How are Reinsurers playing an active role in Insurtechs

Insurtech Story Podcast

Feb 15 2023 • 23 mins

Insurtech companies are disrupting the traditional reinsurance industry by leveraging technology to streamline processes, reduce costs, improve transparency, and create new revenue streams. Some of the ways that Insurtechs are transforming reinsurance include: 1) Digitisation of processes, 2) Improved data analysis, 3) Increased transparency, 4) New revenue streams. Besides, the use of technology has enabled reinsurers to develop new products and services, such as telematics-based insurance, parametric insurance, and weather index insurance. These products have opened new revenue streams for reinsurers, allowing them to diversify their portfolios and reduce their exposure to losses.

Points of discussion:

1. Lot have been discussed about digital innovation in the insurance value chain. Can you give us some insights on how re-insurers are tapping into the opportunity of insurance technology?

2. Utilising cutting edge products and technologies to give re-insurers new value-added capabilities, is a significant step to innovate. How you see this playing for re-insurers when it comes to building capacity to evaluate claims?

3. Moving to some specifics, how do you see cloud and on-demand infrastructure facilities helping re-insurers in terms of market accessibility?

Speaker Bio: Mayank Joshi, is the Head of Digital Business at Munich Re. Mayank heads the Digital Business for Munich Re’s Non-Life reinsurance segment in India, SEA, Korea and Japan, where he leads efforts in developing products and solutions for Digital players. He is responsible for building key partnerships for Munich Re in the digital ecosystem and engage with Insurtechs to create value propositions. Mayank is also responsible for scouting opportunities in the above regions for Munich Re’s investment arm – Munich Re Ventures.

Prior to this, Mayank was a part of Sales Strategy group at primary insurance company, ICICI Lombard where his role was predominantly to define market strategy for corporate business. Overall he has 12 years of experience in Insurance industry.

Mayank holds a Master’s Degree in Business Administration from NMIMS Mumbai with a focus on Sales and Marketing.