Munich Re sees new possibilities for managing risk in data & AI - Reinsurance News

Reinsurer Munich Re sees data analytics and artificial intelligence as key tools to open up new possibilities for managing and covering risk, and for supporting insurers across the entire value chain. "At Munich Re, our goal is to pioneer digital solutions for the insurance industry," said Doris Höpke, Member of the Board of Management "So we have been investing heavily in data analytics and artificial intelligence, in order to support our clients with innovative methods and new products," she explained in a statement ahead of the industry meeting in Baden-Baden. Munich Re says it is focused on combining primary insurers' portfolio data with external public sources, such as site geography, building construction, weather, or socio-economic status. By applying machine-learning principles, the company then looks to discover hidden loss drivers and respond with loss-prevention measures or by adjusting pricing. "This means faster claims estimates and handling, and better pricing as a result of improved accuracy in risk assessment," Hopke continued.