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.
The Chief Executive Officer of Union Assurance, Jude Gomes said, “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.
The Chief Technical Officer/Specified Officer of Union Assurance, Rumesh Modarage said automated underwriting will transform the life insurance industry. He said that it will deliver better underwriting services to customers as it is underpinned by a strong emphasis on convenience, ease, and seamlessness.