High priority given to data protection and cyber security
Responsible handling of artificial intelligence and big data
Artificial intelligence and big data will play a central role in the insurance industry in future, whether in product design, underwriting, claims management, or in internal accounting processes. Liability issues are changing through the use of AI in insured products and services, for example with autonomous driving or in the field of medicine. Ethical principles are essential when using new data-based algorithms in order to protect the rights of our clients. Under the guiding principle of “Responsible Artificial Intelligence”, Munich Re is currently devising a strategy based on the four “ethics guidelines for trustworthy AI”.
Principles of “ethics guidelines for trustworthy AI”
- Respect for human autonomy
- Prevention of harm
From these principles, Munich Re has derived a definition of the requirements for responsible use of AI in its own activities.
Training of our developers and employees
Digital technology is transforming the workplace – especially at companies that are highly data- and knowledge-driven, such as Munich Re. We believe this makes it all the more important for us to provide target-group-specific basic and further training for our developers, users and managers. In this way, we want to ensure that our AI-based systems always meet the relevant standards, and that our employees are in a position to use such systems in a responsible way.
In the course of digitalisation, the volume of available data has increased significantly. This has paved the way for innovative business models and numerous new fields of application. At the same time, the field of application for data analysis is becoming increasingly complex, requiring ongoing training of experts, along with a cross-sector transfer of knowledge.
In 2018, a comprehensive digital training programme was developed for all employees in the form of the “Digital School” in the reinsurance business field. The objective is to ensure that each employee has at least a basic knowledge of the digital technologies and trends that affect us.