Munich Re Specialty integrated Kalepa’s Copilot underwriting platform

Munich Re Specialty – North America has integrated Kalepa’s Copilot underwriting platform to enhance risk analysis and streamline operations.

The Copilot platform provides underwriters with comprehensive insights and critical submission management capabilities.

Kalepa’s Copilot, with its intuitive interface and advanced analytics, will collaborate with Munich Re Specialty – North America to boost growth and profitability metrics and enhance the broker experience.

Integrating advanced analytics is crucial for improving decision-making processes and strategic initiatives, leading to more effective risk management and operational efficiency.

Kalepa, a prominent player in the InsurTech sector, offers cutting-edge technological solutions for risk assessment and underwriting. Munich Re Specialty – North America is a well-respected provider of insurance and reinsurance services.

Munich Re Specialty integrated Kalepa’s Copilot underwriting platform

In Q1 2024, Munich Re reported strong financial performance, with insurance revenue rising to $16 bn, primarily driven by its reinsurance operations and the ERGO International segment.

The company achieved a net profit of $2.2 bn and recorded an impressive combined ratio of 75.3% in P&C insurance.

Munich Re released its full Q1 results, showing a total technical result of $3.3 billion, up from $1.9 billion in Q1 2023, and an operating result of nearly $3.2 billion, compared to $1.9 billion in the previous year (see about Reinsurance rates for property catastrophe business).

In the first quarter of 2023, the reinsurance segment’s net contribution surged to $2 billion from $1.127 billion. Insurance contract revenue increased from $9.8 billion to $10.5 billion. The total technical result expanded by 77%, reaching $2.3 billion, and the operating result similarly rose by 77% to $2.6 billion.

Kalepa announced that Munich Re Specialty – North America has implemented Kalepa’s Copilot underwriting platform to improve risk analysis, submission management, and document processing.

Munich Re Specialty – North America aimed to adopt advanced technology for risk assessment and underwriting to support its rapid growth in the United States.

Munich Re Specialty integrated Kalepa’s Copilot underwriting platform

Kalepa’s Copilot, with its advanced technology and user-friendly interface, provided the ideal solution for Munich Re Specialty – North America by offering a comprehensive understanding of exposures.

Kalepa has also partnered with Paragon Insurance Holdings LLC, a rapidly growing national multi-line MGA, which has expanded its use of the AI-powered Copilot platform to enhance its Workers’ Compensation, Specialty Property, Small Construction and Contractors, and Auto Dealers programs.

Sabrina Hart, President and CEO of Munich Re Specialty – North America

At Munich Re Specialty – North America, we prioritise attracting world-class talent and enabling our teammates to leverage cutting-edge technology to drive action

Sabrina Hart, President and CEO of Munich Re Specialty – North America

Paragon had initially deployed and expanded its use of Copilot in the summer of 2023. The expansion to supporting four other programs is a testament to Copilot’s ability to deliver underwriting excellence across all commercial lines of business.

Deploying Copilot supports our action and service orientation with underwriting insights, efficiency in operations, and quicker decisions, which allows us to enhance our broker experience while optimising growth and profitability,” Sabrina Hart says.

Yana Keller  by Yana Keller