Munich Re participates in the establishment of the German Data Science Society (GDS e.V.) with representatives from high-technology firms and top research institutes
Together with other partners from the fields of business and science, Munich Re has announced the creation of a non-profit association to promote data science in Germany. The joint objective is the training, networking and promotion of data scientists in Germany as a business and research location. Alongside professors from the Ludwig Maximilian University of Munich (LMU), the Technical University of Munich, and the University of St Gallen, the board and advisory council of the GDS includes representatives from other notable companies.
The volume of available data has increased significantly as digitalisation gathers pace. This has opened the door to innovative business models and numerous new fields of application, for example AI-based damage detection, and the analysis of sensor data. At the same time, the field of application for data analysis is becoming increasingly complex, requiring permanent and ongoing training of experts, along with a cross-sector transfer of knowledge. This is the only way to ensure competitiveness in one of the key fields of application for digitalisation.
Wolfgang Hauner, Chief Data Officer at Munich Re explains: “We are living in the age of data. The sheer volume of collected information alone does not guarantee us any deep insights. For this, we need experts who are capable of constantly re-applying and refining complex methods of analysis and intelligent processing. The establishment of the GDS is an important signal for the professionalisation of data analysis. The GDS will help us to attract talented people in this field, provide further training for experts and consolidate Germany’s claim to play a leading role in the future as a location for this core discipline.“
Prof. Manfred Feilmeier, Chairman of the Board of the GDS: “Data science methodically builds on substantial areas of mathematics, statistics and computer science. The possible applications extend to virtually every industry. The new business opportunities are impressive – data are now being described as the “currency” of the 21st century. Accordingly, there are also grave concerns in many cases. These are increasingly being articulated by politicians, who are turning to various new approaches to regulate algorithms for example, and the use of AI. The GDS intends to play an active role in all the areas mentioned – both with a focus on the general public, as well as on job opportunities for its members.”
Alongside Prof. Manfred Feilmeier, the GDS Board of Management comprises Wolfgang Hauner, Munich Re (Deputy Chair), Prof. Elmar Helten (Deputy Chair), Prof. Thilo Meyer-Brandis, LMU (Treasurer), Inge Thut, Munich Re (Secretary), Prof Göran Kauermann, LMU and Prof. Damian Borth, University of St. Gallen.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season and the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which also enables it to provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
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