Global reinsurance giant Munich Re is working with Starmind to transform and improve the reinsurer’s knowledge management through advanced technology and artificial intelligence (AI).
Starmind’s technology is designed to expand human ingenuity by applying neuroscientific principles to AI, and reinsurer Munich Re is looking to transform its knowledge management via a new application called OneMind.
OneMind aims to enable Munich Re to engage and cultivate the expertise of its employees, improving the company’s knowledge management via the leverage of internal knowledge and expertise as a competitive advantage.
The application of self-learning algorithms based on neuroscientific principles enables Starmind to build a firm’s ‘corporate brain,’ which in turn enables employees to better identify and connect with the most appropriate internal expert for almost any query, as well as having access to internal knowledge quickly and efficiently.
“Many of our clients face increasingly complex and ever evolving new risks. To provide them with best in class solutions in a swift and efficient way we need to have a profound understanding of how trends and developments drive clients’ needs and interests.
“We have implemented OneMind because it enables us to easily use our worldwide know-how for either quickly identifying possible solutions that matched similar client needs or for designing new tailor made solutions. The speed of delivery is the key to success,” said Axel von dem Knesebeck, Senior Consultant, Munich Re.
According to an announcement on the partnership, OneMind has already produced some interesting results, including 93% of all questions asked through OneMind are answered; 50% of all questions asked through One Mind are answered within 2 hours or less; and knowledge provided by employees in OneMind is stored in the system and made permanently available to all users worldwide. Redundancies are reduced and efficiency gains are achieved.
Fredrik Theis, Head of Knowledge Management Underwriting at Munich Re, said; “One key goal of Munich Re’s Knowledge Management has always been to provide our employees with all the knowledge and expertise they need to constantly improve our underwriting, and to push the boundaries of insurability with innovative products.
“With OneMind we have taken this to the next level. It links our entire employee knowledgebase through the cloud, thus prompting the easy and effective cross team collaboration we need to achieve our goal.”
Pascal Kaufmann, Founder of Starmind, added; “Munich Re is the world leader in risk management and unites some of the greatest minds in that field. In a world of digitalization and automation technology becomes a commodity. The human factor, such as uniting the talents within Munich Re, becomes more crucial and a true differentiating factor across the entire industry.”