(BRK.A), (BRK.B)
Berkshire Hathaway’s Gen Re is one of the founding members of InsurLab Germany, as the insurance industry is embracing digitalization at an ever-faster pace, both in Germany and elsewhere.
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.”
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.