Munich Re has partnered with Sapiens Worldwide Company, a supplier of software program options for the insurance coverage trade, to supply technology-led consultancy and providers that can allow major insurers to higher serve the business insurance coverage market.
Initially specializing in small and medium sized companies within the UK, the partnership additionally plans to broaden out to the Nordics and South Africa.
Collectively, Munich Re and Sapiens will work with insurers to assist them higher goal the business insurance coverage market, which is considered as one of many quickest rising sectors within the UK, however which stays largely underserved.
The joint providing goals to offer modular, scalable expertise that can allow insurers to tailor choices to the rising SME sector and actively contribute to the post-COVID-19 restoration section.
“Along with Sapiens, Munich Re´s World Consulting Enterprise division will assist insurers’ efforts to implement and develop by means of the availability of experience, help with product improvement throughout a number of traces of enterprise and, the place applicable, reinsurance capability,” stated Gunther Rempel of Munich Re´s World Consulting enterprise advisory.
“We intend to offer a sequence of sensible steps for technique enablement by means of a consultative strategy. With our mixed progressive power, Munich Re and Sapiens have recognized a standard space of improvement and intend to play an lively function with the insurer to unravel their issues and take part within the outcomes of the joint journey.”
Roni Al-Dor, Sapiens president and CEO, additionally commented: “With Sapiens modern tech options, reminiscent of Sapien’s award profitable IDITSuite and IDIT Go, the deep area data and consulting capabilities from Munich Re and their intent to share the chance with reinsurance capability, we’re empowering insurers to contribute to the post-COVID financial restoration by supporting SMEs.”
“Sapiens options allow insurers to supply and distribute the correct merchandise to the correct prospects, allow self-selection and advocate protection primarily based on comparable enterprise choices. We’re very proud to companion with Munich Re beginning this journey.”