Global reinsurance giant Munich Re has announced the establishment of a new technology-based insurance centre in Beijing, China, called Smart Thinking Consulting (Beijing) Company Limited, designed to provide intelligent solutions to its new and existing Chinese business partners.
The new centre is based in Beijing’s Guomao region, and is home to dedicated research and development teams that are focused on the establishment of various new products.
Munich Re explains that current projects underway include real-time solutions, location-based coverages for individuals, blockchain-enabled funding methods and the Internet of Things (IoT). The new centre is technology-based, and the reinsurer is also exploring artificial intelligence (AI) approaches and face/voice recognition technology.
Christoph Hoch, Munich Re’s Chief Executive Officer (CEO) for Greater China, commented; “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 real- time 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.”
The Germany-based reinsurer states that in order to be successful, the establishment of advanced insurance solutions needs both research and prototyping, as well as utilising the requirements and desires of external parties.
CEO of WeatherTech (Beijing) Co., Ltd., Lichang, said; “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.”
While Tobias Farny, Munich Re’s CEO for Greater China and Australia, added; “We are excited about this new venture in Beijing. It reflects our core values in terms of continually delivering high-performing and cutting-edge solutions. We are committed to meeting the needs of our business partners by offering smart and unprecedented insurance solutions.”