Munich Re, one of the world’s largest reinsurers serving 40m clients in 30 countries, is to create 17 new jobs in Dublin at a strategic R&D facility as part of an €8m investment.
Munich Re, which employs more than 47,000 people worldwide, currently employs 47 people in Ireland.
This new project involves a planned investment of more than €8m and the creation of up to 17 additional highly skilled new positions.
The Irish Government, through IDA Ireland, worked closely with the company on securing the project.
The R&D team will focus on complex data mining and statistical analysis techniques that will enable Munich Re’s automation solutions to more accurately assess underwriting risk across a broad range of insurance classes.
Ross Mayne, CEO of Munich Re’s Automation Solutions division, said Munich Re’s life insurance clients around the world will benefit from this exciting R&D and newly gained expertise through the next generation of new business processing and underwriting automation solutions.
“We are delighted to be making this investment in such innovative R&D,” said Mayne.
“This strategic project will pave the way for the next generation of life insurance underwriting systems.
“Ireland is our global centre for commercial software development. Our positive experience and the success we have enjoyed here made Ireland the natural choice for this pioneering project,” he added.
Established in Dublin in 1986, Munich Re’s Automation Solutions division (formerly Allfinanz) is the world’s leading provider of automated underwriting solutions to life insurers.
Ireland’s financial-services sector
“Today’s announcement that Munich Re is investing and expanding its operations here with the creation of 17 new jobs is very welcome news for our financial services sector,” the Minister for Jobs, Enterprise and Innovation Richard Bruton explained.
“Through the Action Plan for Jobs, this Government is determined to increase employment in this sector by 10,000 by 2016 and I believe that with the right policies from Government we can reach this ambitious target,” Bruton said.
Barry O’Leary, CEO of IDA Ireland, said financial services has been identified as a key growth area for Ireland’s economy.
“In that context, to see a world-leading financial services company like Munich Re investing further in Ireland is extremely significant. It will also enhance Ireland’s profile as a global investment hub,” O’Leary added.
Financial analytics image via Shutterstock
