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Product innovation
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Product innovation with Munich Re

New solutions for changing customer demand: innovation is the driving force for new business

New products for new everyday realities

New products for new everyday realities
© Scanderbeg Sauer Photography

Medical advances, new technologies and trends in society are changing our everyday realities. Individual risks are consequently shifting – and so are people’s insurance needs.

For insurers, this represents both a challenge and an opportunity, as only those that have the right solutions in their portfolios will remain competitive and profitable. We can support you with this: on a partnership basis, with great expertise, concepts fit for the future, and shared risk.

Co-creation – from idea to product launch

Innovation is integrated into our system – when developing products, we think things through with you from the end customers’ perspective. How do they live? What risks are of concern to the target group, what channels do they get their information from, and what product profile is best suited to them?

We find the answers to these questions together and in an agile way. To do this, we rely on an approach that is both experimental and exploratory, developing products iteratively and without any fixed expectations as to the results. In this way, we avoid wasted investments and help you make a success of the product innovations created: from initial idea to product design and pricing, and on to implementation and the training of your employees. 

Innovation on demand: Munich Re product concepts

Risk levels and client requirements are subject to change. That’s why we’re constantly developing new products. Our goal is to create long-term security. So we’re always questioning the status quo. We identify changes to our clients’ needs, respond promptly and find new solutions to handle new risks. We work with our clients to create security – by developing products that are flexible, fair, transparent and easily accessible.

The scope of options ranges from preconfigured to customised. We offer you innovative plug-and-play concepts like “Budget DI” or “Time to Change”, which enable you to hold up quickly and reliably against the competition. We are also happy to support you with strategic new developments and tailor the product design to your requirements – for example to sales targets, margin expectations or rating requirements. In addition, we offer modular and flexible product solutions featuring occupation-specific and interest-specific benefit modules, for example, or flexibly modifiable levels of protection. 

Traditional disability insurance products from primary insurers are far from comprehensive when it comes to providing full protection for all working people. For instance, traditional disability insurance products are often simply unaffordable for craftspeople, those on low incomes, people working in uninsurable professions (such as artists) and people with pre-existing conditions. Others consider disability insurance to be too complicated or too opaque.

Potential clients who fall into these categories need innovative new disability products that are tailored to their specific everyday realities. We can work with you to develop the relevant product concepts, combining various risk types and product elements in a way that meets your clients' requirements. This might include cover for critical illness, disability, activities of daily living, accidents, incapacity for work, and care.

This new combination of elements results in product innovations that we then integrate into your organisation in a manner that guarantees seamless processes from sales right through to claims management.

Is your product range as flexible as your clients? If not, you should make changes in order to support growth. Young digital natives, for instance, also want insurance cover – but for shorter periods that they find more manageable, easier to finance and simpler to purchase. Our dynamic solution: Flexible Life.

We can help you to expand your portfolio by adding dynamic insurance solutions. Our products adapt flexibly to your clients' personal and professional circumstances, and cover specific life phases such as a changing employment situation, health issues or securing the future of their children. And, of course, it's all managed online, and contracts can be signed via your smart digital channels.

Demand for traditional lump-sum life insurance products is low in light of sustained low interest rates. The situation is somewhat different with term life products. They are enjoying consistently high demand and offer a range of attractive benefits that appeal to various target groups:

  • Fixed term of five, ten or twenty years, for example
  • Low costs; no savings component
  • Protection for surviving dependants in the event of death, e.g. for the deceased's children until they come of age

Various compositions are possible. Using our knowledge, actuarial expertise and product components that are effectively ready-to-use, we can help you to implement solutions that are tailored to your target group. 

The market for critical illness products is growing worldwide. And the reason? Medical progress means that client requirements are changing rapidly. Nowadays, more and more people are surviving even the most serious illnesses – such as cancer, heart attacks and strokes. Demand has never been higher for insurance solutions to cover life situations of this kind, protecting against loss of income and high healthcare costs.

We can provide products that help you meet this demand – tailored to your target group and individually matched to your risk and sales objectives. Our product design supports almost limitless opportunities, including defining the illnesses that trigger a claim and the nature and scope of benefit provision (i.e. a one-off lump sum or dynamic regular payments), plus linking claims to a specific degree of disability.

The available scope is huge. Munich Re has the experience, expertise and data to develop and manage critical illness products throughout the entire value chain on a global scale. 

The name says it all: The ADL products that we have developed protect people against the financial risks that may arise from the loss of basic faculties such as walking, lifting, carrying or using one's hands. In the case of people who have physically strenuous jobs, this often means that they are protecting their very livelihoods.

Our ADL product concepts mean that you can offer cost-effective alternatives to traditional disability insurance for target groups that might previously have gone largely unnoticed. We use our actuarial and professional knowledge and our extensive risk check and claim assessment experience to guide you through the implementation process, as well as providing the necessary expertise to support the relevant sales and marketing activities. 

Time to Change is our newly developed product concept. It serves to bridge the gap between disability insurance at the top end of the product scale, and personal accident insurance at the other end.

The benefit triggers are defined in clear and simple terms, and medical justification is required for every claim. Mental health conditions are excluded. Providers can customise the product design, e.g. by adding critical-illness components and performance triggers. 

3 reasons to develop new products with Munich Re

Data is the raw material for successful product development. Munich Re has access to a unique abundance of this raw material
Munich Re brings together experts from the relevant subject fields to develop product innovations in client-specific project teams
International experience enables a global transfer of ideas. Munich Re has a wealth of such experience and actively draws upon it