Page 20 - Insurance Times May 2023

Munich Re starts the year year. Life/Health reinsurance and the and servicing platform solution have
primary insurance subsidiary Ergo also formed a strategic partnership to de-
strongly - shares at highest
earned more than a quarter in the first velop an Integrated Claims Manage-
level since 2001 quarter of what the Board of Manage- ment Platform that combines
ment had set them as targets for the Benekiva's state-of-the-art claims ad-
The world's largest reinsurer Munich
full year. ministration system with Swiss Re's
Re is becoming somewhat more opti-
Claims Automated Rules Engine and
mistic about the current year after The first-quarter results and profit tar-
deep expertise in risk management.
surprisingly good business in the first get for the full year are not directly
quarter. In the first three months, the comparable with last year's figures The Integrated Claims Management
DAX-listed group posted a surplus of because Munich Re, like other large Platform is a unique end-to-end solu-
1.3 billion euros, according to prelimi- insurance companies, will calculate its tion for digital claims management.
nary figures, it surprisingly announced figures in accordance with the new The platform supports digital claims
in Munich recently. This, it said, in- accounting standards IFRS 9 and IFRS intake, holistic workflow, correspon-
creased the likelihood of exceeding its 17 from 2023. In the first quarter of dence, and document management,
full-year net profit target of around 2022, the company had earned €608 claims risk scoring and triaging, and
four billion euros. On the stock market, million on the bottom line. For the full built-in payout and audit capabilities.
however, the news caused only a brief year, the company posted a net profit And, it's accessible anywhere, anytime,
positive reaction. of around 3.4 billion euros. from any device.

The reinsurer explained its good start According to Munich Re, the new ac- The goal of this partnership is to help
to the year with investment gains and counting will lead to higher results in insurers create operational efficiencies
pleasing results in current business. life and health reinsurance, as profits that improve the speed and consis-
Analysts covered by the Group itself will be recognized there earlier. In tency of claims decisions while provid-
had expected an average profit of just property-casualty business, there is ing a digital, empathetic, and stream-
over one billion euros for the first quar- currently a positive contribution to the lined customer experience.
ter. For the full year, they most re- result from compounding and dis-
Across the industry, investment in im-
cently expected a profit of 4.1 billion counting effects.
proving the claims process is seen to
euros.
have lagged compared to other parts
Major losses from natural catastrophes Swiss Re to develop inno- of the insurance value chain, most no-
cost the Group more in property and tably underwriting and distribution.
vative digital claims man-
casualty reinsurance in the first quar- However, this is changing rapidly. Pay-
agement solution
ter than it had budgeted. Neverthe- ing a claim is the ultimate demonstra-
less, the combined ratio of around 86.5 Swiss Re Reinsurance and Des Moines- tion of why the insurance industry ex-
percent was only half a percentage based insurtech Benekiva, known for ists, and insurers who are focusing on
point higher than the target for the full their configurable rules-driven claims providing a better, faster claims expe-

The Insurance Times May 2023 19