Data is providing lots of opportunities for “co-creation”
Having fully established that “data is the new oil”, Eric Schuh, global head P&C Solutions at Swiss Re, discusses the opportunities arising from the group’s analytical work.
Collaborating with clients to derive better business insights from data is a key priority for Swiss Re, according to Eric Schuh, global head P&C Solutions at Swiss Re.
Speaking to The Insurer at the Swiss Re Pavilion in Monte Carlo, Schuh said that using the insights derived from the P&C Solutions analytics function and client data can be used either to “enter new markets, work on new lines of business or improve your portfolio where needed”.
“The applications are almost universal across all lines of business and the good thing is that if you work with an insurance company like Swiss Re you get both all the data analytics, plus the insights from somebody who speaks your language. We feel there is a lot of room for co-creation and also for using tools that we might have, or a client might have and sharing that knowledge together,” he said.
“In P&C Solutions, our mandate is ‘innovation together’ with our clients,” he added.
Looking at the lines of business P&C Solutions sees the most opportunity, Schuh said there are opportunities across many areas.
“We see opportunities across several lines of business. In analytics, we see a lot of work that the industry needs to do and cyber is another big topic. We launched a product together with Capsicum Re which is an end-to-end solution which makes silent cyber business something you can handle as a client.
“We also have a lot to do to close the nat cat protection gap so parametric solutions are important,” he added.
In addition, Schuh highlighted automation as an interesting topic that needs to be dealt with, flagging their Swift Re solution as an answer to this. “There’s plenty to do.”
Analytics is a major topic for the global reinsurer at this year’s Monte Carlo Reinsurance Rendez-Vous, and how the group implements this insight into what they are offering.
In addition, Swiss Re’s latest Sigma report demonstrates the significance of building products to aide resilience which is another important topic of conversation for the group and their clients.