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Munich Re’s cutting-edge telematics solution
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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.

Munich Re RE-drive app product image with two QR Codes

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

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.
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.
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.
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.
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.
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.
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.
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.

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Meet RE_drive

Meet RE_drive, our connected insurance app

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Contact our experts
Falk Albers
Falk Albers
Partner
Lea David
Lea David
Senior Engagement Manager
Insurance Solutions
Dr. Roxane Steinacker
Dr. Roxane Steinacker
Associate Consultant
Weihao Choo
Weihao Choo
Partner - Regional Head Asia Pacific