Munich Re to create 17 jobs in new Irish R&D facility
REINSURANCE giant Munich Re is to create 17 jobs in Dublin as part of an expansion into research and development here.
The German firm is to hire the staff as part of an €8m investment in its Automation Solutions division. The division currently employs 47 people here and the new hires will work in a new R&D facility.
The "highly skilled" jobs 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," the company said.
The division automates methods that would normally be labour intensive. It claims to have saved firms up to 85pc of their administrative costs and is focused on creating "straight through processing" (STP). This allows a business to make quick decisions with minimal human interaction -- which is seen to slow the process.
The IDA is supporting the investment.
Munich Re Head of automation solutions Ross Mayne said the unit ''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.
Most recent accounts for Munich Re Automation Solutions show its predecessor company, Allfnanz Limited, earned €2.2m on revenue of €9.4m in 2010.