Personal lines solutions
Optimise your portfolio performance
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Insurance Consulting is Munich Re’s in-house consulting unit. From underwriting, pricing, analytics to product development, portfolio management and claims: we provide a comprehensive suite of consulting services along the entire insurance value chain.
More than 60 insurance experts around the globe combine data, technology and in-depth domain knowledge to drive your performance and create real business impact. Partner with us: we are your trusted advisor – and share the risk!
Enhance your insurance pricing and underwriting
Your challenge as a Property & Casualty insurer is to be strong in product development, pricing and underwriting in order to stay competitive. The digitalization process has caused a deluge of structured and unstructured data.
Let’s use them to enhance your pricing and underwriting process. Benefit from our expertise: we continuously improve our set of tools, procedures and techniques to stay ahead of the curve.
Benefit from pricing models
Get the full picture of our consulting services
Discover our success stories around pricing
Create a leading digital insurance platform
Improve growth on new business
Protect the market share
Bring risk pricing to the next level
Retail motor insuranceAutomated machine learning approach for risk pricing and conversion rate modelling, impact analysis and what-if simulations |
Retail motor insurance
Conversion model using automated machine learning and adjusted commercial rate
Retail motor insurance
Risk modelling and machine learning for behavioural pricing including retention and conversion rate modelling
Homeowners insurance
Geospatial analytics and improved risk and technical pricing models
~4%
Net loss ratio reduction
6%
Increase of top line
~5%
Loss ratio reduction
450%
Spread in burning cost for building covers
Tailored insurance pricing consulting
Our experts provide top-notch consulting for the insurance industry regarding product, pricing, underwriting and analytics. All our colleagues have a primary insurance background and in-depth consulting experience. They support you at every stage of our partnership – from initial concept to model development to scenario testing and commercial decisions.
Our big asset is our domain knowledge: we speak your language and understand your challenges. Whether we help you optimize your portfolio performance by improved control of your bottom line or whether we boost your top line growth – we aim for a multi-year impact.
Whitepaper Product & Pricing Day 1
Our pricing solutions for insurers and insurtechs
- We advise on strategic choices, scale up your business and help set up pricing and underwriting committees. We support insurtechs and digital players to define the best rating strategy, portfolio steering frameworks and pruning actions.
- We help you build or grow your pricing team, we train your pricing specialists and provide them an independent and global view on insurance pricing and underwriting trends. We advise on competitive benchmarks leveraging the global exposure of Munich Re.
- We gain a holistic understanding of your portfolio by taking a deep dive into your historic data. Together with you, we build the perfect framework to steer your book towards prudent and profitable growth. This includes identifying, structuring and cleaning the data as well as enriching it with proprietary and external data.
- Technical pricing: we help you develop the most accurate constrained and unconstrained cost-based models. We adopt traditional generalized linear/additive modelling (GLM/GAM) and expand into ensemble techniques and automated machine learning (AutoML).
- Behavioural pricing: based on granular market premiums information, we develop market models to cater to your diverse needs. We leverage the most advanced modelling techniques to build and integrate market predictions into your demand models. We also develop a competitive market analysis to get your first tariff segmentation right. Accounting for customer behaviours, including mid-term cancellations, endorsements and adjustments, is key to stay ahead of competitors. We help you leverage randomised price-tests to account for policyholder’s elasticity.
- Price optimisation: we set up impact / dislocation analysis, we run simulations and what-if scenarios to optimise ratemaking choices. Moreover, we advise on discount strategies in a data-driven approach. If market conditions allow, we can set up hard price optimisation including a revision of caps and collars to find the optimal individual price per customer at the point of sale.
- We support you to revise existing products or conceptualise and design new ones, be it from scratch or by leveraging your data.
- We offer off-the-shelf products to cater e.g. for the enhanced needs of electric mobility or gap protection covers.
- We revise underwriting selection criteria and exclusion rule and advise on the adoption of pruning actions or improvement of the renewal strategy.
- Geospatial analytics: with microzoning solutions, we help you detect spatial patterns and model deficiencies and – when applied in pricing – improve your geographical risk segmentation. We help you boost your risk pricing of home and motor books, engineering new predictive features.
- Vehicle grouping: different dimensionality-reduction and clustering techniques allow us to develop vehicle-specific groups, leveraging advanced analytics and proprietary data enrichment.
- Electric Vehicle Analytics (EVA): a specific vehicle grouping solution for EVs, leveraging Munich Re’s exposure and advanced machine learning (ML) techniques. We developed sound statistical analysis that enables you to identify and classify vehicles according to their similarities. We validated the assumption that similar vehicles share a similar risk level, which translates into an easier assessment of (new) vehicles.
Contact us
Learn more about our consultancy on product, pricing, underwriting and analytics
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Our experts are happy to help you
Massimo Cavadini
Senior Executive Partner
Massimo is Senior Executive Partner within Insurance Consulting. Massimo has more than 10 years of experience in P&C insurance with a strong focus on insurance pricing & underwriting. Since he joined Munich Re in 2017, Massimo helped clients globally in improving their technical performance by using advanced analytics, in launching motor and property products and in expanding into new markets. Before joining Munich Re, Massimo was a senior pricing analyst in the Global P&C of Generali Group and pricing analyst in the Global P&C of Allianz Group, where he managed technical excellence projects in Europe, Asia and Latam. By training Massimo is a physicist and holds a PhD in Astrophysics.
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Davide Burlon
Principal / Insurance Consulting
Within Munich Re’s Insurance Consulting Unit, Davide is leading the development of solutions in personal lines. He is based in Munich, Germany, and works with clients in UK, Europe, Latin America as well as the Middle East. Previously, he headed Actuarial Analytics at Generali (Germany). Davide is Munich Re’s global product owner for the insurance pricing software Akur8. He occasionally writes white papers and gives university lectures or keynote speeches at conferences. Davide worked as Associate Lecturer in Astrophysics at the University of Sydney in Australia and the Max Planck Society in Germany.
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.
Veronica Coronel Vera
Senior Engagement Manager / Insurance Consulting
Veronica is a Senior Engagement Manager with Insurance Consulting Unit based in Munich, Germany. Veronica has more than ten years of professional experience in the insurance industry, with a focus on pricing and underwriting for Property & Casualty lines of business. Veronica leads technical excellence projects in Europe and Latin America and regularly publishes papers and gives presentations on business topics.
Thibault Imbert
Principal / Co-Lead Electric Vehicle for Asia-Pacific
Thibault is a Senior Manager with Insurance Consulting Unit based in Singapore. Thibault has more than ten years of professional experience in the insurance industry, working mainly in the European and Asian markets. His core expertise is in Property & Casualty insurance, with a focus on pricing and product development. Thibault regularly contributes to webinars, conferences and papers, sharing insights on technical and/or emerging topics.
Damiano Massimi
Senior Engagement Manager / Co-Lead Electric Vehicle for Americas
Damiano is a Senior Engagement Manager with Insurance Consulting Unit based in Bogotá, Colombia. During his ten years in the insurance industry, Damiano participated in and led projects worldwide, focusing mainly on retail business. Currently, he is leading Insurance Consulting’s expansion in Latin America and co-leading the Electric Vehicles topic. Damiano is contributing to Pricing & Underwriting Committees, webinars, conferences, and papers.
