Munich Re Automation Solutions Ltd., the leading provider of new business and digital underwriting solutions to the life insurance industry, today announced that Etiqa Insurance Singapore has chosen the ALLFINANZ underwriting rules engine to provide instant underwriting decisions online and increase sales of protection products.
Etiqa Insurance has been protecting Singaporeans since 1961 with a range of general insurance solutions that constantly evolve to meet their ever-changing needs. Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia with more than 22 million customers worldwide in 20 countries; and 31% by Ageas, an international insurance group with 33 million customers across 16 countries and a heritage that spans over 180 years.
Sue Chi Kong, Chief Executive Officer, Etiqa Insurance Pte. Ltd., commented: “Providing a seamless and convenient user experience to our customers is of utmost importance to us. Our progressive launches of innovative insurance solutions and services demonstrate our commitment to lead in the advancement of customer- and digital-first experiences. Providing real-time underwriting response online is central to that strategy which allows us to transform the purchase journey into a simpler and more intuitive one that meets the needs of today’s consumer with fast-paced lifestyles”.
Etiqa Insurance selected ALLFINANZ because of its powerful rules design capability and a plug and play ruleset from Munich Re, which will help them enhance their underwriting philosophy and process.
Commenting on the new partnership, Sue Chi Kong added: “We are pleased to partner with Munich Re and ALLFINANZ and it is our combined commitment to deliver best in class innovations that makes our partnership a significant proposition”.
Starting with the direct channel, Etiqa is planning to deploy the ALLFINANZ automated underwriting system across other distribution channels including their bancassurance channel.
Alby van Wyk, Executive Vice President Asia Pacific at Munich Re Automation Solutions says, “We are excited to be working with an innovator such as Etiqa who, by embracing the breathless pace of technological innovation, are focussed on surpassing to the increasing demands and expectations of insurance consumers”.
For more information on Etiqa Insurance, visit https://www.etiqa.com.sg/