Insurance Advisory
Consulting on market entries, new business models and the development of insurance platforms
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Insurance Consulting helps clients reach the next level of digitalization
Insurance companies have an opportunity to re-think their business model and create new revenue streams. For this, they need to adopt what successful platform players are doing. They need to increase their level of digitalization, a process that has accelerated tremendously thanks to the production and availability of data and the increasing power of artificial intelligence. The broad use of technology in the customer’s life has become the new standard.
For insurance companies, competing in this digital era means re-thinking the legacy business model and adopting a platform or ecosystem view. We support you in building strategies that put your clients at the center of everything you do. We can unbundle your services and connect data across all of them.
Insurance Consulting offers strong expertise in primary insurance underwriting, pricing, claims and technology. We support clients who need to assess the quality of existing portfolios, claims processes and in-place technologies via technical due diligence for pre-M&A activities.
Our offer includes, but is not limited to:
- Market know-how and expertise, including in-depth analysis of the advantages and disadvantages of specific insurance markets and lines of business
- Competitive market analysis and peer benchmarking
- Day 1 pricing, product design and monitoring support
- Local underwriting support from Munich Re specialists, including specific guidelines and rules, as well as the identification of (un)attractive market segments
- Business plan and set-up support, including the refinement of the general strategy for new markets
- Regulatory support that makes use of global Munich Re contacts to gain easier access to different stakeholders in various insurance markets
- Support with M&A activities, including technical due diligence and portfolio assessments of pricing, underwriting, claims and technology
- International market studies and benchmarking services on insurance pricing, underwriting and operation processes best practice and KPIs
- Portfolio management and proactive post-merger steering
- Portfolio integration through pricing and underwriting excellence and risk selection, claims portfolio optimization and counter-claims fraud management
- Strategy advisory: new market entries, new business models, entry into new lines of business, sales channels and target segments and targeting new customer profile segments
- Co-development and execution of tailor-made strategies that increase profitability and efficiency
- Support for start-ups from scratch to starting operations, advising them on each and every aspect along the insurance value chain
- Development of digital business models and multi-country platforms, including business technologies and architecture
- Leveraging technological advances such as artificial intelligence, big data, and analytics in order to reduce costs, increase efficiency, and improve customer experience
- Support with selecting and onboarding suitable technology partners, both from the Munich Re Group and externally
- Thanks to our frequent monitoring of new and established service providers and our quality assessment and project expertise, we can vouch for their capabilities
- The spectrum includes business technologies such as pricing software, pricing engines, policy administration systems, telematics solutions, claims process automation, fraud services and others.
- Agency steering and broker management, including alignment of strategies and KPIs
- Improvement in customer loyalty, conversion rate optimization and gaining a competitive advantage with advanced analytics
- Apply design thinking to reimagine the customer experience, address customer pain points, provide meaningful interactions and drive business performance
- Digital channel strategy and development to break channel silos and provide a consistent and seamless omni-channel experience, seen as ONE brand across different channels
- Increased customer engagement and brand loyalty through leveraging ecosystem competitive advantage and data analytics
- Integration with ecosystem partners (banks, retailers, etc.) to design an optimal collaboration model and establish the right remuneration schemes
Insurance Advisory – Case Studies
Insurance Consulting goes beyond traditional reinsurance activity
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Gili Smadja
Principal / Insurance Consulting
Gili is a principal consultant with Insurance Consulting Unit based in Johannesburg South Africa. He has professional experience of almost 10 years in industry and consulting, assisting insurers in all areas along the value chain to increase efficiency and profitability. Gili has specialised in P&C insurance pricing and product development and contributes regular papers and industry presentations on behalf of Munich Re. He is currently leading the business advisory initiative within Insurance Consulting Unit.
