This strategic project will pave the way for the next generation of life insurance underwriting systems.
Dublin, Ireland (PRWEB) October 17, 2012
The division currently employs 47 people in Ireland. This new project involves a planned investment of over €8 million and the creation of up to 17 additional highly skilled new positions.
The Irish government, through IDA Ireland, has worked closely with the company on this new activity.
The R&D team will focus on complex data mining and statistical analysis techniques that will enable Munich Re’s Automation Solutions to more accurately assess underwriting risk across a broad range of insurance classes.
Munich Re’s life insurance clients around the world will benefit from this exciting R&D and newly-gained expertise through the next generation of new business processing and underwriting automation solutions. Established in Dublin in 1986, Munich Re’s Automation Solutions division (formerly Allfinanz) is the world’s leading provider of automated underwriting solutions to life insurers.
Making the announcement, Minister for Jobs, Enterprise and Innovation Richard Bruton TD said, “Today’s announcement that Munich Re is investing and expanding its operations here with the creation of 17 new jobs is very welcome news for our financial services sector. Through the Action Plan for Jobs this Government is determined to increase employement in this sector by 10,000 by 2016 and I believe that with the right policies from Government we can reach this ambitious target."
“We are delighted to be making this investment in such innovative R&D. This strategic project will pave the way for the next generation of life insurance underwriting systems,” said Ross Mayne, CEO of Munich Re’s Automation Solutions division. “Ireland is our global centre for commercial software development. Our positive experience and the success we have enjoyed here made Ireland the natural choice for this pioneering project,” he added.
Welcoming the announcement, Barry O’Leary, CEO of IDA Ireland said, “Financial services has been identified as a key growth area for Ireland’s economy. In that context, to see a world leading financial services company like Munich Re investing further in Ireland is extremely significant. It will also enhance Ireland’s profile as a global investment hub”.
About Munich Re
Munich Re is one of the world’s largest reinsurers providing solutions for complex risks to 40 million clients in over 30 countries. It employs over 47,000 people globally across three business divisions (i) Reinsurance, (ii) Primary Insurance (ERGO) and (iii) Health Insurance. Munich Re’s Automation Solutions are the market leader in providing new business processing and underwriting automation solutions to the life insurance industry. The Automation Solutions division of Munich Re delivers exceptional solution-based expertise that enables straight through processing (STP), increases sales and reduces costs for life insurers worldwide. Headquartered in Dublin, the Automation Solutions division of Munich Re also has offices in Tokyo Japan, Sydney Australia and Chicago USA. The Automation Solutions division of Munich Re stands for outstanding client proximity, and its list of clients proudly includes world leaders such as Zurich, Aegon, Liberty, Unum, ING, HSBC, Prudential, The Hartford and Metropolitan Life.