COLOGNE, Germany--(BUSINESS WIRE)--The insurance industry is embracing digitalization at an ever-faster pace, both in Germany and elsewhere. Last week, the association InsurLab Germany was established in Cologne. InsurLab Germany is open to companies in the insurance industry along with start-ups and related service providers. Gen Re is one of eight founding members with an insurance background; other co-founders include the Cologne Chamber of Commerce and Industry, the University of Cologne and TH Köln University of Applied Sciences. Ulrich Pasdika, Head of Region Germany and Research & Development Life & Health at Gen Re, was elected to the association’s board along with two other representatives from the insurance industry.
Dr Winfried Heinen, Chairman of the Board of Executive Directors at General Reinsurance AG, said: “We are delighted about this initiative and are happy to actively support it. We believe it strengthens Cologne as an insurance hub and we can make a significant contribution to the discussions with our international expertise. As a top ten reinsurer with a global network, we have a strong interest in promoting collaboration between start-ups and the insurance industry – to the benefit of both sides.”
Gen Re has been involved in various initiatives dedicated to the digital future of the industry for some time now. One of the fields it focuses on within this area is data science. In addition to this, Gen Re is working with external partners to find practical solutions to the highly dynamic pace of change affecting the insurance industry as it tackles rapid technological progress and changing consumer behaviour.
Ulrich Pasdika commented: “We firmly believe that cooperation between insurers and reinsurers on the one hand and a wide range of InsurTechs on the other, offers huge potential for innovative approaches. Provided the industry maintains this collaboration in a smart, consistent way, digitalization represents a massive opportunity for it. Cologne’s InsurLab is the latest in a long line of international initiatives and projects relating to technology and innovation which we have established around the world, and it offers us another outstanding opportunity to help shape these major changes.”
Find out more at www.genre.com/futureofinsurance
About Gen Re
Gen Re delivers reinsurance solutions to the Life/Health and Property/Casualty insurance industries. We work closely with our clients to understand their strategic and operational goals, offering a wide range of products, tools and resources that aim to promote our clients’ ongoing growth and success. As a direct reinsurer, we are in the risk assumption business, just like our clients. Our shared perspective helps us understand and evaluate even the toughest risks – and propose the right solutions. Gen Re is a member of the Berkshire Hathaway family of companies, and has earned superior financial strength ratings from each of the major rating agencies. To learn more visit: www.genre.com.