Global reinsurer Munich Re has decided to deploy SAS Analytics software, in a bid to achieve its big data strategy.
Most of the business units and specialist departments of Munich Re will use the global big data analytics platform from SAS for analyses, forecasts, simulations and pattern recognition.
The system is said to automate the acquisition and analysis of content from complex contracts and claims notifications.
The big data analytics from SAS will serve as an engine for new and custom-tailored offerings for the company through providing large amount of data.
Deployed for access across the world, the, SAS Analytics platform works through accessing a number of different external and internal data sources.
Its in-memory tech allows to interactively analyze even extremely large quantities of data to detect unrecognized correlations.
Munich Re CEO Torsten Jeworrek said: "With these new technologies, we are considerably enhancing our global ability to combine our customers’ data with our own findings and expert knowledge."
SAS Germany, Austria and Switzerland CEO Wolf Lichtenstein said: "Enterprises that consistently industrialize their business processes with big data analytics the way Munich Re does will achieve a significant competitive advantage."
In August this year, Munich Reinsurance America introduced a new personal lines inland flood insurance product in the US, allowing the firm to offer more options for homeowners in low-to-moderate-hazard flood zones.
With around 43,000 employees across the globe, Munich Re operates in all lines of insurance.