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.
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SAS® Analytics software 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 functions 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 analyse extremely large quantities of data to discover correlations that would otherwise be unrecognisable without advanced analytics tools. 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 analyse massive quantities of unstructured text data.
Contributing factors to Munich Re’s decision to choose SAS were speed of the analyses, the state of the art technology, the overall performance of the SAS team and 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,” said 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, views the partnership with Munich Re as ground-breaking. “We’re supporting Munich Re in taking a decisive step toward its digital transformation. Enterprises, that consistently industrialises their business processes with big data analytics, the way Munich Re does, will achieve a significant competitive advantage.”
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