Munich Re Automation Solutions has launched its next generation underwriting technology solution for the life and health industry in Australia and the Asia Pacific region.

The Munich Re-owned business says Allfinanz Predictor allows clients to deploy predictive modelling technology into their underwriting process.

“The launch [of the solution] marks an exciting milestone in the life insurance industry’s push towards realising the benefits of automation,” Munich Re Automation Solutions EVP APAC Alby van Wyk said.

“While everyone is chasing the obvious benefits, the process of making them a reality can be complicated and time consuming. That is why we have created [it].”

The business says the launch follows the release of its blueprint on how augmented automated underwriting will revolutionise customer experience.

Augmented automated underwriting is an example of the realisation of the promise of artificial intelligence (AI).

It can significantly reduce the need for separate medicals, repeated questions, lengthy decision-making processes, and drastically increase the speed at which a potential insurer can get a quote and cover, while continually improving the way risk is calculated and managed.

“As such, it’s set to become one of the key talking points and disruptive technologies of the insurance industry,” the business said.

“And this time, [augmented automated underwriting] is both a journey and destination that all progressive insurance organisations need to be considering for their future operations.”