SaaS firm for the insurance sector Sapiens has teamed up with insurance-related risk solution provider Munich Re to help primary insurers better target the commercial insurance market and aid post-Covid economic revival.
The companies will offer technology-led consultancy and services to small and medium-sized enterprises in the UK.
Munich Re and Sapiens also plan to roll out these services in the Nordics and South Africa.
The partnership aims to provide a modular and scalable technology that will allow insurers to provide bespoke solutions to the commercial insurance market, which is one of the fastest-growing sectors in the UK but remains largely underserved.
Munich Re’s Global Consulting business advisory Gunther Rempel said, “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.”
The 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.
Sapiens president and CEO Roni Al-Dor said, “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.”
In April this year, Munich Re partnered with AI-driven InsurTech Akur8 to enhance the pricing capabilities for its Global Consulting Unit.
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