We have been a catalyst for innovation for decades. A recent example is hr | equarium, the innovation pool exclusive to our global network of insurance clients, facilitates connections with innovative InsurTech partners. Our strategic partnership Vitality Active as another example, provides insurers an affordable, mobile-based, behavioural wellness solution. We are building on our core competence as a reinsurer to add value to our business partners.

We partner with clients, start-ups, industry leaders and InsurTechs to refine the value chain and harness the opportunities arising from digital change. We focus on material business opportunities and make sure that the most promising ideas can be leveraged and scaled up in terms of geographies while maintaining our lean operating model.

Investing in the digital future

Our Innovation and Digital Strategy actively embraces the change to a digital insurance world by for instance investing in Dublin Digital, a research and development programme aimed at the realisation of next-generation digital innovation in the underwriting space. We support our clients to enhance processes and business models, including targeted digital solutions as well as consumer experience and digitalisation of sales channels. We strengthen our capabilities of risk analysis, risk pricing and risk selection and leverage our expertise to widening our data analytics service offering. Our investments are clearly geared towards improving our core competencies.

Direct digital distribution

One focus is on the establishment of the infrastructure for the digital distribution of insurance products. Our partnership with the InsurTech parametrix is a good example which offers SMEs tailored parametric protection from cloud outages. SMEs depend on the IT operations of third-party service providers whose technology downtime becomes therefore a growing risk to them. We partner with parametrix to provide this digitally distributed and parametrically triggered coverage with fast and automatic payouts, enabling the SMEs to quickly get back to business. 

Digital health data

We work intensively with digital health data and want to unlock its potential for insurers. We aim to enable primary insurers to estimate policyholders’ behaviour and risk types more accurately. Our investment in VeoSens represents the idea. The concept is to collect health data through wearables in order to design and sell individually priced health policies. This will lead to improved customer relationships and generate more profitable business through a healthier lifestyle.