurance market is one of the most advanced in the world in terms of automated underwriting. Entering it for the first-time, we understood that we needed the best underwriting engine in the business to ensure we were competitive from the get-go. Munich Re has a proven track record in revolutionizing businesses of all sizes, with proven return on results. On meeting with them, we were convinced by the advanced capabilities of SPARK, plus the team’s extensive local experience. The fact that Allianz has a global relationship with Munich Re Automation Solutions helped us to be confident to go with SPARK in Japan.”
AEON Allianz went live with ALLFINANZ SPARK in November 2021.