Sensing the need to foster a flexible, agile and highly collaborative environment that embraces diverse work styles, Swiss Re is reimagining its corporate culture in order to capitalise on digital opportunity.
As skills in data analytics and development of algorithms are getting critical for more accurate risk assessment and prediction, Swiss Re is focusing on creating a talent pool of experts from multiple disciplines across data analytics, engineering, physics and statistics who can build robust models to better analyse risks including natural disasters, weather, aging, life expectancy, etc. This new approach talent scouting will also give Swiss Re clients an understanding of different types of risks: how to calculate it and how to work with it.
As with other insurers, Swiss Re is increasingly grappling with terrabytes of data generated from both internal and external sources. Additionally, unstructured data streams now represent a significant challenge for both new and established insurance entities. To greet the new age of massive data, Swiss Re is turning to cognitive computing (powered by IBM Watson) and its own cloud computing capabilities under an initiative called Swisscom Cloud to enable more accurate risk modelling. Swisscom delivers infrastructure, a development platform and a “run-time environment”, databases and IT service management from a single source.
Sensing the need to foster a flexible, agile and highly collaborative environment that embraces diverse work styles, Swiss Re is investing in people, processes, culture and technology in order to create a digital driven workplace
Another highly anticipated growth field within InsurTech is the use of blockchain to validate and authenticate claims. Swiss Re is among several leading insurance players of B3i initiative, announced by Allianz, Aegon, Munich Re, Swiss Re and Zurich in October 2016. This initiative is aimed at sharing ideas, testing use cases and pursuing concepts related to the wider insurance sector.
3. Process and Culture:
Swiss Re clearly understands that transforming into a digital organisation requires a significant process and cultural shift. To enable it to compete like a ‘born digital’ company, Swiss Re is reinventing its on-boarding process with a Millennial focus. It’s also allowing employees to work from home and while travelling, and with that, have a much more attractive work environment for them.
Benefit to Customers
Improved support and better service
Better assessment of risks whilst underwriting.
Benefit to the Insurer/Partner
Steer the business to meet the challenges of the future
Transform workspace into a strategic asset for the business
Gain efficiency and agility
Real-time reporting with drill-down capabilities to slice and dice the data
The Digital Insurer's View
Ultimately, although Swiss Re is continuously investing in new technology, bringing data to its large team of specialised experts while simultaneously creating a digitally orientated workplace where best talents can own the way they work, to compete with the InsurTechs that are simultaneously playing the roles of insurers, distributors and tech enablers with increasing speed and quality, merely being adaptive is not going to work.
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