Recently, Munich Re made headlines by becoming a shareholder in the German Research Centre for Artificial Intelligence (DFKI), which is the foremost European institute in artificial intelligence research such as immersive quantified learning, smart factories, and robotics.
According to the reinsurance company, its recent move propels it to the forefront of artificial intelligence (AI) within the insurance sector’.
The collaboration aims to establish innovation in the areas of data analytics and artificial intelligence, with an objective of linking practical application and research.
Following a past partnership between DFKI and Munich Re, Professor Wolfgang Wahlster, DFKI’s CEO as well as scientific and technical managing director, said:
“It was clear to me even when presenting the DFKI to Munich Re’s board of management last July that it would be a win-win situation if Munich Re were to join our circle of shareholders. I’m delighted that we were able to set this up so quickly.”
Munich Re claimed that the agreement shows a further significant step forward in the partnership between global leaders in politics, research, and industry, particularly in the artificial intelligence field.
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DFKI’s project funding comes from both the German government and the European Union, and now the latest addition of Munich Re.
It also enjoys the membership backing of technology companies like Volkswagen, SAP, Microsoft, Google, Bosch, Airbus and BMW.
“Artificial intelligence is one of the most important technologies of our time. AI makes it possible to create totally new products even today, such as insurance covers for connected factories or for losses caused by cybercrime. But it also comes with a host of new challenges,” said Torsten Jeworrek, a member of the board of management of Munich Re.
“By collaborating with the DFKI, we are living out our aspiration to play a leading role in AI in the insurance sector,” Torsten Jeworrek added.
“Not only will the partnership help us develop the most modern, effective and best processes for our clients, it will also make the latest research available to our employees and further advance research in this field.”
DFKI’s CEO and Technical and Scientific Managing Director Professor Wolfgang Wahlster said: “Munich Re joining the circle of DFKI-shareholders offers enormous potential for innovation in terms of the AI methods we develop.
The real-time demands of Munich Re’s big data analytics open up fantastic opportunities for application, particularly for our deep learning competence centre, our speech perception and machine vision technology, the interpretability of deep learning results, and sensor fusion.
“The results of our previous work together – evaluating storm damage using aerial images while taking socio-economic parameters into account – were very positive.
It was clear to me even when presenting the DFKI to Munich Re’s board of management last July that it would be a win-win situation if Munich Re were to join our circle of shareholders. I’m delighted that we were able to set this up so quickly.”
The partnership between Munich Re and DFKI is anticipated to be completed in the first quarter of 2019 upon receiving the official approval from the institutes’ existing shareholders.