Technology is making the insurance industry more efficient despite headwinds from the traditional environment, according to Swiss Re.
At the reinsurance industry's yearly Rendex-Vous conference in Monte Carlo, the global reinsurer said that technology transformation is a core strategy for the company. The company cited its work on analytics, telematics and cyber risk as evidence. It also affirmed a commitment to the growing insurtech sector, including the launch of an accelerator program in Bangalore and stakes in wearable physiology monitoring company Biovotion Ltd and personal data start-up Digi.me.
"Being at the centre of the technological transformation that is unfolding is a key part of the strategic framework we launched last December," company CEO Christian Mumenthaler said. "With our knowledge and differentiation we want to seize the momentum so we can help our clients adapt and thrive."
Swiss Re cited these five technology catalysts that are driving insurance industry change:
- Mobile-first preference from the end consumer
- Increasingly dynamic and regular consumer interaction with computers
- An exponential increase of data on people and objects
- The common and secure use of distributed data (blockchain technology)
- The ability to recognise patterns in large and unstructured data (artificial intelligence)
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