Munich Re Automation Solutions pushes further into Software-as-a-Service with Spark - Business Insider

Spark is a Software-as-a-Service solution that uses predictive modeling and machine learning algorithms to reduce paperwork and streamline the onboarding process for new customers. By eliminating paperwork, Spark reduces the risk of errors.

Additionally, it can reduce the number of questions that have to be asked by insurers during the onboarding process from 100 to just 10 by using rules for common conditions. Munich Re reports that customers who've already deployed Spark have seen "substantial improvements" in client satisfaction. Spark also integrates with third-party providers to give insurers more information, which accelerates the decision-making process without having to ask end users additional questions.

Here's why such a feature will likely see high demand, and what needs to happen next to further accelerate innovation in the insurance industry: in digital transformation. Less than one-third of insurance firms believe they have the digital capabilities required for digital transformation in terms of customer experience, compared with 41% of banks. It's becoming vital for insurers to catch up with the wider financial industry to ensure that they can match changing customer demands.

However, incumbent insurers still hold great consumer trust, and they can win back customers if they can up their digital game. , 61% of fintech customers would be happy to use a traditional insurer if they offered similar propositions and pricing to insurtechs. With the help of solutions like Spark, incumbent insurers can up their digital game and better compete with insurtechs' new innovative solutions.

In the future, incumbent insurers should focus on revamping the whole value chain. While automating the underwriting process with solutions like Spark is a good start to digitizing the value chain, there's more that needs to be done.

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