Munich Re has partnered with Sapiens International Corporation, a provider of software solutions for the insurance industry, to offer technology-led consultancy and services that will enable primary insurers to better serve the commercial insurance market.
Initially focusing on small and medium sized businesses in the UK, the partnership also plans to expand out to the Nordics and South Africa.
Together, Munich Re and Sapiens will work with insurers to help them better target the commercial insurance market, which is viewed as one of the fastest growing sectors in the UK, but which remains largely underserved.
The joint offering aims to provide modular, scalable technology that will enable insurers to tailor offerings to the growing SME sector and actively contribute to the post-COVID-19 recovery phase.
“Together with Sapiens, Munich Re´s Global Consulting Business department will support insurers’ efforts to implement and grow through the provision of expertise, assistance with product development across multiple lines of business and, where appropriate, reinsurance capacity,” said Gunther Rempel of Munich Re´s Global Consulting business advisory.
“We intend to provide a series of practical steps for strategy enablement through a consultative approach. With our combined innovative strength, Munich Re and Sapiens have identified a common area of development and intend to play an active role with the insurer to solve their problems and participate in the results of the joint journey.”
Roni Al-Dor, Sapiens president and CEO, also commented: “With Sapiens leading-edge tech solutions, such as Sapien’s award winning IDITSuite and IDIT Go, the deep domain knowledge and consulting capabilities from Munich Re and their intent to share the risk with reinsurance capacity, we are empowering insurers to contribute to the post-COVID economic recovery by supporting SMEs.”
“Sapiens solutions enable insurers to offer and distribute the right products to the right customers, enable self-selection and recommend coverage based on similar business selections. We are very proud to partner with Munich Re starting this journey.”