Munich Re, the German reinsurer is endeavoring to move closer to its customer. The plan is to leverage technology and digitize the existing value chain to simplify and boost efficiencies.
The transformation programme currently comprises of:
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Digital co-operation models with InsurTechs
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IoT applications and services
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Digitally augmented underwriting and claims solutions
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Bi-modal IT, smart data analytics, data storage, and corporation with technology analytics providers
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>150 FTEs with a data-science background
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Strategic partnerships with InsurTechs, IoT and data specialists with >EUR60mn invested in more than 10 assets
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Reorganising into a new structure and establishing regional hubs (Asia & LATAM)
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Automation with simplified internal processes and smart governance
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Expanding the boundaries of insurability with Cyber re-insurance and embedded service solutions
Munich Re will leverage traditional value creation and transform businesses to reduce the distance to the end customer
Joachim Wenning, Chairman of the Board of Management, Munich Re: “We are investing in new competencies and new business models. Munich Re intends to move further towards the customer. No matter whether I look at the classic primary insurance, or reinsurance, there is one clear trend of specialisation and we are all moving towards the customer, the end client. Each unit has a strategy to integrate digitalisation on the front-end as they move towards the customer. We are investing heavily in digitalisation at ERGO, and are working to offer customers a seamless and modern customer experience – whether they choose to deal with us online, by telephone, or in person at one of our offices.”
