Hannover Re parent Talanx boosts insurtech capabilities in digitisation push

Talanx is investing in and cooperating with start-ups in order to drive digitisation and enable profitable growth.

Talanx, which operates brands like HDI, Targo insurers and Hannover Re is currently using pilot projects to review cooperation with two start-ups.

The group has invested in the Elinvar platform, which offers asset managers a complete digital value added process. Talanx has also concluded partnerships with the Plug and Play innovation platform (Silicon Valley) and the start-up accelerator Startupbootcamp (London).

The group hopes that these cooperations will yield new ideas and momentum for key customer interfaces, and also new approaches for agile working so as to drive forward cultural changes. Talanx is also reviewing cooperation with two other start-ups . An analysis is being carried out to establish whether a solution can expand the existing ARGOS risk analysis system at HDI Global. Moreover, software from a start-up is being used at Polish insurer Warta that can predict with a high degree of accuracy which customers will conclude contracts.

In addition, Talanx has set up its own digital studio where digital solutions are developed in an agile and lean process. The team at the digital studio is currently working on two overarching solutions for retail in Germany and industrial lines. The group is developing a global portal to provide digital support for setting tariffs and making proposals in the segment for small and mid-sized companies. The team is also programming a telematics app for the mobility world of experience in order to expand the offerings in the motor line of business.

"Digitalisation is bringing about more fundamental changes in the insurance sector than any other technological advance during recent decades," said Herbert Haas, chairman of the board of management of Talanx.

“Our digital projects and measures have enabled us to make big advances. Digitalisation supports the profitable growth of the Group," Haas added.

The group is deploying big data solutions to ensure more selective contact with customers when making contract proposals in Brazil. Big data is also being harnessed to combat fraud in Italy.

The Retail International Division is applying analytical tools for evaluating existing databases. This has enabled Talanx to identify 1.7 million customers in Brazil over the past two years and offer them more targeted offers.

At the same time, the group has been able to optimise the risks. Around five percent of the motor premium income at Talanx International in Brazil originates from analysis of existing data, the company said. Similar procedures are being used in Italy to identify cases of fraud more effectively. This approach is allowing Talanx to enhance its profitability. In 2016, eight percent out of around 100,000 suspicious claims were investigated in Italy. These claims would not have been identified by conventional approaches to combating fraud.

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