Munich Re Automation Solutions is to create 60 new highly skilled roles in Ireland, investing up to €16 million in an advanced research and development programme.
The highly skilled jobs, which will complement the company’s existing business in Dublin, will be filled over the next two years and will accelerate the development of new cloud products and services.
"This is an ideal time to join our team, as we map our technology to our long-term business plan" said Ross Mayne, chief at Munich Re Automation Solutions. "The re-imagined business has never been more relevant to our growing base of customers globally, and the way we are executing shows the winning mentality, expanding commitment to our customers, and strong culture of Munich Re."
The company, which is a subsidiary of the world’s largest reinsurer Munich Re, provides digital new business, underwriting and analytics solutions to the insurance industry. Bought by Munich Re in 2007, it has since grown to become one of the most successful providers of automated life insurance solutions globally, including its digital underwriting suite of products AllFinanz.
The Horizons programme will take the business from a product to a platform company, with a cloud-native digital platform and business process optimisation that will enable the company to scale from hundreds of customers to thousands.
"At Munich Re, our goal is to pioneer digital solutions for the insurance industry" said Thomas Blunck, a member Munich Re's executive board of management. "Munich Re Automation Solutions has demonstrated it can make a real difference to our clients' businesses, understanding their needs, winning customer insights, and empowering them to become recognised as digital leaders within their individual markets."The €16 million investment is supported by the Irish Government through IDA Ireland.
"The company has been steadily growing its presence here over the last years and today's announcement underlines the company's commitment to Ireland," said the Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar. "This announcement shows that Ireland offers the right conditions - particularly our skilled and talented workforce - to allow companies like Munich Re to undertake advanced and novel research and development here."
The news was also welcomed by IDA Ireland.
"This is extremely positive news from the financial services industry in Ireland. Munich Re is an organisation that we have worked with since 2012 and we are delighted that, off the back of an already successful InsurTech operation in the country, Munich Re has decided to carry out this exciting R&D programme here, underpinning 60 high value roles," said IDA Ireland chief executive Martin Shanahan. "It demonstrates a huge vote of confidence in Ireland, our skilled workforce and the collaborative nature and strong commercial focus of our Irish universities."
