Alexander-Otto Fechner

A great read for anyone interested in the #StartUp and #InsurTech culture by our Head of B2B Partnerships AnneLi Meisel! She gives insights into the StartUp scenes in the US and Germany, which show notable differences, but also interesting parallels. Read more in the DAS INVESTMENT article ⤵️

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We had the pleasure of collaborating with Dr. Robin Kiera from digitalscouting, who interviewed Dr. Moritz Finkelnburg from Convista at the Messekongress Schadenmanagement & Assistance in Leipzig. They discussed fraud detection in the insurance industry and the crucial role of AI and digitalization in addressing these challenges. A highlight was Moritz's account of astonishing fraud cases, including a dramatic wedding insurance claim in Vienna. Don't miss the latest trends and strategies in fraud prevention! Access the full report here: https://lnkd.in/eBMryQD7 #Insurance #FraudPrevention #AI #Digitalization #ClaimsManagementCongress

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In this episode of InsurTech Amplified in partnership with Insurtech Insights, Dr. Christian B. Westermann shared his fascinating journey from being a physicist specializing in space science to becoming the Group Head of AI at Zurich Insurance. His narrative underscores the value of a multidisciplinary approach, highlighting how diverse experiences in different sectors can significantly enhance one’s problem-solving capabilities and adaptability. Transitioning from technical roles in space missions to tackling technological challenges in the insurance industry, Christian’s career exemplifies the dynamic nature of professional growth and the importance of staying attuned to evolving industry trends. Christian also explored the evolving, transformative role of AI in the insurance industry. His insights into the integration of tools like ChatGPT at Zurich Insurance illustrated the profound impact of AI on traditional business operations, emphasizing efficiency and innovation in processing and understanding complex data. Moreover, he expressed a balanced perspective on the potential risks associated with AI, such as data biases and the necessity for rigorous risk management. Through his experiences, Christian highlighted the critical need for continuous learning and adaptation, offering a blueprint for professionals aiming to leverage technology to solve complex industry challenges. If you would like to connect with industry leaders and hear from global thought leaders, attend InsurTech Insights June 5th and 6th at the Javits Center in New York. If you don’t have tickets yet, use code INSURTECHAMP30 before May 31st for 30% discount! See you in New York! #insurtech #insurance #InsurTechAmplified #insurtechinsights #ITIUSA24

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“Artificial Intelligence at Zurich Insurance - Two Use Cases” https://lnkd.in/gqnpJ26g Zurich Insurance Group, founded in 1872 and based in Zurich, Switzerland, is a leading multi-line insurer that serves over 55 million customers across more than 210 countries and territories. The company provides a broad range of property, casualty, and life insurance products and services. In 2023, Zurich reported a significant increase in business operating profits, achieving USD 7.4 billion, marking a 21% rise from the previous year. The company has made substantial investments in AI to improve its services and operational efficiencies. According to its website, Zurich has implemented over 160 AI use cases throughout various divisions. In 2022, it introduced the AI Assurance Framework (AIAF) to ensure responsible AI deployment across its operations. This article examines two specific AI applications that are integral to Zurich’s strategic objectives: - Managing account receivables - Automating claims with high accuracy #ZurichInsuranceGroup #AI #InsuranceTech #BusinessGrowth #OperationalEfficiency #ArtificialIntelligence #FinancialServices #InsuranceClaims #TechnologyInnovation #GlobalInsurance #LifeInsurance #PropertyInsurance #CasualtyInsurance #AIIntegration #InsuranceIndustry

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Mark Klein Digital Officer of ERGO Group AG, discusses why Gen AI is critical to the future of insurance during his presentation at Insurtech Insights Europe, 2024 in March. He says: "It will work on all aspects of our value chain. It will increase our premium volume by individual better pricing. It will help us to reduce claims costs by reducing fraud - and this is where we are currently looking in detail - it will dramatically drive efficiency." #insurtechinsights #insurance #digitaltransformation #genai

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What technology innovations have the potential to transform insurance in 2024? 🛡️☂️🏥 Find out in our new booklet presenting the top 10 trends we picked from the “Insurance Tech Trend Radar 2024” by ERGO Group AG and Munich Re. 💡 Tip: you can download the booklet as PDF in full-screen mode. ---- Interested in digitization of the financial and insurance industry? Download our free e-book here: 👉 https://bit.ly/FinEbook-EN #insurance #technology #trends #innovations #AI #datafabric #datamanagement #datagovernance #digitization

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Looking forward to moderating this panel of outstanding experts on the transformational power of #AI in #Insurance and #Reinsurance!

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Participate in our industry-wide survey on automated driving. Where we aim to investigate how automated driving influences the business and operating models of Swiss transport and logistics companies. #automateddriving #automateddrivingswitzerland #swisstransport #swisslogistics #pwcsurvey

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Leveraging AI to fight customer frustrations and drive efficiency in #Insurtech – here‘s how:   In a recent publication in Information Age, our AI experts Christian Brugger and Mihail Minev, Ph.D. Minev shed light on the transformative impact of AI in the field of insurance:   🔹 Enhanced customer service: AI-powered chatbots provide instant, around-the-clock assistance, freeing up human agents for more complex issues. AI analyzes vast customer data to offer personalized insurance recommendations tailored to individual needs.   🔹 Personalized interactions: The emergence of generative AI is set to revolutionize digital interactions, moving beyond static FAQs to more dynamic, human-like chatbots. Linking AI bots to backend systems reduces the need for human intervention, addressing key customer frustrations.   🔹 Boosted internal efficiency: AI is significantly improving internal processes. One example is Direct Line Group’s AI-driven motor insurance platform, Darwin, which offers immediate, accurate quotes, enhancing customer reviews and service quality. In Asia, insurers leverage Uber drivers for accident reporting, combining human insights with AI analysis.   🔹 Employee onboarding and training: AI-powered virtual assistants can guide new employees through onboarding and provide 24/7 support. AI tools like virtual reality offer immersive training experiences that simulate real-life scenarios.   🔹The future of AI in insurtech lies in collaboration: AI will specialize in specific processes, leading to efficiency gains and greater personalization, while ethical considerations remain paramount. At the same time, AI will augment, not replace, human capabilities.   Dive into the entire article to explore future trends in AI-driven Insurtech, which you can find in the comments.   #AI #Insurtech #Innovation #CustomerExperience #Efficiency #EthicalAI #Cybersecurity

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Deep Dive Day II: AI-Supported Customer Journey in Insurance Sales 🚀🤖 Hey everyone! At InsurTech Hub Munich we’re pumped for Deep Dive Day II on June 20th! What’s Happening? 🗓️ We’ve teamed up with our SCALE AI Committee and mgm technology partners for an exciting day focused on how #AI can transform the insurance customer journey, from internal processes to personalized customer communication. Deep insights with our insurance community and technology experts will particularly be created around the two prioritized use cases: 🤖 AI-Powered Email Assistant for Quote Creation  📚 Sales Knowledge Manager 🗓️ Agenda Sneak Peek: Customer Journey Insights: Benjamin Z.ühr and Harmut Mai from mgm technology partners 🔍  AI-Controlled Sales: Ansgar Knipschild from mgm technology partners and Felix Wrobel from ERGO Group AG on conversational AI and personalization. 🗣️✨  AI Frameworks: Ansgar Knipschild’s insights on necessary frameworks. 🛠️  Transformation Strategies: Antje von Garrel and Hartmut Mai on AI business transformation. 🔄 Breakdown Session: Dive into use cases, covering solution descriptions, risk assessments, scaling options, and more. 📊 Huge thanks to our partners mgm technology partners, Klaus Schlumpberger, and @Thomas Brugger! And of course, our team Miriam Natalie Hook, Esther Eva Prax, Estefanía Rodríguez Migliarini - BA. MBA., Denis Jurendic Olena Pryvalova  and Sachin Sabbanahalli can’t wait to see you there. Check out the agenda and secure your spot here (if you are a partner at InsurTech Hub Munich): https://lu.ma/p2bw9335 The key takes aways and insights will be published after the event to shape the future of the customer journey in insurance sales! ⏳ See you there! Let’s create innovative solutions together! 🌟 #InsuranceInnovation #AI #CustomerExperience #DeepDiveDay #SCALEAI:

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📣 📣 📣 https://www.peoplerank.it/ 📣 📣 📣 #Business is based on #trust and trust is heavily dependent on #reputation! Andrea Zorzetto Victoria Antonovich Jan Wirth have put together the dream platform for investors and startups, a place where you can get feedback on both sides. It is always difficult in an ecosystem to collect opinions from multiple sources to get a 360-degree view or at least more data points on the person we are dealing with. When it comes to business, it's essential to make sure that we've found the right partner or that we're talking to the person who can best support us, and that's what PeopleRank's ultimate goal is. I met Andrea many years ago. Our relationship, like the best of friendships, started with a fairly heated discussion, and over the years it has grown stronger. Even today, Andrea remains one of the people I learn the most from. We worked together first when I was in Germany and then in Italy, and I found in Andrea a real source of inspiration and did not hesitate for a second to #invest as an #angelinvestor in him and the team. You guys are doing a fantastic job, the #ecosystem needs your support and what makes me most excited is how this solution can scale to more markets, beyond venture capital. To all founders and investors in my network, no reason to wait, it's time to start with https://www.peoplerank.it/.

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📆 SAVE THE DATE 📆 The Munich Re mid-year global natural disaster review will be released on 31 July. While the North Atlantic #hurricane season gets underway, the #NatCatSERVICE has been analyzing the impacts of the natural hazards that shaped first half of 2024. From #earthquake to #flooding and #wildfire – and just about everything in between – we’ll unpack what’s happened and what it all means for the #insurance industry.

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Zala Insurtech News: Munich Re has reported an increase in insurance revenue to US$16 billion for the first quarter of 2024, attributed to organic growth in its reinsurance business and ERGO International. The post Munich Re’s Insurance Revenue Rises to US$16 Billion in Q1 2024 appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

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🚀Recap of "Bitkom X InsurTech Hub Munich: AI in the Insurance Industry"🚀 This week, we had the pleasure of participating in an exciting event hosted by Bitkom and InsurTech Hub Munich, which focused intensively on the role of Artificial Intelligence in the insurance industry. Key topics such as the EU AI Act and the EU Data Act were discussed, both of which bring significant changes to the industry and aim to promote AI innovations safely and responsibly. It was highlighted how Artificial Intelligence can optimize processes and improve customer experience by offering fast and customized solutions, leading to higher customer satisfaction. In a panel discussion, our colleague Thomas Planinschetz, along with Sascha Ehrenforth Ehrenfort and Felix Baaken, excellently moderated by Claudia Jandl, discussed the role of AI as a driver of development. The discussion focused on the extensive potentials and challenges of AI across various industries, with the AI Services market expected to reach $443 billion by 2027. The experts shared experiences of successful AI implementations and discussed strategies to overcome obstacles in data structuring, customer expectations, and industry-specific adjustments to effectively scale and operationalize the technology. We were thrilled to be part of this dynamic discussion and would like to thank Denis Jurendic and Jana Moritz for the fantastic organization of the event. We look forward to integrating the insights gained into our work to continue revolutionizing the insurance industry, especially in automotive claims management. #AI #Insurance #Innovation #TechEvent #Bitkom #InsurTech

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Hannover Re collateralised reinsurance & cat bond business expanded in 2023

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Responding to European Flood Risk: A Call to Action After another billion-euro insured flood loss event, German homeowners, businesses, and insurers face challenges. The government hesitates to fill the coverage gap. How can stakeholders respond? Read Daniel Bernet insightful blog #Insurance #RiskManagement #FloodRisk

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#German insured flood damage estimated at €2 billion. The German #Insurance Association GDV Gesamtverband der Deutschen Versicherungswirtschaft e.V. said this was an initial assessment after heavy rains battered the states of #Bavaria and Baden-Württemberg. "Because the floods on the Danube in particular have not yet subsided, this estimate is still subject to a certain degree of uncertainty." Jörg Asmussen The GDV estimate did not include damage to uninsured property. The total damage is far higher because many people are not insured against floods. https://lnkd.in/eb3Kq9xC

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We launched a product to help German landlords and tenants obtain affordable prices for initial legal advice 24/7. We did a successful customer discovery and realized how challenging it can be to navigate the nuances of rental law, and I've noticed that people seek help from others on social media platforms. Initial legal assistance should reach everyone quickly, and this bot is specifically trained to provide advice on German rental market legislation. #tenants #landlords #germanrentalmarket #legaladvice #AI

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