Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, today announced a partnership with Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions, to offer technology-led consultancy and services to enable primary insurers to better serve the commercial insurance market (small and medium sized businesses) in the UK, thereafter expanding to the Nordics and South Africa.
The commercial insurance market is one of the fastest growing insurance sectors in the UK. Yet, until now this market has been underserved, with very few insurance packages tailored to the unique needs and requirements of this segment. Together, Sapiens and Munich Re will work with insurers to help them better target and address this market quickly. The joint offering aims to provide a modular, scalable technology refresh that empowers insurers to tailor offerings to the growing SME sector and actively contribute to the post-COVID-19 recovery phase.
The Sapiens/Munich Re partnership dovetails the surge in government-backed and retail banking SME support initiatives including backed-loan schemes, increased infrastructure spending, tax incentives and restart grants that are powering the recovery. According to aggregated Companies House filings, in the UK there have been more than 200,000 new businesses formed year-to-date with the majority around retail, business services and construction. The industry drive to digital means that coverage explanation, flexible offerings, verified self-selection and how commercial insurers adjust their customer journey are critical.
“Together with Sapiens, Munich Re´s Global Consulting Business department will support insurers’ efforts to implement and grow through the provision of expertise, assistance with product development across multiple lines of business and, where appropriate, reinsurance capacity,” said Gunther Rempel of Munich Re´s Global Consulting business advisory. “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.”
“With Sapiens leading-edge tech solutions, such as Sapien’s award winning IDITSuite and IDIT Go, the deep domain knowledge and consulting capabilities from Munich Re and their intent to share the risk with reinsurance capacity, we are empowering insurers to contribute to the post-COVID economic recovery by supporting SMEs,” said Roni Al-Dor, Sapiens president and CEO. “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.”