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Prudential Thailand launches digital underwriting solution, providing customers with real-time underwriting decisions

Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand") has launched a new digital underwriting solution aimed at transforming the buying experience of customers in the digital era.

With the new cloud-based digital underwriting and analytics solution, ALLFINANZ SPARK, developed by Munich Re Automation Solutions Pte Ltd (“Munich Re”), Prudential Thailand is able to serve customers better by providing them with underwriting decisions in real-time as well as instant coverage.

With this solution, customers will only need to answer relevant underwriting questions. It also enables real-time integrations with predictive analysis and medical databases to perform instant risk assessment on policy applications, resulting in more consistent, automated and quicker underwriting decisions.

Ms. Pasalaree Theerasas, Chief Customer Officer, Prudential Thailand, said, “The new digital underwriting solution is aligned with Prudential Thailand’s commitment to continuously enhance its services and offerings, and provide a seamless experience to its customers. The automated solution shortens the turnaround time for underwriting decisions compared with the traditional process, and reduces the time spent by applicants in answering unnecessary or repetitive health questions and providing medical documents. This technology-driven approach not only enhances our operational efficiency and service excellence, it also enables us to deliver a new level of customer experience, which is core to our business goals and ambitions.”

Mr. Alby van Wyk, Executive Vice President, Asia-Pacific, Munich Re, said, “We are delighted to work with the forward-thinking team at Prudential Thailand to help the company transform the consumer experience of buying insurance. With ALLFINANZ SPARK, Prudential Thailand will have greater flexibility in how they meet the needs of today’s digital-savvy buyers. The solution will also give Prudential Thailand access to new sources of data and insights to make faster, more informed underwriting decisions.”