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, and 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.
“We’re thrilled to launch our next-generation AI-augmented underwriting Predictor platform, which is a critical evolution for insurers powered by data, technology, and AI. We believe combinations of rules-based analysis, third-party data, and AI should work together flexibly, seamlessly, and transparently to meet the very highest expectations of insurers, distributors, and consumers.” Mayne said.
Munich Re’s AI solutions are now available to live and health insurers in Asia Pacific, the 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.
Elsewhere in AI developments, Cytora CEO Richard Hartley recently spoke to Insurance Business about the technology’s impact on the risk management space as well as its effect in the shifting tides within the sector.