Munich Re has teamed up with Sapiens International to help primary insurers better target the commercial insurance market and aid post-Covid economic revival.
The companies will offer technology-led consultancy and services to small and medium-sized enterprises in the UK.
Munich Re and Sapiens also plan to roll out these services in the Nordics and South Africa.
The partnership aims to provide a modular and scalable technology that will allow insurers to provide bespoke solutions to the commercial insurance market.
Gunther Rempel of Munich Re’s Global Consulting business advisory said: “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.”
The companies noted that the commercial insurance market is one of the fastest-growing insurance sectors in the UK but this market remains underserved.
Sapiens president and CEO Roni Al-Dor said: “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.”
In April this year, Munich Re partnered with AI-driven insurtech Akur8 to enhance the pricing capabilities for its Global Consulting Unit.