Artificial Intelligence Meets the Insurance Industry

Anusree Bhattacharya | May 31, 2022 | 159 views

Artificial_Intelligence_Meets
Through machine learning and deep learning, artificial intelligence (AI) can meet industry expectations.

As artificial intelligence becomes more deeply embedded in the insurance industry, industry leaders must position themselves to respond to the changing business landscape. Every day,various factors contribute to the industry's changing landscape. AI is becoming more assertive in insurance, particularly in cost savings, customer service and experience, product innovations, and marketing initiatives.

With this understanding, market leaders can develop appropriate revenue-generating strategies, embrace new AI horizons and implement them to develop the perspective required to succeed in the futuristic insurance industry.


AI-related Action for Better Forecasting

Among insurance executives who have already invested in AI, many new businesses are reaping significant benefits. They have gained the advantages of using AI to improve the customer experience (CX). According to a Deloitte study, approximately 65% believe AI assists in decision-making. Furthermore, according to PwC specialists working with insurers on AI initiatives, businesses are increasingly using AI to:

  • Customize products and services for consumers and other businesses
  • Establish a loyalty framework and upsell among customers
  • Automate more data from social media and other sources for better forecasting
  • Automate more aspects of claim processing
  • Improve fraud detection methods
  • Beginwith customer segmentation to target

As a result of these findings, AI investments will benefit insurance companies more than ever before.


How Insurers Can Accelerate AI

The following points can help insurance businesses accelerate AI and achieve faster ROI.


Centralize Business Functionalities

Deploying AI into the process aids in the automation of resources, the alignment of tasks, the use of analytics to nurture data, the improvement of governance, and the scaling of solutions.


Focus On Data

AI in insurance aids in collectingand combining relevant data from consumers and future customers. AI-assisted data collection is faster and more accurate at the appropriate time. In this manner, marketers can plan for future marketing campaigns that will increase engagement and bring in more money.


Reduced Risks

AI is the most effective at reducing business risks. Also, AI works best for insurers to minimize risks such as data breaches, fraud detection, correct cost segmentation, and budgeting hazards.


Some Insights into AI Investment: A Key Decision to Make!

As technology continues to empower the insurance sector, let's take a look at how other insurance companies are investing in AI so that you may make the vital decision to incorporate AI into your organization as soon as possible.

  • 65% of businesses found better ways to establisha customer experience base with the help of AI post-2020
  • 49% of businesses have improved their internal decision-making process after adopting AI
  • 56% of businesses were able to reinvent their products and services through AI
  • 47% of businesses operated their business functions more efficiently with AI and increased productivity.
  • 45% of insurance businesses saved substantial costs using AI algorithms
  • 35% ofinsurance businesses have successfully reduced risks associated with their businesses after the deployment of AI.
  • 53% of insurance companies have seen a significant revenue increase by incorporating AI into their processes.

These figures are based on a Deloitte’s research study conducted by insurance industry specialists worldwide.


Some Possible AI Risks for Businesses

Every technology helps businesses gain benefits, but technology installation has to be done correctly to avoid consequences. As a result, insurance companies must exercise caution when implementing AI in their business processes. The possibility of faulty AI implementation could lead to:

  • New cyber hazards
  • New privacy threats
  • Workforce shortages
  • New legal liabilities and reputational risks
  • Customer distrust
  • More complex business modules

The lack of AI abilitiesismore challenging, which can affect the entire business sphere, especially the functions that are associated with AI.

Spotlight

Fullhart Insurance Agency, Inc.

Fullhart Insurance Agency, Inc. is a full-service independent agency with multiple office locations in the state of Oregon, representing many of the nation's top-rated insurance carriers. We are dedicated to providing excellent service and complete insurance protection for our clients. Quite simply, we are here to help you with all of your insurance needs.

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5 Essential Features of Policy Management Tools

Article | July 11, 2022

The worldwide marketplace is undergoing a host of structural changes and insurance companies are consistently working to capitalize on them. The past few years posed a number of new challenges. For an industry whose primary promise is to “be there when customers need us,” delivering top-notch timely services is not only crucial for business continuity but the most urgent goal. Inspiring trust through every process of the policy lifecycle is a significant factor for insurers to be able to maintain goodwill in the market. Recent pressures proved that the industry needs a systemic metamorphosis and digital solutions may be able to provide them. This is also why many industries are jumping on the bandwagon of digital transformation and insurance is no different. With a barrage of new technologies, solutions and software, it has become easier to automate processes and eliminate inefficiencies that hamper day-to-day-operations. One such area of transformation is insurance policy management. Forward-looking insurers today, can start by rethinking their policy management framework. The Importance of Automated Policy Management Simplifying all internal processes is a priority for many insurance providers worldwide. Much of the insurer’s business outcome hinges on streamlined workflows, seamless document management and effective use of different tools. In policy management, mitigating risk is another significant aspect that impacts the bottom line. Today, insurers are heavily investing in new technologies like artificial intelligence and machine learning, robotic process automation, data analytics and much more. Policy management entails the comprehensive process of administering policies. From pre-sale to renewal to claims, at every stage of the policy lifecycle, insurers must ensure a smooth process at every stage. Some of the stages of policy management that can be enhanced by using automated policy management tools which include: Member services Loss mitigation Risk assessment Claims processing Policy issuance Policy renewal Policy cancellation Compliance It’s clear that insurance policy administration system (pas) encompasses all the main business processes of an insurance company and the importance of policy management is enough to invest in high-quality solutions that span the policy lifecycle. The Must-Haves of Policy Management Software A smart insurance policy management simplifies the process for both the insurer and the insured. For insurers, it should be able to optimize resources and save time in administering policies. For example, life insurance policy management system can help a provider scale their operation, introduce flexibility and administrative simplicity. Here are the components of a policy management solution that is a must-have for every insurance provider. For the insured, the solution can help organizations not only provide a smooth experience Policy Issuance, Update and Cancellation The most significant must have that an effective policy management solution should have, is the ability to digitalize every aspect of policy administration. This includes being able to generate documentation, centralize records and oversee all operations across the policy lifecycle. For instance, everything should be synced so that any updates are made universally across all documents. This eliminates doing manual changes to all the records. In addition, with technologies like robotic process automation (RPA), repetitive tasks can be automated and reduce the time it takes to process documentation. Underwriting Underwriting is a process where individuals or firms take financial risk for a fee. In insurance, underwriters are responsible for evaluating the degree of risk to the insurer’s business. It is in essence a manual process that comprises extensive research and assessment of the prospective policy holder. For instance, medical underwriting consisted of ascertaining the charges to levy or even whether to provider coverage to them based on an applicant’s health condition. Even though underwriting is a time-consuming process, it doesn’t have to be tedious. Underwriters need to access data that is spread across a range of different platforms and sources. Automated policy management enables organizations to accelerate the process of data collection and collation. This is why, automation in underwriting functionalities is one of the most important features of a policy management software that is a must-have. Estimates and Quotes Holistic policy management tools are incomplete without quote estimate capabilities. Quoting allows insurers to generate leads. With automated quoting features, insurers can provide estimates without having to directly contact customers, saving time and money in cold calling. In addition, it helps insurers to gather the information they need to then target their leads and tailor solutions that meet consumer expectations. Quality policy management systems include these capabilities. They work by letting customer input their information and receive a quote estimate based on it. For insurers, in addition to providing leads, it lets them engage customers from the start itself. Policy Renewal Renewals is a critical stage in the policy lifecycle. Overseeing renewals and reducing customer churn is something every insurer must prioritize. Renewals handling amplifies the importance of policy management software that offer renewals management tools. Renewals management features allow insurers to alert policy holders about the ending of their coverage and provides a timely reminder to renew it. Since renewals management tools offer ready information for insurers to access, customers need to update fewer fields. It not only reduces customer churn but contributes to an easy, fast, and customer-friendly process. Claims Processing Claims processing is when an insurer reviews a claim process to verify and authenticate the claim made by the policy holder. As a core business process, claims management and processing needs intelligent systemization. Insurance policy management tools that integrate claims processing will enable insurers to automate the settlement process. Modern policy management tools sync different systems so insurers have a centralized database and can simplify tasks like assigning claims, detecting fraud, record payments issued and automatically generate reports. Regulations and Compliance Insurance is a heavily regulated industry and insurers must keep up with the many compliance and location-specific regulations to avoid hefty fines. Regulatory policies are also subject to change and can often realign processes to protect consumers. This may sometimes cause insurers financially. However, complying with new regulations is a business necessity and policy compliance management solutions help immensely. Insurers must be able to monitor any changes in global and local policies or keep an eye out for announcements regarding the change in rates or regulations. Many insurers have a team to do this but maintaining a team is costly and causes operational complexities. Modern policy management tools offer the automation capabilities that eliminate the need for extensive overhaul or insurers to keep up with new regulations. These policy compliance management tools help in detecting breach and minimizing it. They also enable better resource allocation as teams no longer need to monitor new and upcoming regulations and plan for implementing the change. Customer Support Customer support is one of the most critical aspects of policy management. Beyond software and applications, being able to meet your customers’ demands, address their concerns throughout the customer lifecycle is vital in order to meet business objectives on time. With digitalization transcending platforms and devices, policy management tools today need to be able to keep up to meet customer demands. This is why mobile-ready policy management solutions are a must. They allow insurers to respond to customers quickly and keep channels of communication open and flowing. In addition, features like quoting estimates and claims processing that accelerate policy administration and management in a streamlined manner are bound to keep customers happy and reduce churn. Some policy management tools come with marketing automation capabilities as well as a CRM that lets insurers deliver a great experience right from buying decision to ongoing support. Conclusion There is no denying that digitalization is the future and insurers need to be ready to adapt to new challenges and evolving demands from consumers. Policy management tools not only enable insurers to overhaul their core process but simplify it and eliminate operational inefficiencies. The importance of policy management cannot be understated. Age-old challenges and bottlenecks of managing millions of policies can be mitigated with comprehensive policy management solutions. The above components are the most critical process your organization should look to simplify. These essential features ensure you are able to optimize resources, improve operational efficiencies, streamline processes and translate all these into enhanced customer experiences. Frequently Asked Questions How does insurance policy management differ from other policy management tools? Insurance policy management is a specialized solution that caters to insurance companies and enables them to manage renewals, claims, underwriting and all other processes associated with managing an insurance policy for their customers. Other policy management tools help organizations frame policies and management internal policy documents. What is an insurance policy lifecycle? An insurance policy lifecycle starts with generating a quote for the customer, onboarding the customer’s application, and finally setting the payment of premiums and renewals. When a policyholder claims insurance, the insurer has to process the claim, verify its authenticity then accept the claim fully or partially or reject it. What are the ways the insured can choose to pay for the insurance policy? The insured can either pay a lump sum amount or choose to pay monthly, yearly or quarterly. These payments are called premiums and are calculated based on certain condition set by the insurer.

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How InsurTech-Insurance Partnership Delivers New Product Innovations

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In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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The role of AI in enhancing claims experience for Insurance customers

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Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

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5 Deep Learning Use Cases for the Insurance Industry

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Betterview Announces Partnership with Risk Innovator JMI Reports

Betterview and JMI Reports | December 01, 2022

Betterview, the company leading P&C insurers rely on to identify and manage real property risk, today announced a partnership with JMI Reports, one of the largest providers of onsite property data to the insurance industry. Products from JMI Reports are now available on the Betterview Property Intelligence & Risk Management Platform, allowing users to optimize inspection efficiency in a single, intuitive user interface (UI). The innovative tools from JMI Reports allow insurers to understand, prioritize and act upon risks to predict and prevent future loss. One of these is QuickVUE, a self-inspection tool that empowers insurers to thoroughly understand property risk without consuming overwhelming amounts of data. Additionally, reliable inspection data from on-the-ground physical inspections is available on the Betterview platform. Using this integration, insurance companies can filter properties based on which require a physical inspection and which ones can be fast-tracked as solid risks. “The solutions from Betterview and JMI Reports are strengthened by synthesizing them within a single platform, Customers can work with their policyholders to get rapid, accurate views of real property risk. They can then consume that information directly within our platform, gaining an immediate and actionable view of every property in their book, and flagging those that need more attention. Any insurer that uses Betterview and JMI together will see great improvements in inspection efficiency, which should translate to an improved expense ratio as well.” -Betterview co-founder and chief operations officer, Dave Tobias JMI Reports also believes that the two companies are ideal partners. Both Betterview and JMI are in the business of understanding risk and helping insurers work better with their insured, Ultimately, we want to turn underwriters and agents into insurance heroes. By integrating QuickVUE and other inspection tools directly in the Betterview platform, I believe we are taking a positive step towards that goal,says Nathan Clark, president and CEO at JMI Reports. About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. About JMI Reports: JMI Reports is a risk innovator providing property profiles and data insights to improve efficiencies and profitability for insurance carriers and MGAs. For more than 30 years, our mission has remained the same: to protect your blindside by listening to your needs and delivering actionable, forward-thinking, and cost-saving solutions that make a difference.

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Verisk Creates the (Re)Insurance Industry’s First Geolocation Solution for Commercial and Residential Risk Assessment

Verisk | October 12, 2022

Many insurers and reinsurers face challenges when assessing property risks for multiple buildings and units that share a common address. To solve this problem and simplify underwriting and portfolio management processes, Verisk (Nasdaq: VRSK), a leading global data analytics provider, has introduced BINS (Building Identification Numbering System), which utilizes geospatial data and proprietary technology to create an inventory of commercial and residential structures. Leveraging a database of more than 125 million structures covering all 50 U.S. states, BINS enables insurers and reinsurers to identify whether the address they’re evaluating represents a building, a unit in a building, or a collection of buildings. “For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate, BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced geolocation, and a unique identifier per property.” -Jonathan Holden, vice president of data acquisition for Verisk Verisk offers a wide range of analytic solutions to help insurers and reinsurers make more informed decisions about risk, streamline workflows, and improve profitable growth. These solutions include robust extreme event models and underwriting analytics for millions of commercial and residential properties around the world. About Verisk Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

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HSB Adds WhiteHaX® App to Cyber Insurance for Consumers

HSB | December 07, 2022

Specialty insurer HSB today announced an agreement with IronSDN, Corp., to add app-based cyber risk management tools to HSB’s coverage for consumers and their families. WhiteHaX® CyberSafe, developed by IronSDN, is an advanced risk verification and protection app for smartphones and other personal devices that is easy for customers to use. The app is available to individuals insured by HSB’s Home Cyber Protection™, which is added to the homeowners policies of personal lines insurers that work with HSB. The WhiteHaX app also will be available as part of HSB’s new personal standalone cyber insurance program, MyCyberProtection™, through HSB’s insurance affinity group and digital partners. “With billions of connected devices in use, cybercriminals are targeting individuals more than ever before, The WhiteHaX CyberSafe app puts the power of privacy and cybersecurity in the hands of our customers, so they can keep ahead of today’s constantly changing cyber risks.” -Jeffrey O’Shaughnessy, senior vice president of HSB, part of Munich Re Cyber Protection at Home and Away The WhiteHaX app analyzes the security of iOS and Android devices, including mobile phones, and tablets, with proprietary threat intelligence that is updated daily to help prevent phishing, malware, and other cyber risks. A single user sign-up tracks the security and privacy of up to four devices in the household, with the ability to check the status of all devices at home and away with one click. A virtual privacy network (VPN) can encrypt data to help fight cyber threats and online tracking, while on-demand Wi-Fi scans quickly assess if a public or private network is safe. The WhiteHaX app monitors email addresses for data breaches 24/7, issues scam and security alerts, and helps users respond when their privacy is at risk. Our WhiteHaX apps provide some of the most compelling and complete solutions to help mitigate cyber exposures, They are designed to help consumers identify cyber risks on their household personal devices and fix cyber security and privacy-related issues through step-by-step instructions,said Vimal Vaidya, chief executive officer and founder of IronSDN. Hartford Steam Boiler (HSB) HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

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Betterview Announces Partnership with Risk Innovator JMI Reports

Betterview and JMI Reports | December 01, 2022

Betterview, the company leading P&C insurers rely on to identify and manage real property risk, today announced a partnership with JMI Reports, one of the largest providers of onsite property data to the insurance industry. Products from JMI Reports are now available on the Betterview Property Intelligence & Risk Management Platform, allowing users to optimize inspection efficiency in a single, intuitive user interface (UI). The innovative tools from JMI Reports allow insurers to understand, prioritize and act upon risks to predict and prevent future loss. One of these is QuickVUE, a self-inspection tool that empowers insurers to thoroughly understand property risk without consuming overwhelming amounts of data. Additionally, reliable inspection data from on-the-ground physical inspections is available on the Betterview platform. Using this integration, insurance companies can filter properties based on which require a physical inspection and which ones can be fast-tracked as solid risks. “The solutions from Betterview and JMI Reports are strengthened by synthesizing them within a single platform, Customers can work with their policyholders to get rapid, accurate views of real property risk. They can then consume that information directly within our platform, gaining an immediate and actionable view of every property in their book, and flagging those that need more attention. Any insurer that uses Betterview and JMI together will see great improvements in inspection efficiency, which should translate to an improved expense ratio as well.” -Betterview co-founder and chief operations officer, Dave Tobias JMI Reports also believes that the two companies are ideal partners. Both Betterview and JMI are in the business of understanding risk and helping insurers work better with their insured, Ultimately, we want to turn underwriters and agents into insurance heroes. By integrating QuickVUE and other inspection tools directly in the Betterview platform, I believe we are taking a positive step towards that goal,says Nathan Clark, president and CEO at JMI Reports. About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. About JMI Reports: JMI Reports is a risk innovator providing property profiles and data insights to improve efficiencies and profitability for insurance carriers and MGAs. For more than 30 years, our mission has remained the same: to protect your blindside by listening to your needs and delivering actionable, forward-thinking, and cost-saving solutions that make a difference.

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Verisk Creates the (Re)Insurance Industry’s First Geolocation Solution for Commercial and Residential Risk Assessment

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Many insurers and reinsurers face challenges when assessing property risks for multiple buildings and units that share a common address. To solve this problem and simplify underwriting and portfolio management processes, Verisk (Nasdaq: VRSK), a leading global data analytics provider, has introduced BINS (Building Identification Numbering System), which utilizes geospatial data and proprietary technology to create an inventory of commercial and residential structures. Leveraging a database of more than 125 million structures covering all 50 U.S. states, BINS enables insurers and reinsurers to identify whether the address they’re evaluating represents a building, a unit in a building, or a collection of buildings. “For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate, BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced geolocation, and a unique identifier per property.” -Jonathan Holden, vice president of data acquisition for Verisk Verisk offers a wide range of analytic solutions to help insurers and reinsurers make more informed decisions about risk, streamline workflows, and improve profitable growth. These solutions include robust extreme event models and underwriting analytics for millions of commercial and residential properties around the world. About Verisk Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

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HSB Adds WhiteHaX® App to Cyber Insurance for Consumers

HSB | December 07, 2022

Specialty insurer HSB today announced an agreement with IronSDN, Corp., to add app-based cyber risk management tools to HSB’s coverage for consumers and their families. WhiteHaX® CyberSafe, developed by IronSDN, is an advanced risk verification and protection app for smartphones and other personal devices that is easy for customers to use. The app is available to individuals insured by HSB’s Home Cyber Protection™, which is added to the homeowners policies of personal lines insurers that work with HSB. The WhiteHaX app also will be available as part of HSB’s new personal standalone cyber insurance program, MyCyberProtection™, through HSB’s insurance affinity group and digital partners. “With billions of connected devices in use, cybercriminals are targeting individuals more than ever before, The WhiteHaX CyberSafe app puts the power of privacy and cybersecurity in the hands of our customers, so they can keep ahead of today’s constantly changing cyber risks.” -Jeffrey O’Shaughnessy, senior vice president of HSB, part of Munich Re Cyber Protection at Home and Away The WhiteHaX app analyzes the security of iOS and Android devices, including mobile phones, and tablets, with proprietary threat intelligence that is updated daily to help prevent phishing, malware, and other cyber risks. A single user sign-up tracks the security and privacy of up to four devices in the household, with the ability to check the status of all devices at home and away with one click. A virtual privacy network (VPN) can encrypt data to help fight cyber threats and online tracking, while on-demand Wi-Fi scans quickly assess if a public or private network is safe. The WhiteHaX app monitors email addresses for data breaches 24/7, issues scam and security alerts, and helps users respond when their privacy is at risk. Our WhiteHaX apps provide some of the most compelling and complete solutions to help mitigate cyber exposures, They are designed to help consumers identify cyber risks on their household personal devices and fix cyber security and privacy-related issues through step-by-step instructions,said Vimal Vaidya, chief executive officer and founder of IronSDN. Hartford Steam Boiler (HSB) HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

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