Reinsuring giant Munich Re has unveiled a next-generation AI-augmented underwriting solution, powered by the firm’s Automation Solutions’ new Predictor tech platform.
Utilizing the AI underwriting solution addresses several key challenges in today’s market, including convenience, time, and intrusiveness. The platform leverages the combined prowess of both AI and data to improve customer experience, operational efficiency, risk selection, leading to growing profits for life and health insurers.
Predictor, which powers the solution, is also integrated with other automated Munich Re solutions like ALLFINANZ, SPARK, and NOVA. Through the proposition, the reinsurer handles the end-to-end process of AI model development, deployment, monitoring, management, and maintenance. Munich Re will also offer reinsurance on policies underwritten by these AI models as an optional service to further support insurers and provide alignment of interest and peace of mind.
Munich Re Automation Solutions CEO Ross Mayne said that the development represents another significant step forward for the industry, as well as reaffirming the reinsurer’s commitment to supporting its clients.
Munich Re’s AI solutions are now available to life and health insurers in Asia Pacific, Middle East, and Africa. The firm plans to present the proposition during the InsureTech Connect Asia 2023 conference in Singapore, where Munich Re is a gold sponsor.
