CORE INSURANCE

Sapiens and Munich Re Collaborate to Assist Insurers in Targeting the Commercial Insurance Market

Sapiens | July 23, 2021

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today a collaboration with Munich Re, one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions, to provide technology-led consultancy and services to enable primary insurers to serve better the commercial insurance market (small and medium-sized businesses).

The commercial insurance market in the United Kingdom is one of the fastest-growing insurance sectors in the country. However, until recently, this market has been underserved, with few insurance packages suited to the segment's specific demands and expectations. Sapiens and Munich Re will collaborate with insurers to help them better target and address this market promptly. The combined solution aims to provide insurers with a modular, scalable technology refresh that allows them to tailor services to the expanding SME sector and actively participate in the post-COVID-19 recovery period.

The Sapiens/Munich Re collaboration complements the recent rise in government-backed and retail banking SME support initiatives, such as backed-loan schemes, increased infrastructure spending, tax exemptions, and restart grants, which are fueling the recovery. According to aggregated Companies House registrations, over 200,000 new companies have been established in the UK this year, with the bulk centered on retail, business services, and construction. Because of the industry's push toward digital, coverage explanation, flexible offers, verified self-selection, and how commercial insurers adapt their customer journey are all important.

About Munich Re
Munich Re is a global leader in reinsurance, primary insurance, and insurance-related risk solutions. Munich Re has exceptional, innovative strength and is a key driver of the insurance industry's digital transformation. Munich Re is one of the world's most sought-after risk partners for businesses, institutions, and private individuals because of its tailor-made solutions and close connectivity to its clients.

About Sapiens
Sapiens International Corporation enables insurers to succeed in an ever-changing industry. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial sectors. Sapiens has over 35 years of expertise delivering to over 600 organizations worldwide, demonstrating a proven ability to fulfill clients' core systems, data, and digital requirements.

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For some time of its earlier years, Big Data has been heralded as the savior to troubling businesses, working its magic throughout the private sector. But the public sector has also been using it to change the way in which public policy is made. The environment has completely changed, which is good news for all of us as policymaking becomes more targeted and relevant.

Spotlight

For some time of its earlier years, Big Data has been heralded as the savior to troubling businesses, working its magic throughout the private sector. But the public sector has also been using it to change the way in which public policy is made. The environment has completely changed, which is good news for all of us as policymaking becomes more targeted and relevant.

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