(Image source: IBA homepage.)
Munich Re’s (Munich) Digital Partners division has selected Insurance Business Applications’ (IBA, Copenhagen) IBSuite as its insurance SaaS platform to support European startup insurance propositions. IBSuite supports the entire insurance value chain, from marketing to sales, quote to policy, policy administration, billing, claims and reporting, according to the vendor. IBSuite’s architecture is designed to enable speed-to-market for new insurance business models, insurance products, and increased business productivity.
“Digital Partners works with the best Insurtech companies in the world,” comments Mark Dennis, COO, Munich Re Digital Partners. ”At the heart of our proposition is the ability to provide flexible solutions including best in class technology, and our partnership with IBA enables a key part of that capability.”
Digital Partners, established in May 2016, partners with disrupters that it identifies as having the ability to reinventing insurance for the digital generation. The objective is to enable startups and digital verticals to change the way customers experience insurance through proactively managing the interaction between consumer and insurer. In addition to providing its global footprint and experience, Munich Re is helping Insurtech companies develop innovative products and distribution solutions.
The partnership between Munich Re and IBA initially started through the launch of Bought By Many, an Insurtech start-up that uses social media to disrupt insurance distribution. IBA reports that other partner launches based on the IBA platform are expected to be announced in the near future.
“IBA is proud Munich Re selected us as a preferred partner,” comments Anders Engdal, Founder, IBA. ”Insurance is undergoing a real transformation, and IBA recognizes insurers need agile systems to enable their business in this dynamic environment. We are excited to be a part of the Munich Re journey, providing insurance business innovators with the future-forward capabilities they need to help them stay ahead of the curve through enabling new business and product models that span across borders.”
Founded in 2010, IBA provides what it calls an agile set of cloud-based software services designed to enable Insurtech, spin-off and new ventures of traditional insurance companies facilitate change. IBA serves customers across Europe, including the Nordic countries, Germany, Switzerland, Italy and the United Kingdom. IBA has recently expanded its global reach through a new London office.