Extending your product portfolio
Consultancy for product development, mobility concepts and connected insurance solutions
In many industries, customers are becoming more and more used to an easy to use end-to-end service solution. Insurance companies need to develop propositions in order to meet those expectations and stay relevant to their clients. New products, product variants, new markets – novel product propositions like connected insurance products offer insurers a great deal of potential.
Why you should partner with us
- We have extensive experience helping companies co-develop product propositions in all lines of business sold via offline and digital channels
- We help you design customer-centric products by using different methodologies such as Design Thinking
- We plan your roadmap to launch and guide you along the way to reach the best outcome
- We have a comprehensive list of partners that enable you to “go to market” quickly
Our offer includes, but is not limited to:
- The complete range of connected insurance, from the idea to the ready-to-go solution. We have partnered up with one of the leading Telematics Services Providers. Together, we can offer you preferred access to state-of-the art technology and superior scoring services.
- Strategy Development: Using respective technology to support your overall business strategy, developing customer-centric insurance solutions that go beyond old telematics that mainly focused on hardware devices, creating more touchpoints to your customer and becoming increasingly relevant in their everyday life
- Service Provider Selection: Finding the right technology provider to support this initiative
- Product Development: Building a compelling customer proposition to address target segment, supporting customers in improving their driving behavior
- Product Testing & Launch: Quality assurance of product for market readiness and preparation for launch
- Data Analytics & Monitoring: Monitoring the progress and utilizing all big data collected
- Risk Modelling & Technical Price: Translating telematics data into a risk model, also to be equipped for more flexible, on-demand and personalized insurance products in the future
- Together with Munich Re’s global expertise, you start the journey of progressing traditional motor insurance into mobility insurance.
- New technological developments in the automotive segment like advanced driver assistance systems, autonomous or electric vehicles entail a significant change in risk. With motor insurance as a significant line of business for many companies, we help to understand new technologies in order to avoid inferior pricing and underwriting.
- We support in developing new insurance solutions that address the changes in mobility behavior and in utilizing mobility platforms as new potentials for revenue streams. Car and ridesharing platforms are already offered in many markets, but respective insurance products need innovative solutions in order to assess the risks properly.
- Whether you’re launching tried-and-tested products, new ones, or would like to tap in to new markets: we support you from the initial product ideation to its successful launch in the market.
- Providing answers to the following questions and supporting you along the value chain: Am I offering the right products?, Am I reaching the target segment?, Which new products would suit my customers?, What will make my new products a success? and Is my product pricing structure accurate?
- Providing, developing, challenging and prioritising ideas
- Our one-stop service: Conception, designing, testing, and launching. We help you in developing your products and getting them on the road – including with pricing and wordings.
- Monitoring key performance and sales indicators as success factors
- Sharing our international expertise, providing hands-on-support during development and implementation and being your go-to person for all related challenges
- Developing digital SME bundled products tailor-made for various target groups
- Advancing from single risk to target group underwriting, focusing on client’s needs
- Combing Munich Re’s insurance suites and expertise to a full cycle digital SME offering
- High automation leading to high flexibility and low admin costs
- Enabling digital sales targeting different distribution channels