Munich Re: COVID-19 will accelerate the “silent metamorphosis” of the insurtech field – Foreign – Insurance – All about insurance – Romanian insurance market

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The COVID-19 pandemic will accelerate the “silent metamorphosis” that the reinsurance industry is experiencing lately, in terms of how it adopts and uses technology, says Paul DONNELLY – Executive Vice President for EMEA, Munich Re Automation Solutions, the insurtech subsidiary of the global reinsurer. According to him, the reinsurance industry has a reputation for being slow to innovate and adopt new technologies.

And this, most likely, in terms of traditional culture and a dependence on personal contact, which come from the beginning of the history of this field. In recent years, however, says Paul Donnelly, there has been a shift in the way reinsurers approach new technologies. Especially in the life industry, where, according to Paul DONNELLY, players “re-instrument” for the future “at an unprecedented pace”, to replace slow manual processes with automatic and “paperless” systems.

“Switching to digital and ‘direct’ is definitely a priority. As we move in the right direction, we should always take new and new steps to improve the user experience. Today, life insurance remains a process. complex for many, which we should continually simplify.Insurers already have a well-established reputation for being reliable and understanding the requirements of the products consumers are looking for, but at the same time, customers demand speed and ease. Purchasing a complex insurance product should be as easy as an Amazon transaction, eliminating all unnecessary elements, “says Paul Donnelly in an interview with Reinsurance News.

To achieve this, suggests the Munich Re representative, insurers need to implement and optimize Artificial Intelligence and machine learning techniques that optimize the consumer experience. Regarding recent global developments, Paul DONNELLY says that the COVID-19 pandemic will not slow down or change the course of technological trends in the reinsurance industry. Instead, it is possible that this crisis will accelerate the adoption and implementation of new technologies.

Now, many insurers will make the transition to digital and “direct” easier, while simplifying the online journey offered to customers and speeding up the underwriting process. Consequently, those who started this journey in 2017 or 2018 will benefit from We are about to see a big change in our industry, and the pace of this change will go a long way to changing the perception that the insurance industry is slow to adopt the new ones. technologies “, shows, for Reinsurance News, Paul DONNELLY – Executive Vice President for EMEA, Munich Re Automation Solutions.

“The insurance industry widely accepts that digitization will become essential as new business models emerge. Insurtech companies that digitize key operations – such as underwriting, compensation, etc. – will be key to optimizing operational efficiency. Fast underwriting and a smooth journey on the road to online shopping will be more important for consumers, “says Paul DONNELLY.

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