Swiss Re is collaborating with Microsoft in order to create a Digital Market Center. This aims to change the way in which risks are predicted in the insurance sector using data analysis and artificial intelligence.
According to a press release, Swiss Re and Microsoft initially hope to focus on connected vehicles and mobility, Industry 4.0, and natural catastrophes. They say that one example of a goal would be to better predict automotive risks by analyzing the safety behavior of cars using the latest driving assistance technologies. Another aim is to better predict the ripple effects of risks on society, governments and economies. The findings should help insurers to develop new offers.
The press release also states that the Digital Market Center will develop “innovative cyber platforms” as well to measure business risks in a digital environment. This would create a new class of technology solutions for risk management.
Thierry Léger, CEO of Swiss Re Life Capital, explains the concept behind the Digital Market Center: “Swiss Re’s alliance with Microsoft will help accelerate the digital transformation of the insurance industry, with benefits across all lines of business. By building digital markets and not just isolated products, we aim to transform the way businesses approach the risks they face.”