Topics Online - Data analytics in the insurance industry Munich Re

"Examples of artificial intelligence (AI) can be found in various areas of the insurance industry today – for example in underwriting and claims", says Wolfgang Hauner, Chief Data Officer at Munich Re. "AI can support consultants in their work, helping with fact-checking and recommending courses of action, for instance." By contrast, processes in underwriting are becoming smarter: "All the available data and sources are called upon here, improving processes and the customer experience." According to Wolfgang Hauner, things are also getting smarter in claims. "Reaction times are getting shorter and insurers can more glean more information – which in turn leads to efficiency gains and better decisions." For example, big data and analytics allow the efficient processing of losses with low volumes and high demand rates.