Munich Re’s insurtech arm has introduced a digital underwriting solution called Allfinanz Spark for life insurers in the Asia Pacific.

Four life insurers signed up for Allfinanz Spark during the pre-launch phase and Munich Re says it has a “strong new business pipeline.”

The cloud-based platform can quickly implement AI to improve the efficiency and speed of the underwriting process, Munich Re says. It is designed to “reduce speed to market from next year to next quarter”, and transform the customer’s experience.

The reinsurer claims Spark removes barriers, allowing life insurers access to extensive data and analytics, including predictive modelling and machine-learning algorithms to speed decision-making.