Munich Re is investing €16m in Horizons, an innovative R&D programme evolving the business from a product to a platform company.
Up to 60 new highly-skilled jobs are to be created in Dublin by Munich Re Automation Solutions, a subsidiary of the German global insurance giant.
The investment is part of a plan to evolve the business from being a product-based company to being a platform-based business.
“It demonstrates a huge vote of confidence in Ireland, our skilled workforce and the collaborative nature and strong commercial focus of our Irish universities”
Munich Re will recruit a large new team of skilled people, to complement its existing team in Dublin and accelerate the development of new cloud products/services.
Munich Re plans to fill up to 60 positions over the coming 24 months.
Cloud native digital platform
The investment is supported by the Irish Government through IDA Ireland. The announcement builds upon Munich Re’s many years of successful operations in Ireland.
Since its acquisition by Munich Re in 2007, the Irish subsidiary has grown to become one of the most successful providers of automated life insurance solutions globally and enjoys the highest levels of customer satisfaction in the market.
Today most of the world’s best-known life insurers use its digital underwriting suite of products, Allfinanz, to ensure underwriting consistency, improve the customer journey and accelerate the life insurance application process.
Horizons’ cloud-native digital platform and business process optimisation will enable the company to scale from hundreds to thousands of customers and make Munich Re Automation Solutions the natural choice technology partner for life insurers worldwide.
“At Munich Re, our goal is to pioneer digital solutions for the insurance industry” commented Thomas Blunck, Member of the Executive Board of Management at Munich Re.
“Munich Re Automation Solutions has demonstrated it can make a real difference to our clients’ businesses, understanding their needs, winning customer insights, and empowering them to become recognised as digital leaders within their individual markets.”
Munich Re has a heritage that extends back to 1880 when the business was founded. And now the company is playing a leading role in driving forward the digital transformation of the insurance industry.
“This is an ideal time to join our team, as we map our technology to our long-term business plan” said Ross Mayne, CEO at Munich Re Automation Solutions.
“The re-imagined business has never been more relevant to our growing base of customers globally, and the way we are executing shows the winning mentality, expanding commitment to our customers, and strong culture of Munich Re.”
The announcement was welcomed by IDA Ireland CEO Martin Shanahan.
“This is extremely positive news from the financial services industry in Ireland. Munich Re is an organisation that we have worked with since 2012 and we are delighted that, off the back of an already successful InsurTech operation in the country, Munich Re has decided to carry out this exciting R&D programme here, underpinning 60 high value roles,” said Shanahan.
“It demonstrates a huge vote of confidence in Ireland, our skilled workforce and the collaborative nature and strong commercial focus of our Irish universities.”
By John Kennedy (firstname.lastname@example.org)
Published: 9 October, 2020