Consulting of new business models and development of insurance platforms
Global Consulting goes beyond traditional reinsurance activity. Our aim is to consult insurance companies and those interested in entering the business about new and emerging subjects in their respective fields, define ways to improve their existing business as well as identify value adding supplements to their current insurance portfolios. We act as an experienced sparring partner for many strategic decisions to be made in an insurance operation. We identify the right markets, including niches while successfully and strategically steering insurance operations.
To create new revenue streams, insurance companies need to adopt what successful the platform players are doing right. The pace of digitalization in the insurance industry has tremendously accelerated thanks to the production and availability of data and the increasing power of artificial intelligence. The broad use of technology in a customer’s life has become the new standard.
For insurance companies to compete in this digital era means to re-think the legacy business model and adopt a platform or ecosystem view. We support you in building strategies that put the user at the center of everything you do, unbundle your services and connect data across all your services.
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Our offer includes but is not limited to:
- New class of business, completely transforming an existing business, going to another country or into a new geographical region
- Technical, actuarial and legal know-how in all non-life classes of business and their special features
- Market know-how and expertise, including in-depth analysis of advantages and disadvantages of specific insurance markets
- Local underwriting support from Munich Re specialists including specific guidelines and rules as well as the identification of (un)attractive market segments
- Business plan and set-up support, including the refinement of the general strategy for new markets
- Regulatory support which makes use of global Munich Re contacts to gain easier access to important stakeholders in various insurance markets
- Support with M&A activities, including due diligences and portfolios assessments
- International benchmarking services
- Co-development and execution of tailor-made strategies that increase profitability and efficiency
- Support of start-ups from scratch to starting operations by advising them on each and every aspect along the insurance value chain
- Development of digital business models and multi-country platforms, including business technologies and architecture
- Leveraging technological advancements such as artificial intelligence, big data and analytics to reduce costs, increase efficiency, and improve customer experience.
- Ecosystem of trusted partners to support digital processes and solutions
- Support in selecting and onboarding of suitable technology partners, both from Munich Re Group and externally
- Thanks to our frequent monitoring of new and established service providers and our quality assessment and project expertise, we can vouch for their capabilities.
- The spectrum includes business technologies such as pricing engines, policy admin systems, telematics solutions, claims process automation, fraud services and others
- Agency steering and broker management, including alignment of strategies and KPIs
- Improvement of customer loyalty, conversion rate optimization and gaining competitive advantage from advanced analytics
- Smart customer journey and enhanced customer experience
- Mapping out and development of digital sales channels
- Integration with existing partners (banks, retailers, etc.) and establishing the right remuneration schemes
- Improving both, the effectiveness and efficiency of your processes: addressing price-sensitive customers and streamlining processes. By combining these two, your service level grows while saving on resources.
- Identifying flaws in the customer experience and re-designing the processes to eliminate those pitfalls
- Looking for any possibility to reduce complexity, standardizing business processes, eliminating redundant activities and improving operational efficiency
- The winners: your customers, who get a better service