AFLI adds a SPARK to its underwriting process with measurable results

AFLI has adopted SPARK, a cloud based automated underwriting solution as part of its plan to transform its process and systems with an eye towards increasing efficiency in support of planned growth in life insurance sales. This digital solution has allowed AFLI to revolutionise a process that for so long has relied on mostly manual intervention, slowing up turnaround times for customers.

Delivering an efficient process has never been more important. New regulations allow banks to adopt “open architecture” meaning they can sell insurance policies through multiple life insurers. Competition has consequently never been fiercer, and the strive for efficiency a critical factor in distinguishing between insurance providers.

In adopting SPARK, AFLI’s aim was to speed up turnaround times when processing new business by increasing the automation of underwriting because so much has historically been done manually. But the implementation of SPARK went beyond simply automating existing underwriting rules. SPARK also provided access to additional data and insights leading to an analysis of international best practice, taking into account market specific adaptations tailored to the specific needs of AFLI.

The application of SPARK has already led to important improvements in both the quality and consistency of underwriting. And the solution is scalable which was an important consideration in deciding to proceed with SPARK. AFLI has quickly seen an improvement in Underwriting Straight-Through-Processing from 5% to 67% and a reduction in turnaround times by 2 days. But what does this mean for the end customer? With a 2-point improvement in NPS for customer onboarding – it seems they like what they see and experience. And AFLI is positioning itself as an even more attractive insurance provider and potential partner in the market.

You are reading an article that is part of our Annual Report 2024.