The partnership has been dubbed a “significant milestone” after parent company Reale Group resumed its insurance activity in the Life branch in 2010, creating Reale Vida y Pensiones, whose business focus is to provide a global offer for both Clients and Intermediaries.
The solution, which reportedly takes advantage of both Munich Re’s global life insurance underwriting wisdom and “deep knowledge” of the nuances of the Spanish market, will be executed across all sales channels throughout Reale’s business globally.
Reale Group said this will lead to an “innovative” insurance underwriting process, which will “significantly improve” the experience of its clients and partners.
Munich Re calls this innovative combined solution SARA (Simplified Automated Risk Assessment).
José Ramón López, CEOof Reale Vida y Pensiones: “Reale Vida is an organisation with a wide portfolio of products in the Life industry and has a clear dedication to providing quality service to our clients through our intermediary channel.
“For this reason, we require an innovative, highly flexible and automated underwriting solution and we have achieved this by partnering with an organisation, like Munich Re, with extensive experience in the life insurance market both in Spain and worldwide.”
Ricardo Daura, AUW regional project manager for Southern Europe and Latin America at Munich Re comments: “We are delighted that Reale has selected SARA to automate it’s insurance underwriting process.
“The Spanish life insurance market is seeing a collective push towards innovation, bringing with it a huge level of interest in automated underwriting. We are committed to supporting our partners, from Munich Re’s regional office in Madrid, and to accompany Reale as they continue to innovate and improve customer experience.”
Paul Donnelly, executive VP, EMEA, at Munich Re Automation Solutions, said: “Our latest partnership sees the joining of two European organisations with hundreds of years of experience between them. Both Munich Re and Reale have deep-rooted local market expertise as well as the expertise and benefits that come from being part of a wider group.
“Reale is widely-known for its focus on innovation and we are honoured that an organisation with Reale’s reputation trusts us as the first choice for innovative firms who recognise the urgent need in accelerating their life insurance automated underwriting capabilities.”