The new function marks Munich Re’s first deployment of generative AI in an operational setting. Credit: chrisdorney/Shutterstock.

Munich Re has unveiled a generative artificial intelligence (AI) function, the GenAI-Co-Pilot, on its REALYTIX ZERO platform.  

This is set to assist clients, including primary insurers, in creating specialised insurance products with greater efficiency.  

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It marks the company’s first deployment of generative AI in an operational setting.  

The REALYTIX ZERO platform, established in 2018, is a cloud-based underwriting solution that leverages Munich Re’s expertise to help insurers and brokers digitalise and automate their underwriting processes. 

The new co-pilot offering, which was built on the REALYTIX ZERO platform, processes user prompts to generate detailed insurance product proposals.  

These proposals can then be refined and launched through an online product studio in a matter of hours. 

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REALYTIX ZERO co-founder and CEO Florian Niklas said: “We launched as a Munich Re corporate startup in 2018 to provide our clients with the highest level of underwriting and product development expertise according to the latest standards. Today, generative AI supports us in this.”  

Last month, Munich Re announced a restructuring of its underwriting operations in the Asia-Pacific, Middle East, and Africa regions, with an  

aim to strengthen local market underwriting capabilities and enhance business division focus.  

The company has set ambitious financial targets for 2024, aiming for a net profit of €5bn and group insurance revenue of €54bn.  

In 2023, the company reported a profit of €4.6bn, down from €5.3bn in the previous year.