Reinsurer Munich Re chooses SAS® for its big data strategy
Munich Re, one of the world’s leading reinsurers, has selected SAS® Analytics software to achieve its big data strategy. A wide range of Munich Re business units and specialist departments will use the global big data analytics platform from SAS for analyses, forecasts, simulations and pattern recognition.
The system automates the acquisition and analysis of content from complex contracts and claims notifications. By taking full advantage of the large amount of data the company now has access to, Munich Re has significantly increased its ability to innovate, using big data analytics from SAS to function as an engine for new, custom-tailored offerings.
Deployed for worldwide access, the SAS Analytics platform operates by accessing a number of different external and internal data sources. The platform’s in-memory technology makes it possible to interactively analyze even extremely large quantities of data to discover unrecognized correlations. With in-database processing, data models developed and managed within the platform can run directly in the database. That means the analyses are carried out in SAP HANA or on the open source framework Hadoop. The latter enables the company to analyze massive quantities of unstructured text data, for instance.
Among the elements that influenced Munich Re’s decision to choose SAS were velocity of the analyses, the quality of the technology, and the performance of the SAS team. And of course the system’s ability to deploy and deliver results rapidly.
“The key success factor of our data analytics activities is a significant added value for our customers,” remarked Munich Re CEO Torsten Jeworrek. “With these new technologies, we are considerably enhancing our global ability to combine our customers’ data with our own findings and expert knowledge.”
Wolf Lichtenstein, SAS CEO for Germany, Austria and Switzerland, sees the two companies working together to break new ground. “We’re supporting Munich Re in taking a decisive step toward its digital transformation. Enterprises that consistently industrialize their business processes with big data analytics the way Munich Re does will achieve a significant competitive advantage.”
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the 2014 business year, the Group, which combines primary insurance and reinsurance under one roof, achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with almost 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Munich Re’s primary insurance operations are concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
SAS is the leader in analytics. Through innovative analytics, business intelligence and data management software and services, SAS helps customers at more than 80,000 sites make better decisions faster. Since 1976, SAS has been giving customers around the world THE POWER TO KNOW®.