Hannover Re set to boost innovation in the insurance industry
The new innovation pool from Hannover Re, hr | equarium, aims to play matchmaker for digital innovators and incumbent insurers. The online platform will unquestionably assist in the digital revolution within the insurance industry by allowing insurers to partner with start-ups that possess the technology they require to move forward.
Across the insurance industry there has been increasing interest in the benefits adopting the latest technology can bring, not only in improving back-office efficiency but also the personalisation of products.
Numerous insurers have established innovation labs and accelerator programs in order to identify start-ups that could help them become a leading innovator in the market.
Zurich launched an Innovation World Championship competition, which saw Chisel AI take top spot in early 2019 for its ability to utilise artificial intelligence to process instructed data sources in an insurance policy.
Meanwhile, Allianz X is an example of an insurer investing in innovative digital technology start-ups that align with the company’s strategic vision.
Hannover Re’s new platform will potentially prompt adoption of technology at an even faster rate. With the reinsurer operating across a wide variety of markets, the list of insurers it works with is extensive.
This will enable insurers to work with start-ups whose main focus may not be specifically related to that insurance market, but that boast technology can be leveraged into other segments.
The success of the platform will clearly benefit Hannover Re. Assisting its insurance partners in the identification of useful technology will enable Hannover Re to work with insurers that are seeking to leverage the benefits start-ups bring. This in turn will help insurers reduce claims frequency and cost, as well as enter new markets.