Asia Pacific, Middle East & Africa’s leading life and health reinsurer
With offices in 12 countries across the region, Munich Re has the largest network of any life and health reinsurer in Asia Pacific. Our strong local presence gives us unique insight into Asia Pacific markets, enabling us to offer tailored solutions for a wide variety of needs.
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Our disciplined underwriting philosophy, deep domain expertise and pursuit of innovation and digitalisation across the insurance value chain further enhances the value that life insurance companies attach to Munich Re’s superior services and financial security.
Core services
Munich Re provides expert and bespoke product development services through our dedicated network of global, regional and local product development teams. We look beyond pure product development, instead considering the entire insurance value chain, including underwriting, pricing and claims management to develop innovative yet bespoke new products and solutions which are directly relevant to the observed needs of our clients’ specific target customer groups.
Beyond our traditional insurance propositions, we are also invested in the development of new propositions aimed at making smart and effective use of all available data sources. Our wide range of propositions cover all potential distribution channels across all lines of traditional and non-traditional insurance product types. Specifically considering Critical Illness, we are committed to developing new and sustainable propositions which take into consideration future medical advances. Our Outcomes-Based Critical Illness (OBCI) concept is unique, innovative and provides full flexibility to create multiple product designs aimed at meeting specific needs of identified customer segments.
Our dedication to supporting our clients in accepting reinsurance risk includes a traditional quota share and surplus arrangement, ensuring a mutually beneficial long term partnership. Please refer to our Digital Solutions section for further detail.
The Medical function at Munich Re is a group of qualified medical doctors, who have specialised in combining clinical expertise and knowledge in required additional disciplines (e.g. medical statistics) and translate this into skills to answer relevant questions of Life and Health Insurance. These questions are relevant in underwriting individual applicants, product development, developing guidelines for medical risk assessment and also training colleagues from Underwriting in relevant medical aspects and are offered by the Medical Team in LH 2.
Driven by the needs of continuously evolving customer expectations; insurers have to future-proof themselves. To that end Munich Re also supports and is leading in the Predictive Underwriting area. Machine learning models are built to predict underwriting decisions and therefore delivering a seamless onboarding experience to customers in a risk managed environment. Our AI value propositions extend beyond Predictive Underwriting and is also continuously evolving to meet the market and customer needs.
Munich Re supports its clients by providing access to the expertise of our team of Claims professionals. Our team has extensive experience in assessing and advising on complex claims across all Life and Health product lines.
Through training, case referrals and regular interaction with clients, our Claims team focuses on:
- Implementing best practices in claims handling
- Ensuring high calibre technical input is provided at all times
- Providing clients with responsive and targeted advice.
At the same time, Munich Re is exploring cutting-edge digital solutions to streamline claims processes for our clients.
Digital solutions
Our regional AI team provides clients with next generation risk assessment products and solutions driven by data, AI, technology and Munich Re’s deep domain expertise. As the next generation of underwriting, Augmented underwriting with AI augments traditional underwriting (rule engines, human underwriting) with data and multiple AI models to transform customer experiences and increase underwriting automation while balancing the risk implications for future claims from AI models.
Our team comprises expert-level data scientists with deep experience specifically in insurance to drive disruption across the insurance value chain with AI from sales, to underwriting to claims. Our deep domain knowledge of insurer rule engine and back-office data, machine learning and deep learning model development, model performance optimization, management of AI risk implications, coupled with Munich Re’s cloud-based MLOps technology platform to deploy, monitor and maintain AI models in production, reliably, efficiently and at scale, allow us to deliver disruptive, yet transformative value to our clients.
Munich Re provides expert and bespoke product development services through our dedicated network of global, regional and local product development teams. We look beyond pure product development, instead considering the entire insurance value chain, including underwriting, pricing and claims management to develop innovative yet bespoke new products and solutions which are directly relevant to the observed needs of our clients’ specific target customer groups.
Beyond our traditional insurance propositions, we are also invested in the development of new propositions aimed at making smart and effective use of all available data sources. Our Digital Solutions-based proposition innovation approach follows our unique data-led proposition innovation framework. This framework combines our medical and research capabilities with our expertise in traditional product development and the smart use of data (through our best in class data analytics capabilities) to develop new, relevant and bespoke products directly addressing identified customer needs.
Our dedication to supporting our clients in accepting reinsurance risk includes supporting our clients in the development of digital product strategies and roadmaps, and ultimately, the acceptance of insurance risk via traditional quota share and surplus arrangements to ensure that we are invested in a mutually beneficial long term partnership.
Munich Re supports life and health insurers looking to transition to the next generation of underwriting through augmenting underwriting with artificial intelligence (AI). By using a combination of AI/predictive/machine learning models and data to augment existing underwriting processes, our expert teams help insurers streamline and reinvent traditional processes to provide a more frictionless process. Key improvements that drive this include increased straight-through-processing (STP) rates, accuracy of risk selection, in addition to reduction of referral processing efforts and customer acquisition costs. Insurers can also expect an improvement on profitability through a reduced impact from of anti-selection.
With our automated underwriting rules capability, our focus is to continuously improve the customer experience and help insurers achieve operational efficiency in the digital transformation of their business. Munich Re provides an established and sophisticated underwriting ruleset to insurers as they embark on their automated underwriting journey. A team of expert underwriting rules consultants work closely with our clients to tailor the underwriting rules to their philosophy and business needs.
