MIRA Digital Suite: the future of life insurance has begun
With Munich Re’s MIRA Digital Suite for life insurers, clients can take advantage of all the opportunities that digitalisation offers. Its services are the key to efficiency, product innovation and new groups of customers: MIRApply for medical queries during the application process and CLARA (Claims Risk Assessment) for disability claims settlement. Karsten Steinmetz, Head of Medical Research and Development, is interviewed about strategies and opportunities.
approx. 3 minutes
TOPICS online: How did the idea for MIRA Digital Suite come about, and what’s its current status?
Karsten Steinmetz: The starting point was one of the biggest obstacles in our clients’ business process – medical queries in the application check. In their present form, they delay the application process tremendously, are too labour-intensive and often inconsistently evaluated. In order to solve these challenges for our clients during the sales process, two years ago we began to develop MIRApply.
Since the end of 2017, MIRApply has closed the final gaps in the digital application process of our first insurance clients. That was also when, in parallel with CLARA, we started to adapt a claims assessment concept of our Australian colleagues for the German market and were able to benefit from the experience we had just gained with MIRApply. So that was how the platform concept and finally the MIRA Digital Suite came into being. Both of the solutions currently on offer have been rigorously tested by leading market players and are being used successfully.
With the new services then, insurers are massively reducing the effort and expense involved in processing applications and claims. Anything else besides?
Steinmetz: With the MIRA Digital Suite, we offer – in a very agile and needs-based manner – services that address our clients’ problems with the digitalisation process. MIRApply and CLARA are just the start. We are digitalising our know-how and making it available to our clients in the form of machine-readable rules and, in the medium term, also using artificial intelligence. The resulting efficiency gains are enormous. CLARA, for example, halves the average time taken to settle disability claims, from 200 to 100 days. In an ideal situation, claims can be processed and completed in only five days.
Just as important though are the opportunities for growth that we provide for our clients with the MIRA Digital Suite. For example, the platform enables insurers to reach new groups of customers among millennials (Generation Y), by working with us to create new, digital, data-based and tailored products, and also make them available digitally. Nowadays, customers rightly expect more than pages and pages of application forms that have to be filled in by hand. Here, with our digital suite we provide insurers with a real competitive edge in sales – through immediate efficiency benefits and opportunities for growth.
As far as new products and business models are concerned, what ideas and plans do you already have for the future, and where might the MIRA Digital Suite take us?
Steinmetz: Using the MIRA Digital Suite, we will generate new, consistently structured data. These come together from different areas such as Underwriting and Claims onto a single platform, thereby allowing new and much more precise insights to be gained than would be possible from looking at them separately. Together with our digitalised know-how, in future such insights will also allow us to devise completely new forecasting and prevention models. This shows that the MIRA Digital Suite is not only a business accelerator for our clients but also a very powerful innovation platform which can be used flexibly according to the individual digitalisation strategy.
How flexibly can the services bundled into the Suite be used by insurers?
Steinmetz: The choice is up to our clients. We offer them the modules individually too, at fair terms and conditions. The platform’s added value naturally increases where several modules are used together – for example, through more comprehensive analyses, deeper insights, coordinated processes and common interfaces. Clients can now choose powerful individual modules from the MIRA Digital Suite according to their needs, but don't end up with isolated solutions. Instead, they secure access to an intelligently networked overall concept that can be upgraded anytime and smooths the way into the digital future of life insurance.
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