Munich Re also offers reinsurance on policies underwritten by these AI models as an optional service, providing insurers alignment of interest and peace of mind. To further support insurers, Munich Re can also finance the solution through reinsurance, mitigating any financial strain on insurers’ IT/operations budget
Munich Re, the world’s largest reinsurer and provider of digital new business, underwriting, and analytics insurtech solutions to the life and health insurance industry, has announced the launch of its next generation AI-augmented underwriting solution, powered by Munich Re Automation Solutions new Predictor technology platform.
In today’s insurance landscape, providing a seamless, personalised, and digitally- enabled customer experience is vital.
However, traditional underwriting processes can be inconvenient, time-consuming, and intrusive, creating barriers to entry and impeding sales. Additionally, insurers are exposed to costly non-disclosure or fraudulent behaviour.
Munich Re’s AI-augmented underwriting solution is designed to address these challenges by leveraging AI and data to significantly improve the customer experience, operational efficiency, risk selection, and ultimately sales and profitability for life and health insurers.
At the heart of Munich Re’s solution is Predictor, a cloud-based AI platform that enables secure, compliant data flows and the deployment, monitoring, management, and continuous maintenance of AI models embedded in the underwriting or claims process.
It is integrated with Munich Re’s ALLFINANZ, SPARK and NOVA underwriting solutions.
Munich Re handles the end-to-end process of AI model development, deployment, monitoring, and maintenance. This includes comprehensive AI risk implication reporting and responsible AI tools and governance frameworks to expedite internal and external sign-off processes as needed.
Munich Re also offers reinsurance on policies underwritten by these AI models as an optional service, providing insurers alignment of interest and peace of mind. To further support insurers, Munich Re can also finance the solution through reinsurance, mitigating any financial strain on insurers’ IT/operations budget.
Ross Mayne, Chief Executive Officer of Munich Re Automation Solutions, said: “We’re thrilled to launch our next generation AI-augmented underwriting Predictor platform, which is a critical evolution for insurers powered by data, technology and AI. We believe combinations of rules-based analysis, third party data and AI should work together flexibly, seamlessly and transparently to meet the very highest expectations of insurers, distributors and consumers. This development represents another very significant step forward and we are committed to continue to support our customers on that journey.”
To coincide with the launch of Predictor, Munich Re has also published a whitepaper titled “Next generation AI-Augmented Underwriting: Transforming Customer Experience, Distribution and Operational Efficiency,” highlighting the transformative impact of AI in the life insurance industry.
Munich Re’s packaged offering of end-to-end technology, underwriting rules and AI models empowers insurers with next-generation underwriting journeys, managing complexity and ensuring a rapid go-to-market pathway that is faster, more efficient and cost-effective than in-house development. With its AI-augmented underwriting solution, Munich Re is driving the future of underwriting in the life and health insurance industry, delivering enhanced customer experiences, operational efficiency and profitability for insurers.