Munich Re’s investment in Horizons is supported by the Government of Ireland
Munich Re Automation Solutions to invest in Horizons initiative. (Credit: Gerd Altmann from Pixabay.)
Munich Re Automation Solutions, a subsidiary of global reinsurer Munich Re, has announced its plans to invest around €16m in Horizons.
A research and development programme, Horizons evolves the business from a product to platform companies.
The investment is backed by the Government of Ireland through its industrial development agency IDA Ireland.
IDA Ireland CEO Martin Shanahan said: “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.
“It demonstrates a huge vote of confidence in Ireland, our skilled workforce and the collaborative nature and strong commercial focus of our Irish universities. I wish Munich Re continued success with their Irish operations and assure them of IDA Ireland’s ongoing support.”
Munich Re to recruit new team to develop new cloud-based products
The company intends to employ a large new team of up to 60 people within 24 months. These employees will be added to its existing team in Dublin to speed up the development of new cloud products and services.
Horizons’ cloud-native digital platform and business process optimisation are expected to allow Munich Re to scale rom hundreds to thousands of customers and enhance the reach of its Munich Re Automation Solutions among life insurers, as technology partner.
In 2007, Munich Re acquired the Irish subsidiary, which provides digital new business, underwriting and analytics solutions to the insurance industry.
The company claimed that many of the life insurance providers use its digital underwriting suite of products, ALLFINANZ, for consistency in underwriting, and enhanced life insurance application process.
Munich Re executive management board member Thomas Blunck said: “At Munich Re, our goal is to pioneer digital solutions for the insurance industry.
“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.”