Munich Re’s REALYTIX team has launched a generative AI co-pilot facilitating insurance solution development of clients.
With REALYTIX ZERO, Munich Re has been providing a cloud-based underwriting platform with based on its underwriting expertise since 2018, helping primary insurers, MGAs and brokers to digitalise and automate the underwriting of their products.
Built on the REALYTIX ZERO platform, the new co-pilot is Munich Re’s first generative AI function in an operational environment.
According to the firm, the user-friendliness of this application has been further simplified with the introduction of generative AI and aims to help drive forward automation in the insurance industry and realise considerable cost-saving potential.
“In the chat, the AI assistant translates need-specific requests, known as prompts, into a concrete and detailed product proposal. The new or modified insurance solution can be implemented within a few hours due to the seamless transfer and approval in the online product studio,” Munich Re explained.
Florian Niklas, Chief Executive Officer and co-founder of REALYTIX ZERO, commented, “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.”
Munich Re has stated it will “continuously optimise and expand the CoPilot’s capabilities, guided by client feedback.”
