Munich Re seeks to help insurers target 'underserved' commercial market
Germany-based global reinsurer Munich Re has partnered with insurance software solutions provider Sapiens International Corporation to help insurers target the "underserved" commercial insurance market and promote the post-pandemic economic recovery.
The partnership will offer technology-led consultancy and services to enable primary insurers to better serve the commercial insurance market (small and medium sized businesses) in the UK, thereafter expanding to the Nordics and South Africa.
The commercial insurance market is one of the fastest growing insurance sectors in the UK, the companies said. Yet, until now this market has been underserved, with very few insurance packages tailored to the unique needs and requirements of this segment.
Together, Sapiens and Munich Re will work with insurers to help them better target and address the market quickly. The joint offering aims to provide a modular, scalable technology refresh that empowers insurers to tailor offerings to the growing SME sector and actively contribute to the post-COVID-19 recovery phase.
"We intend to provide a series of practical steps for strategy enablement through a consultative approach," said Gunther Rempel (pictured) of Munich Re's Global Consulting business advisory. "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, said: "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."
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