The new modular product, called Flexisafe, is an umbrella primary insurance policy which combines the most common insurance products many customers need – home content, liability, personal account protection, personal accident, and travel.
Each Flexisafe policyholder can decide at any time to increase or decrease the sum insured for each product. For example, they can choose to decrease their home content insurance and increase their travel insurance coverage when they’re in a period of frequent travel.
The adjustment can be made anytime within the corresponding insurance premium amount that has been paid. This means there are no additional costs for the policyholder.
Flexisafe offers benefits not only to consumers, but also to primary insurers. Primary insurers working with Munich Re have the option to choose other personal line insurance products according to their customers’ demands. The global reinsurer will partner with primary insurers to customise their own Flexisafe product.
“We are using the innovation potential from our global network for this purpose and are extending our operations,” said Christoph Hoch, Munich Re CEO for Greater China. “For example, we are active in data analytics, product development, provision of automated underwriting engines, and are collaborating with our clients in a new way to engage them as business partners.”
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