Soft body simulation in UE4 today

So, if I want predictive and reliable soft body simulation for thing like ballistic gelatin like in this example. ( please ignore the faux gore)
[video=youtube;J0ledM32E4A]Cold Steel PROOF ballistic torsos - YouTube

I have to :
1.I have to do soft body sim in external app.
2. bake it into morph target for each animation.
3. fire the morph target in UE4 for each animation.

Is there any other way to get a jellying animation like that in ue4?

You can get this easily with the Nvidia PhysX Flex stuff.