Hannover Re’s new innovation platform, known as ‘hr | equarium’, will serve as a boost for the digital revolution in the insurance industry, according to a report by data and analytics firm GlobalData.
The online platform aims to play matchmaker for digital innovators and incumbent insurers by allowing the funding-rich insurers to partner with technology solution-rich start-ups, the report said. This will allow a faster rate of exchange of technology and knowledge in the industry. With Hannover Re operating across a wide variety of markets, insurers can leverage start-ups’ technology into other segments.
“Incorporating the latest technology into the insurance industry not only improves back-office efficiency, but also the personalisation of products,” said Daniel Pearce, general insurance analyst at GlobalData. “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.”
The report mentioned similar initiatives, such as Zurich’s Innovation World Championship competition, where ‘Chisel AI’ took the top spot in early 2019. Chisel AI utilises artificial intelligence to process unstructured data sources in an insurance policy. Meanwhile, Allianz X was also cited as an example of an insurer investing in innovative digital technology start-ups that align with the company’s strategic vision.
“The success of the platform will clearly benefit Hannover Re,” Pearce added. “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.”
