Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that “Technology will fundamentally change the insurance value chain over the coming years” in a statement that comes alongside Swiss Re’s plans for technological adaptation and integration.
Swiss Re maintains that it has prepared for technological market disruption by firmly embedding its tech strategy within it business strategy, and by focusing on in-house developments and external partnerships, which secure access to new risk pools and allows the company to anticipate impacts on its own value chain and the competitive landscape.
Swiss Re’s tech strategy includes developing new client solutions like Magnum, its Life & Health underwriting platform, streamlining internal processes by leveraging scalable technology, accessing risks through tools like iptiQ, its digital B2B2C Life & Health platform, and harvesting the full potential of data.
Mumenthaler explained: “I am convinced technology will blur industry boundaries and shift insured risks between insurance lines. Swiss Re’s tech strategy aims to access new risk pools and manage existing ones more effectively. Through in-house developments and external partnerships, we are prepared to respond to the impact technology will have and drive innovation.”
He also stressed the importance of Research & Development (R&D) in the company’s strategy, which has allowed it to adapt to changing conditions and outperform the underwriting market by addressing issues like sea surface temperature, cyber risk scenarios, and over-diagnosis of critical illness through emerging technologies.
Swiss Re maintains that long-term industry trends remain positive, with risk pool growth likely to be fuelled by demographic trends and a strengthening of the world economies’ combined GDP, and with technology-based solutions expected to broaden re/insurance coverage and close the protection gap.
Mumenthaler commented: “Swiss Re maintains its commitment to creating long-term value, and we are well-placed for growth. Our capital position is industry-leading, enabling us to deploy capital in the currently more positive environment.
“We are a risk knowledge company with strong R&D focus. Our tech strategy provides us with a competitive advantage to anticipate changes in the insurance value chain and secure access to new risk pools. Our insights allow us to continue partnering with our clients and to develop solutions which tackle the protection gap.”