Munich Re's REALYTIX team has introduced a new generative AI function, a GenAI-Co-Pilot, on its REALYTIX ZERO platform.
This new tool is designed to streamline the development of insurance products for its clients.
The GenAI-Co-Pilot also marks Munich Re's first deployment of generative artificial intelligence in an operational setting. This technology is aimed at aiding clients, including primary insurers, in crafting specialized insurance products more efficiently.
Utilizing the platform, the AI assistant processes user inputs, known as prompts, and rapidly crafts these into detailed insurance product proposals. These can then be approved and implemented via an online product studio within hours.
Florian Niklas, CEO and co-founder of REALYTIX ZERO, commented on the launch and its importance as a milestone for the company.
“We launched as a Munich Re corporate startup in 2018 to provide our clients with the highest level of underwriting and product development expertise according to the latest standards. Today, generative AI supports us in this,” he said.
Since its inception in 2018, the cloud-based REALYTIX ZERO has served as a comprehensive underwriting platform, leveraging Munich Re’s underwriting knowledge to support the digitalization and automation of underwriting processes for insurers, MGAs, and brokers. The platform allows these entities to integrate their digital offerings with Munich Re’s capacities, facilitating quicker and more streamlined business operations through digital channels.
This automation, Munich Re explains, not only enhances the quality and consistency of product designs but also reduces the costs associated with development and increases transparency in product logic and premium calculations.
Currently, over 50 clients globally in the non-life insurance sector utilize the platform. Munich Re plans to continually enhance the co-pilot's functionalities based on user feedback. The incorporation of generative AI into the platform is expected to further simplify its operation, promoting broader automation within the insurance industry and unlocking significant cost savings.
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