Realytix Zero: The future of underwriting

Realytix Zero is a cloud-based, automated underwriting platform developed by Munich Re and the latest member of the ERGO ScaleHub. It is an innovative solution for the insurance industry, helping to digitise and automate the underwriting process for primary insurers, brokers and specialised insurance intermediaries (MGAs). Florian Niklas – Co-Founder and Head of Realytix Zero – and Tanja Amling – Chief Product Officer – reveal in an interview how Realytix Zero not only increases efficiency but also promotes digital inclusion – and what role the platform plays within the ERGO Group.

Hello, both of you. To start with, could you please describe what's behind the name and technology of Realytix Zero?

Florian: Gladly! Realytix Zero is a state-of-the-art, cloud-based no-code/low-code underwriting platform developed specifically for the insurance industry. The platform enables insurers and managing general agents (MGAs), also known as underwriters, to develop and launch new products quickly and efficiently. It is particularly noteworthy that the no-code/low-code technology allows even users without in-depth programming knowledge to design insurance products and automate processes. At the same time, Realytix Zero is designed to be product-agnostic, meaning that almost any insurance product can be mapped on the platform.

What does no-code/low-code mean in relation to your solution – and how does it make it easier for users to develop new insurance products?

Tanja: No-code/low-code means that users – even those without programming knowledge – can model processes and configure products using graphical interfaces and predefined building blocks. For Realytix Zero, this means that our users can configure, customise and immediately test insurance products and underwriting rules and processes. This lowers the barrier to entry, accelerates time-to-market and promotes digital inclusion.

Are there any specific examples or use cases where the platform has already been successfully implemented?

Florian: We are already using Realytix Zero in three areas at ERGO Germany. It started four years ago in cyber underwriting, and has since been expanded to include commercial/industrial liability and private property management. Ultimately, it's always about converting previously manual processes and procedures into a digital and partially automated underwriting process ...

What specific problems does Realytix Zero solve for insurers, brokers and MGAs?

Tanja: With Realytix Zero, we primarily address the challenges surrounding speed, flexibility and digitalisation. Insurers, brokers and MGAs are often faced with the task of developing new products quickly and efficiently, meeting regulatory requirements and offering innovative products at the same time. Our platform helps to accelerate these processes, increase underwriting quality and speed up and improve collaboration between different players. The most important advantages for our users are therefore

• Significantly reduced development times for new products,
• reduced need for IT resources and programming skills,
• greater flexibility in adapting processes,
• easy integration of third-party data sources,
• improved collaboration between specialist departments and IT, and
• accelerated market launch and better scalability.

Strategically speaking, how does the platform contribute to digital transformation in the insurance industry?

Tanja: Realytix Zero is a central building block for digital transformation because we enable innovations to be implemented more quickly and new technologies and partners to be integrated extremely easily. The platform promotes the spread of digital technologies by enabling even non-IT experts to actively participate in product development. In this way, we are making an important contribution to the modernisation and future viability of the insurance industry. The platform can be configured quickly, enabling us to bring products to market quickly and early, which also speeds up validation there.

Now you are also part of our corporate accelerator ERGO ScaleHubs ...

Florian: Yes, and this is very important to us! It provides access to a strong network of start-ups, experts and partners from whom we can learn and with whom we can continue to grow together. The synergies arise primarily from the exchange of know-how, collaboration on innovative projects and the opportunity to test new technologies at an early stage and integrate and test them immediately in the underwriting processes. In addition, scaling to our international ERGO units is a very exciting topic for us.

We want to benefit specifically from the experiences of other start-ups, particularly in the areas of product development, market entry and scaling. We are particularly interested in collaborations in the areas of artificial intelligence, data analysis and digital sales channels. We are open to partnerships that help us to further develop our platform and tap into new markets.

Interview: Ingo Schenk

Read more ...

Read more The following links will take you to further interviews with ERGO ScaleHub start-ups such as chunkx, CamCom, rhyno and Eye-Able.

Your solution …

… fits along the ERGO Group AG value chain? Would you like to scale up within a large insurance company? You can find more information about applying and our corporate accelerator programme ERGO ScaleHub here: scalehub.ergo.com!