Global reinsurance giant Munich Re has established a dedicated company to offer intelligent insurance solutions to its business partners in China.
Munich Re announced the launch of Smart Thinking Consulting (Beijing) Company Limited. This newly formed insurance solution centre will focus on delivering technology-enabled insurance solutions to both existing and new clients. The new venture, located in Beijing, houses dedicated research and development teams working on a range of new solutions.
Projects in progress range from real-time, location-based insurance coverages for individuals to blockchain-enabled funding methods and IoT. Artificial intelligence approaches are tested alongside face/voice-recognition technology, with the objective of delivering a new customer experience when buying insurance or filing a claim.
“The insurance world has become digital and customers expect to engage in a different way. Retail insurance will be driven by artificial intelligence, data analytics and social media, commercial insurance is increasingly using sensors and realtime monitoring of risk exposures. As China is spearheading these developments, it seemed a natural next step for Munich Re - as a leading creator of technology-based insurance solutions - to launch the new Smart Thinking entity contributing to China’s insurance ecosystem,” said Mr Christoph Hoch, Munich Re’s CEO for Greater China.
To be successful, the development of advanced insurance solutions requires a combination of research and prototyping while receiving requirements and impulses from external parties at the same time. Munich Re’s Smart Thinking team offers insurance companies, large Internet and tech companies, mobility providers, FinTech and Insurtech ventures the opportunity to maximise product and service innovation, quality and market success while minimising their development costs, launch time and risk of failure.
Mr Lichang, CEO of WeatherTech (Beijing), said that Munich Re is an obvious choice when it comes to combining digital expertise with new insurance products. “Together with Munich Re’s Smart Thinking team we have already developed a mobile-based, real-time insurance solution. Currently we are working on another smart insurance solution that will take real-time weather and event data into account, offering risk commensurate coverage.
“WeatherTech and Smart Thinking work as a trusted team on modelling, product design, client experience utilising new and digital distribution channels, and there are more intelligent products in our joint product development pipeline.”
WeatherTech (Beijing) is a weather data & technology company, specialising in developing weather insurance solutions.