Manhattan Beach, CA -- (ReleaseWire) -- 11/08/2018 --In 2016, Munich Re established their own startup unit, Digital Partners, with a vision to develop an ecosystem for insurance startups to flourish. The aim for partnered insurtechs is to build profitable partnerships and to enhance the insurance industry's customer engagement. A key decision in a young company's life is whether to ''build vs buy" the technology they need to support their business model. After performing extensive due diligence on the available options and from their experiences working with over 20 start-ups, Digital Partners has selecteSolarisis as a preferred insurance technology provider for policy administration services.
The partnership between Digital Partners and Solartis initially started through the selection of Solartis's quote and policy processing microservices for Embroker, a tech-driven commercial insurance brokerage. The relationship with Solartis grew as Digital Partners helped one of their newest partners, Buckle, a rideshare startup, with their technology selection process. Both startups selected Solartis sales and policy life cycle microservices for rapid insurance product launch capabilities and because Solartis microservices are easily accessible (via API calls) from their own technology platforms.
Nick Richardson, President and CEO of Solartis says: "We are excited to partner with Digital Partners as a preferred insurance technology partner. With two partner companies already using our Solartis Microservices Technology Platform and several others in discussion, we are looking forward to a mutually beneficial partnership."
Mark Dennis, Global COO and European CEO of Digital Partners added: "Digital Partners aims to be the fastest and most flexible insurance partner for digital disruptors. At the heart of our proposition is a network of best in class solution providers, and Solartis are a great fit for this model. The team at Solartis understand how digital disruption is changing the insurance industry, and they simply get how to engage with start-ups and other disruptors."
About Munich Re
Munich Re is one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG and Digital Partners, a global venture focused on furthering the digitalization of insurance, that is partnering with first-movers and innovators in the insurance technology space.
Solartis is redefining policy administration with modern software and technology methodologies. They help insurance organizations meet the inevitable challenges ahead as the industry goes through rampant change. Solartis's goal is to reduce the cost of policy administration as close to zero as possible.
For more information, contact:
VP, Sales & Marketing
Global Chief Operating Officer and European CEO, Digital Partners, Munich Re
Solartis was proud to be a Title Sponsor at ITC this year and lead a discussion on microservices and their impact on traditional insurers and startups. We spoke with insurance CEOs, including Mark Dennis, on how applying modern software architecture to core insurance systems affects their business.
Download the recap of our workshop at Insuretech Connect 2018, covering how modern software architecture can empower traditional insurers and startups.