Kuala Lumpur, December 8, 2021 — Munich Re Automation Solutions Ltd, the insurtech arm of Munich Re Group, today announced that Tokio Marine Life Insurance Malaysia Bhd. (“TMLM”) have selected ALLFINANZ SPARK from Munich Re Automation Solutions to digitise and automate its life underwriting process. This partnership marks a wider technology push, as the TMLM aims to increase efficiency and reduce the underwriting time, to deliver on their commitment to the customers, in line with the “To Be a Good Company” vision of Tokio Marine Group.

TMLM is also onboarding Munich Re’s Insight Analytics module to provide deep insights into the new business and underwriting process, allowing TMLM to continually improve on the customer experience.

Mr. Noboru Yamagata, Chief Executive Officer of Tokio Marine Asia, commented on the partnership, “We are delighted to announce our partnership with Munich Re in Malaysia, which will drive forward our technology strategy and help us transform our processes. This will raise the visibility of our strategy aiming at digitalised insurance services to deliver the best to our customers.”

Mr Toi See Jong, the Chief Executive Officer of TMLM added, “Before COVID-19, we conducted most of our business face to face. However, the onset of the pandemic made it necessary to shift into a different way of doing, and thinking about, business.  Munich Re’s ALLFINANZ SPARK will help to utilize more digitally advanced processes to provide our customers with a smoother, and quicker, underwriting process, significantly reducing the time it takes to onboard new customers.”

Alby van Wyk, Executive Vice President, APAC at Munich Re Automation solutions stated, “We are excited to support TMLM not only in the quest to entirely automate the life insurance underwriting process now, but to leverage the SPARK platform for AI/Predictive underwriting in future to fulfil it its growth ambitions.”

The partnership also marks the first time an insurance company has received regulatory approval for an entirely cloud-based underwriting service in Malaysia.

TMLM will go live with ALLFINANZ SPARK early next year.