Business Building – Partnerships to build the insurance of tomorrow

Digitalisation has not only profoundly changed our private lives, but has also affected the business models of a wide range of sectors. The insurance industry is therefore challenged to keep pace with these developments and find opportunities for innovation.

The prevalence of new business models and the application of novel technologies that resolve common pain points has led to increased expectations from both consumers and key players within the industry. This demand has been met to varying extents by the emergence of innovative propositions developed by existing primary insurers and a rise in InsurTechs.  

However, these new ventures also commonly find themselves, at some point, facing certain limitations in reaching their growth ambitions. For example, extensive regulatory requirements and widely differing licensing obligations can make expansion into new markets tricky. Dynamic risk-adequate pricing and effective claims handling processes are often more complicated to set up than initially envisaged.

These limitations conflict with the typical priorities for many new business propositions, which often, also rightfully, focus on customer needs and ease of access. Yet sustainable success for a new insurance venture fully requires a robust and high-quality solution which can easily adjust to market changes and is consistently managed and improved. 

This is where Munich Re’s Business Building comes in. We advise and support you throughout the value chain in creating and launching new solutions. We want to be your truly reliable, long-term partner. We do not only advise and support during the project and onboarding phase, but are also willing to participate in the implementation and hence buy into the venture’s success. We follow a “skin in the game” approach that includes our backing as capacity providers. This means that we are committed to actively take risks and continue to work with you after go-live, in order to bolster your solution long-term. 

In addition to the capacity of one of the world’s leading reinsurers, you benefit from our wide scope of expertise. This includes data analytics, advanced underwriting-, professional actuarial pricing- and claims consulting. The subsequent graphic presents a high-level overview of what we have to offer. The kind of services and level of expertise required to fit the project’s needs will always be individually assessed and secured before project kick-off.