Reliable, Low Risk, Credible and Best of Breed Automated Underwriting

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5 October 2016

Reliable, Low Risk, Credible and Best of Breed Automated Underwriting

Celebrating 30 Years

Munich Re Automation Solutions Ltd Celebrates 30 Years and Continues to Expand

Munich Re Automation Solutions Ltd is celebrating today its 30-year anniversary. Over that time, the company has become the leading provider of electronic new business and automated underwriting solutions to the life insurance industry. The company’s success is attributed to the collective skills, abilities and expertise of its staff, the reliability and configurability of its solutions and its global experience. With 75 deployments across 28 countries, Munich Re Automation Solutions Ltd is uniquely positioned to de-risk automated underwriting projects and provide superior functionality and service.

The company focuses on life insurance underwriting as a sales enabler and a source of competitive advantage to help increase new business. A true software company with 30 years of software product design, development and implementation experience, Munich Re Automation Solutions Ltd also has access to the risk management expertise of one of the largest reinsurers in the world.

“Reinsurers developing software will never be as innovative, as agile, or as state-of-the-art as a software company like us. And software companies will never have the depth of insight and risk management capability that Munich Re has. The combination of both can be very powerful to give insurance companies what they need.” says Ross Mayne, chief executive officer.

The company is currently holding its ALLFINANZ international user conference in Dublin, Ireland. Delegates from 17 countries representing 36 life insurance companies are in attendance including many of the world leading life insurance companies.

Munich Re Automation Solutions Ltd was founded in Dublin in 1986 as FM Systems Ltd but its greatest achievements began in 2002: the company broke into the UK life insurance market by signing deals with Standard Life, HSBC and Prudential.

“We then began thinking about opportunities in Hong Kong and Australia, which have very similar regimes to the UK. In a brave bid to penetrate the Australian market, we hired an Australian and relocated him to Dublin to work on a project with New Ireland Assurance”. After being familiarised with the product range, the company sent the new hire back to Australia where he helped develop its next market. “We ended up with massive success. Over the next ten years, we had six of the top ten insurers in the Australian market as customers, which was fantastic,” says Mayne. Soon after, the company closed global deals with HSBC in Hong Kong and with Zurich Insurance.

Ross Mayne

From Irish fledging to global leader

How chief executive officer Ross Mayne saw the business through turbulent times to achieve worldwide success.

As opportunities were opening up across the globe, the company decided to change its strategy and partner with reinsurers. After all, reinsurance companies are the wholesalers of risk for life insurance companies and are intimately involved with the underwriting process.

Mayne says: “One of these reinsurers was Munich Re. It asked us very quickly for an exclusive partnership and we thought very carefully about that. This was one of the largest reinsurers in the world. We decided to try the partnership for a year and see how it went. Munich Re acquired us at the end of 2007 and we’re all very happy about that.” The acquisition was a landmark moment. Munich Re seized on the company’s technological capability and leading position in the automated underwriting market.

In 2012, Munich Re Automation Solutions Ltd began its expansion into the US. “Back in 2001, we exited the US market after not being very successful, which was disappointing,” says Mayne. “But four years ago we decided we’d go back into the US market again. This time we did it differently and now we’re really proud of the fact that we have 12 very large customers and the rate of increase in customers is rising.”

As a business, the company has always strived to succeed in the face of any headwinds. It has sold 107 licences and delivered 75 implementations across 28 countries. “We are looking to place greater emphasis on data analysis as we expand our product range for our highly-valued customer base.” says Mayne.

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