Reinsurance News

Munich Re implements new surety solution

28th June 2022 - Author: Pete Carvill

Munich Re Specialty Insurance has implemented into production Bond-Pro’s Next Gen surety solution, according to the firm.

Munich ReIn a statement, it said that it was bolstering its technology infrastructure with a best-in-class surety automation solution cloud offering via Bond-Pro’s SaaS platform.

Munich Re Specialty Insurance reportedly began offering contract and commercial surety bonds in May this year. Implementation took less than 90 days.

Dave Pesce, Head of Surety at Munich Re Specialty insurance, said: “Service, speed and flexibility are at the core of our value proposition to the surety market, and our offering requires a strong technology foundation to deliver on that. As Munich Re continues to grow our surety business, our focus is to drive automation and manage underwriting risk.”

Next Gen is a surety automation and management software program that looks to drive greater premiums, improve underwriting efficiency, reduce costs, and mitigate risk.

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Chris Leblanc, chief product and technology officer at Bond-Pro, added: “All insurers focus on ease of use and speed-to-market as a differentiating factor. But what MRSI has accomplished is unprecedented – they have built a fully-operational business offering from the ground up in less time than many insurers, still tied to legacy systems, take to make a small change to a single insurance product. Bond-Pro is excited to support MRSI in this endeavor and help them as they grow and expand.”

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