Munich Re partners with Google Cloud, Allianz
Munich Re has collaborated with Google Cloud and Allianz Global Corporate & Specialty (AGCS) focusing on providing cloud specific cover for organisations.
The starting point for the cooperation is the continuing trend towards cloud usage: for a majority of larger organisations, the cloud has already been embraced as a way of doing business. Further, parts of corporate IT – including core applications –are moving to the cloud following the increased digitalisation trend. Organisations are therefore striving to create a technically robust security environment for themselves in the cloud. They also seek to mitigate and insure against any remaining risks with the best possible options. This new partnership seeks to address the specific needs of Google Cloud customers and focuses on leveraging data insights from Google Cloud in creating innovative and sustainable cyber solutions.
The three partners came together to better serve clients´ needs by addressing the accelerating global trend of cloud usage head on. The cloud-specific security expertise of Google Cloud, together with the risk transfer expertise of Munich Re and AGCS is incorporated into a data-based offering for cloud customers. Google Cloud enables organisations to retrieve an individualised report on their security position on the platform using their new Risk Manager tool. Organisations gain actionable insights into their risk exposure and can take targeted measures to reduce or cover their risks. When applying for coverage, organisations share the Risk Manager report with insurers, greatly simplifying the application and underwriting process.
The joint offering, achieved by linking technology with insurance know-how and facilitating the sharing of in-depth data, brings a new level of maturity to the market., according to a press release. The Risk Protection Program provides customers with a higher level of security, covering technical and financial aspects of risk management. The building blocks of the offering are embedded in the Risk Protection Program, which integrates the Risk Manager tool with access to a cyber policy called Cloud Protection +.
Munich Re and AGCS have developed the Cloud Protection + policy exclusively for Google Cloud customers. The enhanced data from the Risk Manager tool facilitates a differentiated risk insight: The Risk Manager report reflects the customer’s unique risk position and, when shared with the insurer, the customer benefits from a more efficient and transparent underwriting process.
