Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Swiss Re – Aligning for the Digital Future

[ff_author_box_style2]

In View Summary

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.

1. People:

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.

2. Technology:

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.

Reported Benefits

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
  • Competitive advantage.

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.

Register for our Digital Transformation Strategies webinar

References

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in