Plenty of growth opportunities await life insurers in Australia and the broader Asia Pacific region but they must “move fast” to capture the huge market of uninsureds, Munich Re Automation Solutions says.

The Munich Re-owned digital solutions provider says greater use of technology will give life insurers an edge in the race.

“2022 could be a boon for insurers who are proactive and innovation-hungry,” Director and Executive Vice President Alby van Wyk said.

“Or it could be the biggest lost opportunity for getting the uninsured over the line while covid is still fresh in their minds.

“In order to make sure the current melting pot of factors swings the right way, insurers must invest in new technology as soon as possible. Until then, it’s anyone’s game.”

He says developing in-house technology is costly and inefficient, given third-party solutions are already available for life insurers that want to up their digital offerings.

“The capital is there to spend on innovation. But they need to move fast,” Mr van Wyk said.

He says today’s consumers expect to be able to make online purchases seamlessly, citing Singapore as an example, where life policies acquired via online channels rose 142% recently.

“Customers are telling us what they want, and it’s fully digital-native, low-touch pathways,” Mr van Wyk said.

Technology can also help life insurers with their underwriting processes, he says. A predictive data modelling tool, for example, can be designed to carry out an initial assessment of applicants, helping insurers fast-track certain applications.

“Automating more of the underwriting process is also great from an employment perspective as insurers can focus their underwriters – who themselves are likely to become more expensive as cost-of-living rises – on tasks where they can really add value, such as trust-building with customers or processing more complex claims,” Mr van Wyk said.