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Powering digital solutions for life and health insurers in Asia Pacific, Middle East and Africa

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    The preferred partner of Life and Health Insurers across Asia Pacific, Middle East and Africa on their digital transformation journey

    At Munich Re, we are committed to developing innovative digital solutions to help our clients grow their business confidently while enabling the industry with greater accessibility, accuracy and profitability.

    We unite data and digital ingenuity with our reinsurance expertise to inform and reshape risk paradigms, modernize processes and operationalize across the value chain.

    As experts in both traditional and non-traditional disciplines, our risk-sharing partnership model helps insurers anticipate market needs and risks, and we develop unique insights and solutions to existing, long-standing industry concerns. 

    Introducing Next Generation AI-Augmented Underwriting

    In today's insurance landscape, providing a seamless, personalised, and digitally-enabled customer experience is paramount for meeting customer needs and ultimately sales. Traditional underwriting processes however can be inconvenient, time-consuming, and intrusive, deterring customers and impeding sales.  

    Munich Re’s Next generation AI-augmented underwriting solution combines deep domain knowledge, responsible AI, data, modern technology, and risk acceptance to significantly improve the customer experience, operational efficiency, while managing risk and technology complexity to ultimately drive sales and profitability for life and health insurers.

    Discover the potential of Next Generation AI-Augmented Underwriting.

    The technology and tools available today transform Life and Health risk management. We are committed to:

    Providing and delivering best-in-class digital solutions for life & health powered by data, advanced analytics and artificial intelligence that close digital gaps and enable agile digital transformation.
    Innovating across the value chain to modernize capabilities around product development, risk assessment, sales, claims handling, driving increased efficiency, accuracy and a seamless customer experience.
    Developing risk-sharing partnerships to support clients in the confident and compliant adoption and operationalisation of digital solutions that unlock the potential of new business opportunities.

    Munich Re provides a variety of digital solutions across the Life and Health insurance value chain, with local, regional or global applicability:

    Our regional AI team provides clients with next generation risk assessment products and solutions driven by data, AI, technology and Munich Re’s deep domain expertise. As the next generation of underwriting, Augmented underwriting with AI augments traditional underwriting (rule engines, human underwriting) with data and multiple AI models to transform customer experiences and increase underwriting automation while balancing the risk implications for future claims from AI models.

    Our team comprises expert-level data scientists with deep experience specifically in insurance to drive disruption across the insurance value chain with AI from sales, to underwriting to claims. Our deep domain knowledge of insurer rule engine and back-office data, machine learning and deep learning model development, model performance optimization, management of AI risk implications, coupled with Munich Re’s cloud-based MLOps technology platform to deploy, monitor and maintain AI models in production, reliably, efficiently and at scale, allow us to deliver disruptive, yet transformative value to our clients.

    Munich Re provides expert and bespoke product development services through our dedicated network of global, regional and local product development teams. We look beyond pure product development, instead considering the entire insurance value chain, including underwriting, pricing and claims management to develop innovative yet bespoke new products and solutions which are directly relevant to the observed needs of our clients’ specific target customer groups. 

    Beyond our traditional insurance propositions, we are also invested in the development of new propositions aimed at making smart and effective use of all available data sources. Our Digital Solutions-based proposition innovation approach follows our unique data-led proposition innovation framework. This framework combines our medical and research capabilities with our expertise in traditional product development and the smart use of data (through our best in class data analytics capabilities) to develop new, relevant and bespoke products directly addressing identified customer needs.

    Our dedication to supporting our clients in accepting reinsurance risk includes supporting our clients in the development of digital product strategies and roadmaps, and ultimately, the acceptance of insurance risk via traditional quota share and surplus arrangements to ensure that we are invested in a mutually beneficial long term partnership.

    Munich Re supports life and health insurers looking to transition to the next generation of underwriting through augmenting underwriting with artificial intelligence (AI). By using a combination of AI/predictive/machine learning models and data to augment existing underwriting processes, our expert teams help insurers streamline and reinvent traditional processes to provide a more frictionless process. Key improvements that drive this include increased straight-through-processing (STP) rates, accuracy of risk selection, in addition to reduction of referral processing efforts and customer acquisition costs. Insurers can also expect an improvement on profitability through a reduced impact from of anti-selection.

    With our automated underwriting rules capability, our focus is to continuously improve the customer experience and help insurers achieve operational efficiency in the digital transformation of their business. Munich Re provides an established and sophisticated underwriting ruleset to insurers as they embark on their automated underwriting journey. A team of expert underwriting rules consultants work closely with our clients to tailor the underwriting rules to their philosophy and business needs.

    A central pillar of risk management for life insurance, Munich Re innovates the claims process to help insurers operate more quickly, fairly and transparently. Our focus on data analytics and artificial intelligence enables detailed data analyses to identify and manage process inefficiencies to enable insurers optimum decision-making certainty, reduction of administrative and processing costs and improvement in response times. Our data-led approach and comprehensive service portfolio paves the way for insurers to transition to digitalised claims assessment and helps them leverage their data to better manage their portfolios in a safe and systematic way.
    Our dedicated health solutions arm, MR HealthTech, are specialists in developing innovative digital solutions for the health insurance industry. As one of the few companies in the world to specialize in digital software solutions for the health insurance industry, we understand your pain points, speak your language, and anticipate your changing needs. With solutions such as MEDNEXT, an end-to-end health insurance management system, SMAART for portfolio monitoring and reserving, as well as SHIELD for medical claims adjudication and fraud detection, we provide the tools to transform your business and accelerate growth. 

    Interested to know more about our solutions?
    Get in touch with us today.

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