Munich Re launches GenAI copilot for customer solutions | Insurance business America
The aim is to support primary insurers in the development of products
reinsurance
By Kenneth Araullo
Munich Re’s REALYTIX team has launched a new generative AI feature, a GenAI Co-Pilot, on its REALYTIX ZERO platform.
This new tool aims to streamline the development of insurance products for its customers.
With the GenAI Co-Pilot, Munich Re is also using generative artificial intelligence in the operational environment for the first time. This technology is intended to help customers, including primary insurers, make specialized insurance products more efficient.
Using the platform, the AI assistant processes user input, called prompts, and quickly processes it into detailed insurance product suggestions. These can then be approved and implemented via an online product studio within a few hours.
Florian Niklas, CEO and co-founder of REALYTIX ZERO, commented on the launch and its significance as a milestone for the company.
“We started as a Munich Re corporate startup in 2018 to offer our customers the highest level of underwriting and product development expertise according to the latest standards. Today, generative AI helps us do that,” he said.
Since its launch in 2018, the cloud-based REALYTIX ZERO has served as a comprehensive underwriting platform, leveraging Munich Re’s underwriting expertise to support the digitization and automation of underwriting processes for insurers, MGAs and brokers. The platform enables these companies to integrate their digital offerings with Munich Re’s capabilities, enabling faster and more efficient business operations via digital channels.
According to Munich Re, this automation not only increases the quality and consistency of product designs, but also reduces the costs associated with development and increases transparency in product logic and premium calculation.
Currently, over 50 customers worldwide in the non-life insurance sector use the platform. Munich Re plans to continuously develop the Co-Pilot’s functionalities based on user feedback. The integration of generative AI into the platform is expected to further simplify its operations, promote greater automation in the insurance industry and provide significant cost savings.
What do you think about this story? Please share your comments below.
Stay up to date with the latest news and events
Join our mailing list, it’s free!
Source link
2024-05-03 13:32:32
www.insurancebusinessmag.com
