Global Consulting -
Pioneering the transformation of the insurance industry
Today. Tomorrow. Together.
Global Consulting is a trusted advisor in primary insurance. Our ambition is the improvement of your business. We engage with our clients through open dialogue and ongoing collaboration that won’t leave you alone with implementation. Acting as a risk-sharing long-term partner, we will help you along the entire value chain to drive performance and to develop business models for existing and emerging risks.
With a global presence, including locations in Munich, Johannesburg, Singapore, Sydney and Beijing and a network of over 50 experts primarily from data science, car manufacturers and consulting, we speak your language. Our team has more than ten years of experience in primary insurance consulting with more than 120 satisfied customers in over 60 countries.
New level consulting
In today's environment, insurers are facing challenges on both sides of the balance sheet. The persistently low interest rate environment, greater price sensitivity, continuous price pressure and a lack of differentiation among carriers in the market make profitability challenging. We cannot change the market, but we can help you to stay ahead of the market and gain a sustainable competitive advantage. Our mission is to deliver a clear strategy and empower to take action.
With our consulting services, we co-develop and execute tailor-made strategies together with you that increase profitability and efficiency. Our partnership will allow you to achieve efficiencies with digital ingredients, to explore emerging risks, to diversify your portfolio and, of course, to develop new products. With us, you can explore and leverage your digital capabilities, improve your customer loyalty and gain competitive advantage from advanced analytics.
New and digital business models
Discussions in the past regarding telematics often focused on the hardware, incremental gadgets and price wars over existing products. Nowadays, the strategic challenge is about finding a connected insurance that emphasizes customer experience and data analytics.
§ Global Consulting with Munich Re offers you a complete range of connected insurance, from the idea to the ready-to-go solution. This new approach includes:
- Strategy Development: Using respective technology to support your overall business strategy
- Service Provider Selection: Finding the right technology provider to support this initiative
- Product Development: Defining the right value proposition to address target segment
- Product Testing & Launch: Quality assurance of product for market readiness and prepare for launch
- Data Analytics & Monitoring: Monitoring the progress and utilizing all big data collected
- Risk Modelling & Technical Price: Translating telematics data into your risk model
Sharing has become the new symbol of status. Lately, it’s not about owning the assets themselves but about having the ability to share assets and services. However, the business models of a shared economy are also associated with significant risks for employees and users. And while platforms usually see themselves as mediators, the users are also regularly exposed to risks.
In today’s sharing economy, a one-size-fits-all insurance policy is no longer sufficient. An onslaught of new technology is allowing insurers to become more efficient in their internal procedures while offering better products, with better risk measurement, for more demanding customers. Identifying a tailor-made approach that works for each individual remains crucial.
It is often a struggle to produce bespoke and new products for your markets without advanced predictive modelling to the main risk drivers. And without an experienced sparring partner who can help you calculate technical premium and an adequate rate (including scenario testing), it can oftentimes seem impossible.
New products, product variants and new markets, product development offers insurers a great deal of potential. Identifying and developing these can put you ahead of the competition as long as you can answer the following questions:
- Am I offering the right products?
- Which new products would suit my portfolio?
- What will make my new products a success?
- Are my product marketing measures to the point?
- Is my product pricing structure correct?