Munich Re’s cutting-edge telematics solution

Innovate and improve your book of business with a proven, fully customizable or white-label app solution and our comprehensive consulting services

We offer hands-on support throughout the entire product development and technical implementation process. Our experienced team of motor experts is at your side from business case to product ideation, to market launch and beyond.

You benefit from in-depth strategy consulting, strong insurance and technological expertise, and vast project management experience.

Our aim is to improve your profitability and portfolio quality, boost your competitiveness, and increase your customer-centricity with our innovative, tailored and technologically advanced telematics product.

We offer you access to state-of-the-art technology and superior risk scoring services and ensure that you can take full advantage of the product, implement it successfully, and achieve your goals.

Our telematics product can be implemented as a plug-and-play white-label telematics app or as a fully flexible Software Development Kit. The latter implements our full Telematics functionality within clients’ existing insurance app and therefore allows a fully customizable user interface and experience.

RE_drive App

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Why Usage-Based Insurance (UBI)?

UBI is nothing new, so why is it a strategic topic?

UBI has been around for more than a decade, but only in the past few years have technological advances, improved connectivity and wider customer acceptance fostered its quality and adoption.

Today, telemetry, user behaviour data and mobility monitoring can enhance the entire insurance value chain, fuel new product developments, and enable new business models.

The macroeconomic developments over the past few years have greatly increased the volatility of end customers’ behaviour, which makes it more important than ever to adequately monitor your portfolio, to engage with your customers, and to develop pricing based on customer behaviour and real-time insights. In this respect, UBI holds substantial innovative potential and offers a range of benefits for insurers:

Risk Assessment

Retention

Claims

UBI reduces the information asymmetries between insurers and their customers. Comprehensive measurement of driver characteristics and state-of-the-art scoring algorithms are used to accurately predict customers’ individual risk, thereby improving risk selection and pricing.

Customer bonds are strengthened by the customer-centric setup of a telematics product. It engages customers by rewarding them for safe driving, and enables them to check for themselves if they believe that standard pricing rules don’t accurately reflect their risk profile.

The fact that UBI helps to steer customer behaviour in the desired direction not only increases customers’ safety, but also improves First Notice Of Loss [FNOL] and reduces your claims costs, both indemnity and expenses.

We support you with each of these topics and make sure you get the most out of your telematics book of business:

Our tried and proven consulting approach in a nutshell

Strategy Development

Our experienced motor experts help to advance your short- and long-term business strategy and develop a feasible business case. We support you in creating lasting customer relationships, in steering your portfolio in the desired direction, and in delivering on your strategy. We help to make your portfolio and product offering futureproof and support you in your transformation from reactive insurer to a proactive, integrated risk partner for your customers.

Product Development

We provide the knowledge, experience and technology needed to develop customer-centric insurance solutions that best match your target segments and create valuable customer touchpoints. You also benefit from our global expertise in pricing, underwriting, and product design.

Technical Implementation

Together with our partner The Floow and their experienced technology experts, we implement proven and fully customizable telematics solutions on the basis of highly advanced software development kits, scoring algorithms, and reporting services. The solutions are built on cutting-edge, proven technology.

Insurance Risk Scores

Our solution translates the collected driving and behavioural data into easy-to-understand risk scores. Telematics data and superior risk scoring are then linked with insurance policy and claims data. This offers valuable insights, allowing you to take actionable decisions and improve your book of business. Once client data is added, we create powerful intellectual property (IP) for our insurance partners.

Product Testing & Launch

A dedicated project team delivers continuous quality assurance for the product until it is market-ready and supports the preparation and execution of the launch. We follow our best-practice testing schedules, which are focused on the technological back-end, product concept, and user experience assurance.

Data Analytics & Monitoring

We offer a fully customizable and easy-to-launch portfolio monitoring and analytics platform. This sophisticated and powerful monitoring tool offers customizable dashboards in various granularities and hence empowers you to monitor and proactively steer your telematics portfolio.

Actuarial Support

Clients are granted access to our Pricing & Actuarial Consulting practice, which offers comprehensive support with translating telematics insights into pricing decisions. We help you convert the collected telematics data into a risk model to offer more flexible, personalized insurance products in the future. This strategy of learning and adapting rapidly increases our clients’ competitiveness and enriches the value of the partnership.

Reinsurance Capacity

To demonstrate our confidence in the quality of our services, we are open to providing reinsurance capacity for the consulted products. This financial flexibility enables clients to grow, enter new markets and leverage more new business opportunities.

We have established a long-term strategic partnership with The Floow as a leading telematics & analytics service provider

The Floow - From detect and repair to predict and prevent / Making mobility safer, smarter and cheaper for all

The Floow, part of NASDAQ-listed Otonomo Technologies, is our trusted partner since several years. The Floow follows the clear vision to make vehicles safer, smarter and cheaper for all.

The Floow has developed superior risk scoring techniques, a crash detection algorithm, and sophisticated software solutions. From day 1, The Floow has been driven strongly by scientific research, particularly computer, data and social sciences. They deliver the highest quality telematics technology and services in a uniquely, customer-focused manner, which not only benefits clients, but also delivers great value to drivers and other road users.

The hybrid project approach of Munich Re and The Floow allows us to focus on our core expertise and, together with our clients, to generate synergies that produce best-in-class solutions adjustable to the clients’ needs.

Download our Use Cases

From traditional to integrated MaaS insurance provider

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From traditional to integrated insurance provider

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From follower to leader

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From offline to connected

Meet RE_drive

Meet RE_drive, our connected insurance app

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Would you like to know more?
Get in touch with our experts right away

Contact our experts

Falk Albers

Partner - Practice Lead Commercial Motor & Mobility Consulting / Insurance Solutions

Falk is a Partner in the Global Consultant team, based in Munich, Germany. He has got 15+ years insurance industry experience, holding positions in the UK market with Direct Line Group and consulting primary insurance companies globally for the past 7 years out of Reinsurance. His expertise and domain knowledge spans across the value chain of motor and mobility insurance with a focus on digital and connected products and services. He is currently leading Commercial Motor & Mobility Solutions within the Global Consulting team.

Phone: +49 (89) 3891-5121

Email: falbers@munichre.com

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Lea David

Senior Engagement Manager / Insurance Solutions

Phone: +49 (89) 3891-3992

Email: ldavid@munichre.com

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Dr. Roxane Steinacker

Associate Consultant / Insurance Solutions

Roxane is based in Munich and within Munich Re’s Global Consulting Unit she serves telematics clients in the Middle East, North America, Asia and Europe. Roxane is the co-product owner of Munich Re’s telematics monitoring & analytics platform. She holds a doctorate in insurance, focused on moral hazard in insurance markets and parametric insurance. During her doctorate, Roxane held lectures on risk, (re-)insurance and business plan development. She has additional work experience in insurers’ digital transformation, insurance digitization, and transaction consulting.

Phone: +49 (89) 3891-5505

Email: rsteinacker@munichre.com

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Weihao Choo

Partner - Regional Head Asia Pacific / Insurance Solutions

Weihao currently leads the Global Consulting Unit based in Singapore, supporting insurance clients across Asia-Pacific to grow their portfolios through product innovation and analytics. Weihao is a qualified actuary and has worked in a variety of insurance and consulting roles across Asia Pacific. Weihao is passionate about the importance of insurance in promoting risk reduction and improving socio-economic outcomes in both developed and developing markets.