Munich Re Enters Another Digital Distribution Partnership
Munich Re has agreed to partner with Simplesurance, a Berlin-based distributor of cross selling software.
The new partnership follows recent deals by the reinsurer with on-demand insurance startups Trov and Slice Labs. Both companies allow policyholders to insure personal items, homes and automobiles at the push of a button.
Simplesurance and Munich Re will together offer insurance policies to private clients, according to Swiss business consultant firm Mountain Partners. Simplesurance will handle all sales and claims settlement while Munich Re subsidiary Great Lakes covers underwriting.
“Digitalization is changing the face of the insurance industry, and our partnership with start-ups like simplesurance is a perfect example of the innovative propositions we are developing with digital insurance start-ups and digital verticals,” said Andy Rear, head of Munich Re’s global Digital Partners business unit.
Since its inception in 2012, Simplesurance has operated solely as a broker working with carriers Allianz and New York City-based specialty insurer Assurant. According to Rear, Simplesurance fits well into Munich Re's current tech strategy; working with startups that are "looking to engage customers online through mobile or social media and develop new approaches to insurance products."