Mr. Winter, many insurance companies are in a transformation process towards more digital and data-driven processes. What are your observations on how COVID-19 has influenced this process?
Do you think the entire industry is on board for this transformation?
Based on these insights, what trends do you anticipate with respect to digitalisation, data and AI?
What kind of challenges do you see for primary insurers who are just beginning their digital transformation process?
So, how does Munich Re address these topics with their clients?
Could you elaborate on the analytics and AI concepts?
How does this tie into consultation and the evaluation of risks?
Looking further into the future, how else will digitalisation, data and AI influence the way we run insurance business?
As automation, digitalisation and individualisation continue to evolve, we will begin to observe new risks, for example the risk of AI itself. It will be interesting to visualise how insurance for such a new risk could look like. But also, data protection and local regulation will have an effect and could change the ecosystem around data. Imagine, if everybody were to have full control of all of their data in a private cloud. This could require, that smart and intelligent “pre-trained” algorithms move around from one data pool to the next one as data remains in one place.
We have already taken some first steps to explore the possibilities within the insurance industry, while tech companies are already massively working on ecosystems around algorithms. What will be most interesting is the new ways insurers will be able to offer services and solutions in close correlation with the valuable insights and trends derived from data analytics.