Munich Re’s REALYTIX team has recently unveiled a groundbreaking addition to its REALYTIX ZERO platform: the GenAI-Co-Pilot, a cutting-edge generative AI function poised to revolutionize insurance product development for clients.
Representing Munich Re’s inaugural foray into operational generative artificial intelligence, this innovative tool aims to streamline and expedite the creation of tailored insurance products for various stakeholders, including primary insurers.
At the heart of this advancement lies the AI assistant’s ability to swiftly process user inputs, or prompts, and transform them into comprehensive insurance product proposals. By harnessing the power of the REALYTIX platform, these proposals can be swiftly refined, approved, and implemented via an intuitive online product studio, significantly reducing turnaround times to mere hours.
Florian Niklas, CEO and co-founder of REALYTIX ZERO, emphasized the significance of this launch as a pivotal milestone for the company. Since its establishment in 2018, REALYTIX ZERO has distinguished itself as a cloud-based underwriting platform, leveraging Munich Re’s extensive underwriting expertise to catalyze the digitalization and automation of underwriting processes for insurers, MGAs, and brokers alike.
By enabling seamless integration with Munich Re’s capacities, the platform empowers entities to digitize their offerings and expedite business operations through digital channels. Notably, Munich Re underscores that this automation not only elevates the quality and consistency of product designs but also drives down development costs while enhancing transparency in product logic and premium calculations.
With a global clientele exceeding 50 in the non-life insurance sector, the REALYTIX platform has already made significant strides in reshaping industry standards. Munich Re remains committed to refining the GenAI-Co-Pilot’s capabilities based on user feedback, with the integration of generative AI poised to further streamline operations, foster broader automation, and unlock substantial cost savings across the insurance landscape.
