Munich Re’s Risk Management Partners is teaming with CGI, the business and IT consulting services firm, in a move that is set to help insurers reduce claims, increase profits, and drive long-term value through climate risk mitigation.
This partnership between the two firms will combine Munich Re’s Location Risk Intelligence Platform with CGI’s climate risk mitigation offerings, in order to help insurers minimize the impact of climate change on their business models and profitability.
In addition, the partnership will allow insurers to access decision support data to help advance their risk management policies and practices.
As a result, this can help enable better decision-making, such as: pricing adaptations that are more closely aligned to the claims experience, identification of main risk concentrations based on granular location assessments, key performance indicators for each customer based on climate impact models and measurements, as well as risk mitigations related to natural hazards and climate change across the globe.
Further, it has also been confirmed, that CGI will also manage the delivery of Munich Re’s Location Risk Intelligence solution to insurers, covering every stage of implementation.
Benoit Leboucher, Senior Vice-President Consulting Services at CGI, commented: “CGI has developed a broad range of offerings focused on monitoring and helping insurers anticipate and address the impacts of climate change, from assessing risks and damage from natural events to implementing practical strategies that turn potential risks into strategic advantage. This collaboration will contribute to a more sustainable, resilient and profitable insurance industry, notably as we help insurers manage, measure and create visibility on the outcomes of their initiatives.”
Christof Reinert, Head of Risk Management Partners at Munich Re, said: “We are delighted to join forces with CGI in helping insurers address increasing climate risks. Climate change and the need to drive forward sustainability actions will continue to grow in importance, and insurers are looking for proven expertise and innovative solutions to respond to these trends. Our combined offering will deliver the comprehensive climate risk mitigation capabilities insurers need.”
