‘Hannover Re’s’ new innovation pool, ‘hr | equarium’, aims to play matchmaker for digital innovators and incumbent insurers, says GlobalData, a leading data and analytics company.
By enabling insurers to partner up with start-ups, that possess the necessary technology, it will proceed to assist in the digital revolution within the insurance industry.
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, insurers are able to work with start-ups; whose technology can be leveraged into other segments.
Daniel Pearce, General Insurance Analyst at GlobalData, comments, “Incorporating the latest technology into the insurance industry not only improves back-office efficiency, but also the personalisation of products. On top of this, 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, due to Chisel AI’s ability to utilise artificial intelligence to process unstructed data sources in an insurance policy. The Zurich Innovation Foundry has been established for about 18 months, with input from Ninety Consulting
Meanwhile ‘Allianz X’ is an example of an insurer investing in innovative digital technology start-ups that align with the company’s strategic vision.
Pearce continues, “The success of the platform will clearly benefit Hannover Re. Assisting its insurance partners will enable Hannover Re to work with insurers that are seeking to leverage the benefits that start-ups bring. This in turn will help insurers reduce claims frequency and cost, as well as enter new markets.”
Other insurtech/insurer partnerships include the Lloyds of London Lab, with a HQ in London of course, plus Kamet Ventures, which has AXA on board as a key investor. Aviva Ventures and Munich Re both bought a stake in Neos, a new connected device home insurance app/online platform.