Union Assurance introduces another industry first initiative in underwriting automation

Thursday, 31 August 2023 02:23 - - {{hitsCtrl.values.hits}}

In a ground-breaking move, Union Assurance, has introduced automation of the financial questionnaire evaluation to streamline the underwriting process. This cutting-edge initiative involves using automation in assessing the customer’s financial background and associated risks to offer tailored coverage that precisely meets each customer’s requirements.

This industry first initiative, launched in collaboration with the leading global reinsurance company Munich Re, marks a significant step forward in infusing advanced technology in enhancing the overall life insurance experience. This innovation also represents Munich Re’s first-ever involvement in such a partnership with a life insurer, underscoring the pioneering nature of Union Assurance’s approach.

Union Assurance’s financial questionnaire automation promises to redefine the underwriting landscape, setting new industry standards for efficiency, accuracy, and customer-centricity. By embracing automation, the company reaffirms its commitment to delivering exceptional insurance services and continually advancing technological solutions for the benefit of its valued customers.

Union Assurance Chief Executive Officer Jude Gomes said automation in the underwriting domain has game-changing implications for the industry. He also emphasised that the company is proud to partner with a renowned reinsurer such as Munich Re in this strategic initiative. “While heralding a new-age insurance experience, it also marks a milestone in our mission to empower the Sri Lankan dream. Traditionally, underwriting has been a manual, time-consuming and cumbersome process. However, automation transforms the entire process, offering key advantages,” he added.

Union Assurance Chief Technical Officer/Specified Officer Rumesh Modarage said automated underwriting will transform the life insurance industry. He also noted that it will deliver better underwriting services to customers as it is underpinned by a strong emphasis on convenience, ease, and seamlessness. “This initiative will automate over 90% of the financial underwriting process within the company, resulting in considerable efficiency increase within the operational unit,” he stated.

Munich Re India Branch Client Management Deputy Head Deepa Bandal expressed her enthusiasm for the innovation, stating, “Munich Re is proud to be part of Union Assurance’s efforts in their novel journey of automation. We believe these efforts will drive prudence in risk management and smooth the on-boarding of new customers. We hope to continue this collaboration and strive to support Union Assurance with our digital know-how also in the future.”