Munich Re selects IBA as provider of full suite Insurance Platform for next generation insurance providers
COPENHAGEN, Denmark 24-07-2017 IBA A/S announced today that Munich Re, one of the world’s leading reinsurers, has selected the IBSuite SaaS platform.
Munich Re recognizes the effect digitalization is having on the insurance industry. Digital Partners, their global division established in May 2016, partners with disrupters who are reinventing insurance for the digital generation. The objective is to enable startups and digital verticals to change the way customers experience insurance through proactively managing the interaction between consumer and insurer. In addition to providing its global footprint and experience, Munich Re is helping Insurtech companies develop innovative products and distribution solutions.
To help their partners scale and expand their business while providing global capacity and product development expertise, Munich Re has selected IBSuite as their insurance SaaS platform for European propositions. IBSuite supports the entire insurance value chain, from marketing to sales, quote to policy, policy administration, billing, claims and reporting. The flexibility of the IBSuite architecture enables fast time-to-market of new insurance business models, insurance products, and increased business productivity with its 360° customer and policy lifecycle management.
The partnership between Munich Re and IBA initially started through the launch of their first partner, Bought By Many, a multi award-winning Insurtech start-up that is using social media to disrupt insurance distribution. Other partner launches based on the IBA platform are expected to be announced in the near future.
Anders Engdal, Founder of IBA says: “IBA is proud Munich Re selected us as a preferred partner. Insurance is undergoing a real transformation, and IBA recognizes insurers need agile systems to enable their business in this dynamic environment. We are excited to be a part of the Munich Re journey, providing insurance business innovators with the future-forward capabilities they need to help them stay ahead of the curve through enabling new business and product models that span across borders.”
Mark Dennis, COO of Munich Re’s business unit Digital Partners added: “Digital Partners works with the best Insurtech companies in the world. At the heart of our proposition is the ability to provide flexible solutions including best in class technology, and our partnership with IBA enables a key part of that capability.”
About IBA: IBA has been propelling insurance into the digital age since 2010. IBA delivers an agile set of cloud-based software services to enable Insurtech, spin-off and new ventures of traditional insurance companies facilitate change. From its headquarters in Copenhagen, Denmark, IBA serves customers across Europe, including the Nordic countries, Germany, Switzerland, Italy and the United Kingdom. IBA has recently expanded its global reach through a new London office.
About Munich Re: Established in 2016, Digital Partners is a global business unit of Munich Re designed to partner with disruptors who are changing the way insurance is experienced by customers. In 2016 Munich Re (Group) – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn on premium income of over €48bn. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers.