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1、.Tech Trend Radar 2021Contact Munich Re:Martin ThormhlenLead ArchitectDigital Business MContact ERGO:Daniel GrothuesHead of Enterprise ArchitectureDaniel.G.Tech Trend Radar 2021IntroductionThe Tech Trend Radar 2021 provides information about technology-driven trends in 2021 that are relevant to Muni
2、ch Re,ERGO and the global insurance sector.It is a collaborative initiative by Munich Re Business Technology and ERGO IT Strategy.The Tech Trend Radar 2021 aims to sharpen awareness,provoke discussion and initiate new business opportunities that appeal to all insurance clients and units within the M
3、unich Re Group.Furthermore,there is a strong alignment with Business Units and Strategic Units within the Munich Re Group.In cooperation with Arthur D.Little and the Institute of Electronic Business,future trends have been gathered,aggregated and rated in order to provide a comprehensive view of tec
4、hnology trends,their maturity and relevance for the Munich Re Group and the insurance industry.Munich Re|ERGO Tech Trend Radar 2021Images:Getty Images.Tech Trend Radar 2021Foreword3Munich Re|ERGO Tech Trend Radar 2021Challenges keep coming our way this holds true for our society,our private lives an
5、d for the corporate world and the impact to these aspects are all interlinked together.COVID is reshaping our lives today and the impacts will prevail.Even if we can get the pandemic under control or perhaps over it altogether,there are even bigger challenges like climate change to be tackled.In the
6、 light of these developments,we can conclude that fast paced change of our everyday lives,our behaviors,and our visions and goals for the future is guaranteed.From the recent past we see that new ways to use technology are helping us cope with this change and mitigate the impacts be it through rapid
7、 development of vaccines,shifts of business to online channels at an unprecedented rate,or the transition of company life to virtual reality and home office.We need to be prepared for this high paced shift of business models and whole industries to tech driven solutions especially in the insurance i
8、ndustry.We believe our future is full of opportunities to transition our business and make it a success in the future.That is why we prepared the 2021 version of our Tech Trend Radar with particular emphasis on technologies that become increasingly relevant for our industry in the near future.We hop
9、e we can inspire you and your organizations to see the opportunities ahead!Turning challenges into opportunitiesDr.Olaf FrankHead of Business TechnologyMunich Re GroupPaul SpiteriMember of the BoardERGO Technology&Services ManagementInsurance is as much a technology business as it is customer relati
10、onships given our products are all digital in nature.Thus,staying on top of the latest technologies and leveraging the benefits for our staff and customers are essential for success.We have experienced how technology provided resilience to our organization against the challenges of COVID and success
11、fully enabled a distributed work mode.Demographics are changing as are the expectations of our customers.With the Tech Trend Radar we explore the emerging technology opportunities and assess what is ready for large scale adoption.We also consider what insurance companies should keep in mind from a s
12、trategic perspective,be it competitive behavior,emerging market opportunities or changing customer expectations.As a perfect example,many AI use-cases sounded like science fiction a short while ago-now we are using them in daily business to understand our customers needs and provide them with swifte
13、r service.In our Ambition 2025,Munich Re and ERGO will take that to the next level.Now use our insights to scale good ideas,shape the business and succeed in the marketplace!Insurance is a technology business.Martin ThormaehlenLead Architect Digital Business ModelsMunich RTech Trend Radar 2021Forewo
14、rd by the editorsMunich Re|ERGO Tech Trend Radar 2021Tech Trend Radar 2021 with exponential mindsetThe profound consequences of the current pandemic are not yet foreseeable,but it has once again brought it home to us:Humanitys greatest strength is also our greatest weakness:social coexistence on a g
15、lobal scale and global cooperation.Without human closeness through social contacts,we become lonely in a very short time.Just as bad,of course,are the necessary closures of schools,restaurants and stores and the bans on sporting and cultural events that threaten professional livelihoods and careers.
16、But the pandemic has also opened our eyes wide to the benefits of technology:The rapid development of corona tests as well as the new vaccines would have been impossible without technology.Home offices will be maintained as the new normal,providing a tremendous benefit to commuters and families.And
17、implicitly will reduce congestion and relieve public transport.Not to mention company savings if they need less office space in expensive cities.The new Tech Trend Radar has been intensively discussed and compiled completely remotely with additional great insights from our Munich Re venture colleagu
18、es in San Francisco,HDFC ERGO in India and the Si Tao innovation team in Beijing to only name a few.Weve discovered that circular economy enabling technology is gaining momentum and weve additionally put a new focus on health-related trends like AI-enabled drug discovery,AI diagnostics and populatio
19、n health.The technology mega trends like machine learning,cloud computing,robotics and cellular technology(5G/6G)continue to accelerate with exponential speed.For insurance,technology is not only an enabler,but insurers must become technology businesses at the heart.Due to the huge number of emergin
20、g solutions and services insurers cannot hope to adopt everything themselves but need to establish digital ecosystems with partners.To foster an exponential mindset also in the insurance industry the organizations need to bring business and technology teams together so that they can learn from each
21、other quickly and implement the most effective business cases.Our Tech Trend Radar helps navigating within these business initiatives and to differentiate future ideas from trends with immediate benefits.We clearly see that its not the technology that drives success or failure,its the people who dec
22、ide which need to address and who execute the implementation and growth.Lets develop our future togetherDaniel GrothuesHead of Enterprise Architecture ERGO.Tech Trend Radar 2021How to read this reportMunich Re|ERGO Tech Trend Radar 2021Tech Trend Radar 2021The Tech Trend Radar began in 2015 as a col
23、laborative initiative around trend monitoring between Munich Re and ERGO.Our aim is to promote innovative initiatives around each tech trend with our clients and develop the best solution for the challenges of tomorrow.This years report contains 58 trends that have strategic and operative relevance
24、for the insurance industry.The trends are categorised into four trend fields:Human-centricity,Connected World,Artificial Intelligence and Enabling Technologies.14 new trends have entered the Tech Trend Radar 2021,especially in the field of Artificial Intelligence.Additionally,health-related trends h
25、ave been drawn attention due to the pandemic.Some 2020 trends have been fully adopted or are to be perceived as expired,e.g.when no relevance use cases have appeared in the course of the year 2020.New trends 2021+Trend fact sheets and use casesiEach of the 52 trends is introduced with a dedicated fa
26、ct sheet including its anticipated impact along the insurance value chain and supported by cross-industry use cases.Adopted or expired trends 2021 Population Health Robotic Revolution AI Diagnostics and Therapeutics GPT-3 Reinforcement Learning Techniques AI-enabled drug discovery and development Sy
27、nthetic Data AI Coding Low Code/No Code Vaccine Disruption Micronuclear powerplants Hydrogen Economy In-Space Economy 6G Location-based services(adopted)Digital Ecosystems(adopted)Cloud Enablement(adopted)Swarm Intelligence(adopted)Deep Mapping(expired)Smart Dust(expired).Tech Trend Radar 2021Munich
28、 Re|ERGO Tech Trend Radar 2021.Tech Trend Radar 2021Contact Munich Re:Martin ThormhlenLead ArchitectDigital Business MMunich Re|ERGO Tech Trend Radar 2021+Digital IdentityBehavioural AnalyticsDeepfake DefenceEnhanced RealityHaptic TechnologiesBiometric RecognitionAutonomous ThingsData FabricHuman En
29、hancementMicrosatellitesPersonalised MedicineOpen APIDigital TwinRobotic HealthFoodTechPrecision FarmingPopulation Health+Robotic Revolution+Virtual AssistantsImages:Getty Images=new in 2021+Industrial IoTOpen DataDigital Health ServicesSmart SpacesSmart TextilesRealtime PaymentKnowledge GraphsNatur
30、al Language ProcessingComputer VisionContact ERGO:Daniel GrothuesHead of Enterprise Architecture Explainable Machine LearningSmart Cyber SecurityAI ChipsArtificial General Intelligence5GCloud EdgeDistributed Ledger3D PrintingAdvanced BatteriesNeuromorphic HardwareVolumetric DisplayProgrammable Mater
31、ialsAutoMLConversational User InterfacesQuantum ComputingBrain-computer Interface6GVaccine Disruption+Low Code/No Code+Micronuclear powerplants+Synthetic data+AI Coding+GPT-3+AI-enabled drug discovery and development+Reinforcement Learning+In-Space Economy+Hydrogen Economy+AI Diagnostics and Therape
32、utics+Machine-Driven Decisions.Munich Re|ERGO Tech Trend Radar 2021Tech Trend Radar 2021Human-centricityImage:dowell/Getty Images.In an increasingly transparent world,companies must focus on their customers needs and expectations to maintain their market position.Consumer habits are changing rapidly
33、 through unlimited streams of information sent back and forth via social media,smart devices and the Internet of Things.Todays customers expect services,not products,and information that speak to their individual needs.Anything perceived as irrelevant will harm the customer experience.(Behavioural)A
34、nalytics provide companies with information masses to fulfil these demands.New ways of working influence the interaction between human and machine.Health related technologies are in the spotlight of entire economies.Enhanced realities and haptic technologies are still waiting for the human user to b
35、e ready to create real value.Business leaders must show radical openness and agility to deliver human-centric services.They have to be willing to question old beliefs and structures in order to develop convincing answers in times of rapid technical development and change.Munich Re|ERGO Tech Trend Ra
36、dar 2021=new in 2021+Assess Evaluation neededHold Watch listHaptic TechnologiesHaptic technologies enable users to touch things inside a virtual world,thus opening up a new dimension in mixed realities.User-centricityHuman-centricityAdopt Start initiatives in your unitBehavioural AnalyticsBehavioura
37、l analytics monitor,analyse,measure and interpret peoples actions,intentions and characteristics from users digital footprintVirtual AssistantsVirtual Assistants execute trained and automated administrative tasks and deliver results directly to its users.Biometric RecognitionBiometric recognition sy
38、stems can identify and verify individuals by detecting physiological and behavioural characteristics.Digital IdentityA digital identity is a body of information about an individual or organisation that exists online.Trial Initiatives in affected unitsDeep fake DefenceTechnological solutions to comba
39、t the spread of manipulated information.Semantic techniques help detect and remove highly sophisticated AI-manipulated media known as deep fakes.!Enhanced RealityReal,augmented and virtual worlds are increasingly merging and changing peoples perception of their environment.Personalised MedicineNew w
40、ays of managing population health data such as health records and Covid-19 status are emergingPopulation HealthNew ways of managing population health data such as health records and Covid-19 status are emerging.+Robotic HealthCognitive AI in robotics looks promising for the use of robots in care,reh
41、abilitation and prosthetics and surgery.10Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksBehavioural AnalyticsMunich Re|ERGO Tech Trend Radar 2021Human-centricityBehavioural
42、 Analytics monitor,analyse,measure and interpret peoples actions,intentions and characteristics from users digital footprint in various digital devices.What has started as Social Analytics now transforms to the Behavioural Analytics as analytics can process more and more contextual information and c
43、loud-enabled platforms become more integrative data fabrics.Behavioural data can,for example,show how consumer habits and expectations have changed over time,and so analyse the effectiveness of marketing activities,understand a customers pains,respond with personalised offers and increase customer r
44、etention.Data analytics tool that support a 360 degree customer view are enabling technologies for marketers.Behavioural Analytics is a form of Analytics that is based on the usage of Big Data to better understand customer preferences and improve customer services.When evolving from Social Analytics
45、 to Behavioural Analytics,this trend has gained relevance to be implemented across the entire organisation.Higher profitability due to more precise risk assessment by taking personal profiles into account.Usage of key information about lifestyle and(existing)coverages to smoothen application and und
46、erwriting process.Fraud prevention by recognizing risky sports that were not disclosed in risk questionnaire.Support sales agent with relevant customer data Creation of new distribution channels as data can indicate the need for certain life insurance cover(e.g.information on marital status and/or h
47、omeownership can show need for term life).More effective marketing measures due to knowledge about customers key pain points.Change in data security and data usage regulation.Abuse of data for manipulations(e.g.purchase decisions).Discrimination against people based on their preferences.Requires com
48、panies to protect personal data and privacy.Digital IdentityData FabricVirtual AssistantsOpen APIAdoptProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2018,2017,20162020,2019.11Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialIn
49、itiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksBiometric RecognitionMunich Re|ERGO Tech Trend Radar 2021Human-centricityBiometric recognition systems can identify and verify individuals by detecting physiological and behavioural characteristics
50、.In 2020,recognition systems based on machine learning are focusing on facial recognition.Live Facial Recognition(LFR)allows individuals to be recognised and located.Amazon is selling its facial recognition system Rekognitionto governments.After facing severe criticism by human rights groups,Amazon
51、defined guidelines for policymakers to consider in terms of facial recognition,demanding human review and recommending a 99%confidence score threshold.Other physiological characteristics for recognition systems are body constitution,fingerprints,handshape,ear shape or retina.Behaviouralcharacteristi
52、cs that can be detected are vocal imprint,body movement and gait,writing or typing style on keyboards.Biometric Recognition has been watched carefully,e.g.in relation to NLP or Computer Vision.Since 2020,Biometric Recognition appears as a dedicated trend that leverages image recognition and machine
53、learning techniques.Reduction in fraud through advanced fraud detection and increased efficiency in claims management as facial recognition reduces the amount of time it takes to identify objects and people in images and videos.More accurate risk detection,e.g.body scanners used for personal health
54、risk assessment.Whereas the opportunities of voice recognition,prominently used as Amazon Alexa Skills,lie in increasing customer convenience,object and face recognition systems offer great opportunities in risk management.Reduction of claims caused by machine-related failures.Low-cost sensor soluti
55、ons originally applied in consumer electronics are making their way into industrial applications where they optimise manual quality-control processes and provide machine-based insights on failure rates.Severe civil risk of manipulation,ethical abuse and spread of fake identities.Products such as Ama
56、zon Rekognition are heavily criticised by civil rights groups for being sold for the purpose of law enforcement,delivering poor accuracy and thus,encouraging discrimination.Public concerns about privacy are rising and civil rights movements are legally fighting against the installation of facial rec
57、ognition systems in public spaces.Computer VisionDeepfake DefenceNatural Language ProcessingAutomated Machine Learning(AutoML)AdoptProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020.12Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch l
58、istTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksDigital IdentityMunich Re|ERGO Tech Trend Radar 2021Human-centricityA digital identity is a body of information about an individual or organisation that exists online.Digital identities a
59、rise organically from the use of the web,with the collection of our online behaviours constituting a digital fingerprint.As more online applications become part of our daily lives,digital identities become increasingly more detailed.They reflect behaviours,attitudes and preferred interactions.At the
60、 same time,public institutions are creating digital identities such as national eID programs for their citizens.Security and privacy remain key areas of concern.The World Economic Forum,United Nations,and some Big Tech have been working together to create global digital IDs since 2014,in an effort r
61、ecognised by the World Bank as important for sustainable development.The Corona virus has pushed this development further.To inhibit the spread of the virus governments in partnership with software developers have made efforts to bring upon app solutions that fulfil high privacy standards.With a rev
62、enue forecast of$8.1bn in 2025 from$1.3bn in 2020,Digital Identity solutions are considered to be a growth market for mobile network operators.They are going to be key enablers in providing solutions for identity verification via smartphones.Digital Identity has already spilled over to other areas.A
63、s a trend,Digital Identity is more than ready for adoption.Digital identities reduce fraud risk,since they are much more difficult to copy or fake than paper-based documents.Consumers can save time and effort,since customer on-boarding and identity checks(particularly in the financial industry)only
64、need to be done once.Consumers may command their own digital identity and decide which elements of it are disclosed to which counterparties.Health insurers e.g.only need access to the health information of the customer,but not his or her overall financial situation.Risk assessment for insurance cove
65、rages may be completely based on digital identities.In health insurance,a complete health record of the patient would make extensive questionnaires obsolete,for example.Privacy:although conceptions of privacy differ from culture to culture,countries require a stable framework for data protection tha
66、t covers the storage,linkage and use of data.Digital identities need to be protected from theft and abuse.Digital authentication requires high privacy protection by mitigating risks of unauthorised access to individuals information.Digital identities may be faked in order to pretend to be someone el
67、se or will be hijacked as a type of security attack to control identity.Real-time PaymentDeepfake DefenceBehavioural AnalyticsDistributed LedgerAdoptProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims20182020,2019.13Insurance Value ChainTrend Evoluti
68、onRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksVirtual AssistantsMunich Re|ERGO Tech Trend Radar 2021Human-centricityVirtual Assistants execute trained and automated administrative tasks and deliver results
69、directly to its users.Progress made with Behavioural Analytics and Machine Learning enables Virtual Assistants to perform more complex tasks and evolve to more collaborative task agents.Virtual Assistants can organise a users inbox by themselves or even trade stocks on behalf of their user.In financ
70、ial services,robo-advisors gained popularity as they advise on investment allocations at hand.These tools have been applied and elaborated for the usage of investment and wealth management companies for decades.In contrast to these digital advisors or even to smartbots or Amazon Echo,Virtual Assista
71、nts do not need to be asked explicitly by the user to perform a task.They learn from user behaviour and act on behalf of its user.Virtual Assistants do not even need a Conversational User Interface(CUI).Enabled by other trends in the field of Machine Learning,Virtual Assistants catch up in relevance
72、 in the field of Human-centricity.Virtual Assistants help users to focus on high-impact work by taking over time-consuming administrative tasks.New service channel with boosted lead generation as Virtual Assistants know their users best.In insurance,Virtual Assistants could greatly improve the custo
73、mer experience in on-boarding,underwriting and claims handling.They are available around the clock and interact with the consumer in a familiar interface-an important step toward invincible insurance.Virtual Assistants have to be able to provide just the right amount of information and be transparen
74、t to serve as a trustworthy task agent.Insurance customers are becoming more aware of digital tools to help them plan their financial future,and also more demanding of useful features.Adoption of Virtual Assistants might differ from user to user depending on their digital habits and trust in algorit
75、hms.Open APINatural Language ProcessingDigital IdentityAutomated Machine Learning(AutoML)AdoptProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020.14Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected units
76、AssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksDeepfake DefenceMunich Re|ERGO Tech Trend Radar 2021Human-centricityTechnological solutions to combat the spread of manipulated information.Semantic techniques help detect and remove highly sophisticated and believable AI-ma
77、nipulated media known as deepfakes.It is predicted that in 2020,the costs arising from deepfake scams will exceed$250m according to Forrester(Predictions 2020,2019).The spread of deepfake tools and their advanced capabilities to produce fake media based on GANs raises some concerns over what is actu
78、ally real.Deepfakes are often found on social media websites.With the viral spread of deepfakes,the need for scalable systems to recognise fake information is rising.Fraud cases have been reported in which thieves used fake voices to imitate humans,incl.tonality and accents on interactive phone call
79、s.A CEO of an energy supplier in the UK has been tricked into paying 200k to a fraudster as he believed a company executive was calling and requesting him to transfer the money.Researchers pin hopes on semantic inconsistency detectors as deepfakes often show inaccuracies in visual details such as mi
80、smatching earrings in a faked persons portrait.Enabled by“Truth identification”on the radar 2019 and enhanced by advancing AI technologies,deepfakes and how to tackle them is an own field for action since 2020.Increased accuracy in claims management using recognition systems.Better fraud detection.E
81、mphasis on veracity safeguards can create a company culture where people are more aware of threats and less likely to fall prey to false information.Statistical methods to validate a fact are overruled by deepfake manipulation techniques.Even(untrained)human review is not reliable when it comes to d
82、etecting deepfakes.Deepfakes have made their way from humorous fake news and a potential national security concerns to faked corporate or client communication.Dedicated and regular training not only for IT security staff but also for client,key account or demand managers is essential.Training materi
83、al and professional deepfake detection is still not widely available in 2020.The scalability of semantic deepfake detection techniques for data-rich systems such as social media are still in their infancy.Biometric RecognitionBehavioural AnalyticsAutomated Machine Learning(AutoML)TrialProduct Design
84、&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020!.15Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksEnhanced RealityMunich Re|ERGO
85、Tech Trend Radar 2021Human-centricityReal,augmented and virtual worlds are increasingly merging and changing peoples perception of their environment.Smart devices are delivering increasingly insightful digital services everywhere.They are creating a mesh of interconnected people,devices,content and
86、services,and are adding a virtual dimension to reality.In the future,physical and graphical objects will interact more and more naturally,creating a mixed reality.A person who looks at a product will e.g.see contextual information visually integrated or overlaid with that persons view.The advances i
87、n technology are so rapid that we can expect AR/VR devices will soon have sensors that monitor brainwave activity,heart rate,and cortisol levels in the blood.Virtual and augmented worlds are often used as a novelty for customer engagement,e.g.using Head-Mounted Displays(HMDs).VR and AR products and
88、services are becoming more widely accepted by society.By swiftly addressing growing customer concerns,the insurance industry has a potentially significant revenue and risk opportunity.As the trend has matured over time,it is now recommended to get to know AR and VR technologies better to improve the
89、 effectiveness and efficiency of insurance businesses.Insurance customers can experience claims scenarios first-hand in an augmented real-world environment to illustrate how important and valuable insurance coverage is.In the field of car insurance,virtual reality can provide a range of personal dri
90、ving-assistance functions including augmented driving,collision warnings and“black-box”services such as video recording.Assist insurance brokers in the selling process by visualising loss scenarios in the surroundings.In an enhanced reality,unreal objects can appear and real ones disappear.Mixed rea
91、litys health risks for all ages can include the physical and the psychological.There is the prospect of purposely harming or instilling fear in an AR/VR user and risk of property destruction and injuries in the real world while being active in a virtual-world scenario.In combination with haptic inte
92、rfaces,virtual-reality can lead to motion sickness,extreme stress reactions and loss of the sense of reality.The potential is high,but adoption rates are still slow as overall awareness grows.As Second Life or Google Glass have shown,to date customer never fully accepted mixed forms of reality.Malic
93、ious application can lead to data leakage regarding the users field of view and current location.Computer VisionSmart SpacesHaptic TechnologiesHuman EnhancementTrialProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims201920182020.16Insurance Value Cha
94、inTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksPersonalised MedicineMunich Re|ERGO Tech Trend Radar 2021Human-centricityA tailored medical therapy based on an individuals disease pattern,body
95、constitution,gender,etc.that is enabled by biotechnologies like Next Generation Sequencing(NGS)of DNA strings,organ-on-a-chip(OOC)applications,cell sorting or 3D-printed substitutional materials.Immunotherapy for precise cancer treatment(e.g.Herceptin)has been one of the first treatments for persona
96、lized medicine,which has now moved to ultra-targeted therapies such as CAR-T.Personalized therapy has now moved out of the realm of cancer and into genetic diseases such as sickle cell anaemia or SMA.Zolgensma approved in 2020 is the most expensive treatment available to date and has brought alterna
97、tive payment models(outcome based care)into focus.In addition the trend towards personalized medicine in cancer continues and will require rethinking of the entire healthcare and value chain.Cancer will likely lead the way here,but other diseases will likely follow especially with the adoption of ce
98、ll and gene therapies,which can be augmented by mRNA technologies.Personalised Medicine is boosted by recent research success stories in biotechnology and will benefit from advancement in the fields of analytics and artificial intelligence.Enable personalised therapies for critical and complex illne
99、sses,thereby reducing follow-up treatment costs.Cell and Gene therapies offer the potential for curative treatments for lifelong diseases with significant savings for the healthcare systems.Risk mitigation to lower insurance premiums based on tailored treatments and higher treatment success projecte
100、d.Device failure and data breaches could have dangerous consequences for patients.Personal information could be used to the disadvantage of the insured person.The cost of treatment could be substantial and thus not available to everyone.AI Enabled Drug Discovery and DevelopmentHuman EnhancementVacci
101、ne TechnologiesPopulation HealthTrialProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020.17Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your uni
102、tOpportunitiesRisksPopulation HealthMunich Re|ERGO Tech Trend Radar 2021Human-centricityNew ways of managing population health data such as health records and Covid-19 status are emerging.The Covid-19 crisis has impacted travel,tourism and movement of people.New systems,often called health passports
103、 or health passes,have been created with which the health status of a person can be tracked,such as when a person has already had Covid-19,has it now or has a negative test result.If individuals can prove their Covid-19 status via an app,it could allow people to board flights,cross borders,enter sch
104、ools,etc.more easily.The solutions must also be balanced against privacy however.IBM Watson Healths tool shows health status without revealing the data used to generate it.Beyond Covid-19 applications,solutions for managing health data on a large scale are on the increase,where blockchain-based syst
105、ems represent one solution.A blockchain is a decentralised database where the data within is validated by members of the network.Blockchain can be applied to healthcare for the administration of prescriptions,insurance coverage and medical record management.For example,it enables healthcare professi
106、onals to access patient data from different hospitals,regions and/or type of care if approved by the patient.Population health has become a topic of public reconsideration in the debate about Covid-19 vaccination.Different national vaccination strategies are giving rise to a rethink of healthcare sy
107、stem related issues beyond Covid-19.Health insurance services can be adapted on a large scale to meet the needs of the population and specific sub-groups based on population health data.Treatment costs are expected to fall through improved population health services that require more attractive insu
108、rance products and pricing.Population health topics foster partnerships with public and private healthcare providers as well as more engagement with patients/customers,as they are perceived as additional services by healthcare providersPopulation health initiatives are national programmes that need
109、long-term planning.The diversity of stakeholders and their interests often hamper the decision-making process.National political interests and regulatory specifics of national healthcare systems are key for population health programmes.Who will be the winners and losers in the system?Data FabricDigi
110、tal IdentityDigital Health ServicesPersonalised MedicineTrialProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims.18Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart ini
111、tiatives in your unitOpportunitiesRisksRobotic HealthMunich Re|ERGO Tech Trend Radar 2021Human-centricityCognitive AI in robotics looks promising for the use of robots in care,rehabilitation and prosthetics,as well as surgery.Care robots today fail in regards to accuracy in haptics and empathy in th
112、eir responses to patients.The reason why robotics in healthcare is back in the spotlight is the investment in improving their abilities for soft grip and decision-making.Machine learning and cognitive automation in combination with hydraulic systems and Natural Language Processing(NLP)are key techno
113、logies in this field.Exoskeleton robots that assist paralysed patients are examples here.With the help of conversation interfaces and NLP,robots can interact on an emotional level,e.g.by making the elderly feel less lonely while taking care of medication,or monitoring their insulin level or blood pr
114、essure.Moreover,robots are continuing to improve surgery.As robotic instruments become more accurate,and reach more areas of the body,minimal invasive procedures in surgery(MIS)can be applied more widely and thereby replace risky surgery.Formerly subordinated to Digital Health Services(2019),robotic
115、s applied in healthcare is gaining significance with increasing adoption across the globe.Drivers for robotic health are advancements in machine learning and sensor technology.Faced with an ageing population,(elderly)care is one of the markets that most needs valuable digital solutions and workforce
116、 support.Insurers must adapt insurance products and create offerings for robotic care.By monitoring vitals more rigorously and with increasing reach,robots can report household accidents earlier and replace 24/7 home care.Health status data can be leveraged for risk and claims management.In microsur
117、gery,the aims of robots are to be safer by reducing the risks of human failure during an operation,to perform more interventions and to attain even more precise results.By doing so,they also contribute towards the speedier recovery of patients.In remote surgery,medical experts can perform operations
118、 independently from where they are located.Health insurance can compensate the costs of patient transportation between hospitals.Patients in remote areas who require specialist surgery will have access to expert-led surgery.There is a potential risk of liability when robots start to make medical dec
119、isions or provide unsupervised assistance Who is accountable for the robots decisions and who bears the risk?The doctor,the programmer or the AI itself?There is a strong technological co-dependence with other technologies-that include sensors,computer vision,machine learning and cognitive AI.Studies
120、 need to prove that surgery robots are indeed more effective and efficient.The adaptation of robots by humans is still diverse and strongly market dependent.It is the design and interaction with real patients that will decide.Humanoid robots have not made their way out of Japan or China.Western cult
121、ures often perceive humanoids as“weird”a phenomenon known as“uncanny valley”.Digital Health ServicesComputer VisionAutonomous ThingsNatural Language ProcessingTrialProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020.19Insurance Value ChainTrend E
122、volutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksHaptic TechnologiesMunich Re|ERGO Tech Trend Radar 2021Human-centricityHaptic technologies enable users to touch things inside a virtual world,thus openin
123、g up a new dimension in mixed realities.While visual and auditory sensations are quite easy to replicate in computers,developers have struggled to transfer the sensation of touch into virtual-reality systems.However,they have succeeded in building touch-screens,which today offer complex touch experi
124、ences,such as pressure-sensing technology.But that might only be the beginning.Scientists envision technologies which enable users to touch things inside the virtual world,e.g.the computer player feeling the steel of his characters weapon.Although several companies are incorporating haptic interface
125、s into mainstream products,cost is still an obstacle.Today,sophisticated touch technology is mostly found in industrial,military and medical applications.Haptic technologies are deeply intertwingled with the development of virtual worlds and mixed reality applications.Watch for further developments
126、and use cases in the near future.Haptic technologies could improve the claims process of insurance companies by allowing claims adjusters to assess damages from a distance.The possibility to gather a haptic impressions could complement imagery(e.g.taken by drones).Thus,costly on-site visits may beco
127、me less central for accurate claims handling.Touch interfaces could aid several e-commerce business models by allowing online shoppers to touch the products before purchasing.An example are fashion web shops,which could offer consumers the possibility of touching the fabric in order to assess its qu
128、ality.Scientists are incorporating haptic technology into touchable maps for the blind.Using a haptic interface device,a blind person can feel,along with audio cues,a citys or buildings layout.Haptic technology is in the early stage of development in financial services.It is still unclear what the h
129、uman haptic capabilities and limitations are.Because of todays technical limitations and the complexity of the sense of touch,compromises in the development of electro-mechanical haptic devices need to be considered.In combination with virtual-reality and augmented-reality,haptic interfaces could le
130、ad to more frequent cases of motion sickness and loss of the sense of reality.Enhanced Reality5GRobotic HealthSmart SpacesHoldProduct Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020,2019,2018.20Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman C
131、entricityMunich ReData Risk IntelligenceSolution for data protection(GDPR)and IT risk managementThe comprehensive and modular cloud solution for risk-based data protection and IT security management(incl.third-party risk assessment)enables organizations to simplify and accelerate their data and info
132、rmation protection processes.Data risk intelligence delivers risk-reducing individual recommendations.As a simple to set up cloud-based SaaS solution,it provides an automatic documentation of all relevant business processes,identifies vulnerabilities and documents individual technical and organizati
133、onal measures.Data breaches can also be recorded,documented and reported to the supervisory authorities in compliance with the GDPR.Data Risk IntelligenceMunich ReSolution for location risk assessmentAssessment of physical risks associated with climate change and natural hazardsThis cloud-based plat
134、form provides organizations with a comprehensive solution to analyse physical risks associated with climate change and natural catastrophes.Users can access risk and hazard assessments(from single assets to an entire portfolio)in the form of risk scores for a variety of natural hazards and/or climat
135、e change risks,visualise them and save or download them as comprehensive reports.The scores,data and the application services can be accessed via an API and integrated into an existing infrastructure or application.Users can buy assessments for individual locations and download the report on-demand
136、without a contractual obligation.Solution for location risk assessmentHolistic risk assessment for infrastructure investmentsProper analysis of risks typically associated with infrastructure requires comprehensive expertise drawn from diverse fields.The extensive IRP-analysis covers all risk factors
137、 pertinent to infrastructure projects:Macroeconomics,technology,natural hazards,project execution and operation,environmental impact as well as microeconomics.The approach considers and weighs relevant risks individually and holistically.Benefits at a glance:Holistic,objective and transparent perspe
138、ctiveSolid basis for an informed investment decision to better secure the return on their investmentsThorough analysis within up to 4 weeks Comparability of different infrastructure projects that match their individual appetiteIRPMunich ReInfrastructure Risk ProfilerSource:Wavebreak Media ltd/Alamy
139、Stock PhotoSource:Munich ReSource:Munich Re/Daniel Grizelj.21Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityMunich ReCLARA plusAutomated calculation of degree of disabilityUntil recently,it was common understanding that there is no way to digitalize the claims handling process for
140、the disability insurance.The traditional process which calculates the degree of disability manually,is time consuming and requires in-depth medical expertise and is therefore less efficient.With the introduction of CLARA plus software,Munich Re now empowers its clients to calculate the degree of dis
141、ability automatically,leveraging the following benefits:Enhanced resource management Cost reduction for claims administration and processingTransparency and reproducible decision makingImproved reactivation rateData AnalysisCLARA plusMunich ReMIRA goEasily understand complex risks and their correlat
142、ionMIRA go allows users to tap into knowledge,formulated by Munich Res experts on medical,professional,pastime,residential and financial sectors.The underwriter needs to only focus on essential information for an individual risk assessment.MIRA go empowers users to easily understand complex risks an
143、d their correlation and to offer risk adequate,competitive biometric insurance products for individuals.Benefits at a glance:Provides access to Munich Res extensive and outstanding Underwriting know howEnable successful portfolio risk managementTailored to needs of both experienced and novice usersM
144、IRA goUser Interface for Munich Res MIRA Digital Suite to support underwritingprocessLife Insurers in Europe are heavily expanding their Sales&Underwriting back-office services to support agents,brokers and IFAs in the best way.These services are mainly driven by human interaction and therefore very
145、 costly and often limited to office hours.In a co-creation project with a German client,Munich Re has integrated the chatbot user interface of e-bot7 with Munich REs MIRA Digital Suite API,to enable sales agents access to required information in a more convenient way and whenever they need it.With t
146、his solution,agents are now able to prepare themselves faster for upcoming advising sessions with their customers.Early feedback from sales agents show a high level of interest and a lot of advantages,e.g.the 24/7 service option.Munich ReMIRA ChatbotSource:Munich Re/Daniel GrizeljSource:Munich Re/Da
147、niel GrizeljSource:Munich Re/Daniel Grizely.22Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityMunich ReOne CatComprehensive and rapid response to natural catastrophesWhen a devastating natural catastrophe strikes,companies and organisations need their insurance claims to be settled
148、quickly in order to avoid cash flow problems.Traditional covers often only respond after lengthy claims adjustments,and leave gaps in costs associated with restoring to the pre-event level.To close these gaps,Munich Re has designed“One Cat”,a tailor-made solution concept with an unprecedented level
149、of transparency and a very simple payout process.Benefits at a glance:Parametric triggers ensure rapid recoveryCovers previously uninsurable risks from natural catastrophesUnprecedented level of transparencyNo deductiblesReduced claims-related expensesOne CatMunich ReSMAART&Visualizer A comprehensiv
150、e toolset to monitor,steer and grow the health portfolio Specialized portfolio steering tools developed by Munich Re to provide key insights which can be leveraged by our clients.The toolset includes:Portfolio Tool Monitor KPIs of entire book of businessGroup Tool Analyse and renew group policies wi
151、th all the detailsIndividual Tool Analyse and renew individual policesPolicy Performance Monitor Detailed analysis on policy levelVisualizer a segmented portfolio approach to enable a deep understanding of performance to devise and adjust an optimal profit-making strategy.SMAART&Visualizer Designed
152、to streamline the underwriting process while enhancing speed and consistency Iq2health is designed to support an A-to-Z solution.From receiving a health quote to issuing a quotation,Iq2health goes through the automated process of individual and group quotations for new and renewal business(for all p
153、roduct types).Benefits at a glance:Automated medical underwriting decision making based on a members medical history for new and renewing policiesAutomated administrative/technical underwriting decisions for new and renewing policies(e.g.,enrolment eligibility,etc.)Automated risk pricing(premium set
154、ting)A consistent and faster underwriting processHigher hit ratios and lower operational expensesIq2healthMunich ReIq2health Source:Wavebreak Media ltd/Alamy Stock Photo.23Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityERGO GermanyNext Best Offer(NBO)Product relevance instead of ad
155、vert overloadERGO develops a predictive analytic tool to ensure“next best interaction”with the customers.Advanced analytics is used to better understand customers and recommend products that they really want based on the calculation.The product suggestions are determined based on numerous customer a
156、nd market features,such as customer age and gender.The analysis considers external data such as the customers living environment.Recently,using modern speech analyzes,we have been able to further expand our database in order to generate even better customer insights.Benefits at a glance:Next Best Of
157、fer(NBO)shows the sales partners the products for which the customer has an especially high purchase propensity or affinityMentioning the products when arranging or conducting customer talks has significantly increased the chances of purchase in the pilot phaseDevelopment of a real time analytic in
158、customer interactionERGO Mobility SolutionsIntegrated SAP IT platform solutionsPrinciples from the automotive industry adopted in the insurance industry New mobility formats such as car sharing,CaaS or insurance-on-demand call for digital platform approaches in the automobile insurance segment.Takin
159、g SAP S/4 Insurance as a technical basis,ERGO Mobility Solutions created the conditions to take the automotive insurance business to a new level in collaboration with the automotive industry,its financial services units and trade organisations and providers of new mobility solutions.Benefits at a gl
160、ance:Consistent simplification of all core processes in the insurance value chainHigh degree of independence from standard release cyclesTechnological aspects such as new driver assistance systems can also be smoothly integrated into the insurance offers and thus help to keep total cost of mobility
161、downSAP IT platform solutionsAn app that provides insurance on the roadA cooperation between ERGO Group and Volvo Car Germany to develop digital services that help secure risks arising from New Mobility.It is an on-demand coverage when driving abroad,for rental cars,luggage or additional drivers in
162、only a few minutes via the app.The“Volvo Car Protection”insurance coverage offers a selection of tailor-made options with coverage for business or private travel and with coverage commencing within minutes.The duration of the insurance cover can be selected individually.Benefits at a glance:On-deman
163、d protection such as 3rdparty driver protection,travel&sports luggage protection and much moreDealer contact:personal advice&appointmentsVolvo Test Drive Protection to insure the excess for test drives and garage replacement cars Volvo Car ProtectionERGO Mobility SolutionsVolvo Car ProtectionSource:
164、ERGO PantherMedia Stock Agency/Kheng Ho Toh Volvo.24Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityERGO GermanyPhoneBots in Customer ServiceAutomated handling of customerservice calls via a conversational AI platformERGO Germany takes advantage of the very same tech and capabilitie
165、s used for voice assistants such as Amazon Alexa and Google Assistant to automate inbound customer service phone traffic.ERGO has already developed a variety of phonebots for meaningful and high-frequency customer service requests such as filing new claims,receiving status of a health claim or findi
166、ng the right service agent for a specific customer request.Benefits at a glance:Customers can avoid waiting times in service lines Directly solve many frequent customer enquiriesFree up capacities for more value-adding(for the customer and for ERGO)service activities and thus increase efficiency and
167、 qualityERGO GermanyTraining with 360 videosPut your users/employees in a real situation with VR and 360videoERGO Germany offers its employees an interactive 360 video training in virtual reality on the topic of digitalisation at ERGO.Employees can be given a unique view of ERGOs digital products an
168、d services from the customers perspective.In this way,the training participant directly recognises the benefits for the customer behind ERGOs digital service.The solution is built on a scalable platform and can be used by ERGO for other cases.Within ERGO there are still a lot of other possible VR so
169、lutions,e.g.,giving a new employee an understanding of other departments and processes.Benefits at a glance:Inspiring and motivating learning experienceCreating a unique“first-person”user perspectiveHigher engagement and focus on the trainingA robot that makes coffee and sells insuranceERGO Singapor
170、e has recently partnered with Crown,Singapores first fully robotic coffee chain.Crown uses an app-based insurance wallet where individuals can pre-order coffee and pick it up at a set time from the robotic kiosk where the robot Ella,keeps your coffee ready,piping hot.ERGO Singapore launched a simpli
171、fied version of travel insurance as the first product which can be bought from the Crown app as well as the kiosk in 3 easy steps.ERGO Singapore is planning to sell more simplified products using this channel.Benefits at a glance:Customer convenience via a short and seamless journeyLow-touch,instant
172、 sales process for the customerSimplification and product innovation by the insurerEllaERGO SingaporeElla PantherMedia/davincidig(YAYMicro)Source:ERGOSource:Crown Digital.25Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityERGO China LifeBehavioural data tracking&analyticsProviding in
173、sights for agents and customer managementUser behavioural data tracking is important for meeting user demands.Thats why ERGO China Life has developed and implemented an in-house behavioural data tracking app for social media and agent management that records every click,time on site,page views of th
174、e users,etc.The collected data has built up a foundation for more big data applications,provided useful insights for agent and customer management,and guaranteed a well-rounded analysis of customer experience.Benefits at a glance:Turn data into a real assetBehavioural analytics help us know the user
175、s better and drive UE improvementsCorrelation analytics help reduce costs of lead generation and the allocation of customersERGO China LifeBig Data Sales and ServiceBusiness model targeting digital nativesERGO China Lifes Big Data Sales and Service(BDSS)engages“digital natives via innovative big dat
176、a marketing and digitalisation making it possible for the online selling of long-term value business.Customer acquisition via social media in-feed ads generates traffic which can be precisely converted into a potential customer list that can be analytically customized to build an algorithm model.Aft
177、er data iteration,optimisation,and dynamic customer and online sales representatives(OSR)matching,customers are then assigned to the most suitable OSR for product customisation,customer service,and health management completely via WeChat.Benefits at a glance:Precision customer/OSR matching improves
178、service quality and customer stickinessGenerate long-term value by customer touchpoint management such as cross-sales and consultationSolution of precise customer identificationIn order to ensure the true identity of each customer in the transaction process,ERGO China Life introduced face identifica
179、tion technology for insurance application,policy receipt signing,online return visit,online policy service,etc.The applicants face is compared with the ID card photo retained by the Ministry of Public Security.The business can be handled only after the ID is confirmed.This technology has benefited m
180、ore than 300,000 transactions thus far.Benefits at a glance:The automatic identification makes online and direct transaction possible(and safer),which improves efficiency and reduces costsThe endorsed identity authentication reduces the potential risks of disputesERGO China LifeFace ID application B
181、ildagentur PantherMedia/Andreus Bildagentur PantherMedia/violetkaipa PantherMedia/Sergey Nivens(YAYMicro).26Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityHDFC ERGO IndiaSales Panda-Agents own websiteProviding Digital identity to agents-Their own website for lead generation and cli
182、ent engagementHDFC ERGO has launched the agents own website,Sales Panda,for lead generation and client engagement.With features like integrated channel sales and marketing platform,and modules for content,email,social,pipeline and analytics,agents can improve efficiencies across the board.Benefits a
183、t a glance:Increase in prospect pipeline and revenuesUpsell and Cross sell opportunitiesImprovement in agents productivityIncreased brand visibility for agentsHDFC ERGO IndiaDIA-Chatbot for customers More efficient response to customer queriesDigital Insurance Assistance(DIA)is an AI enabled chatbot
184、 that tenders 24/7 customer assistance and instant solutions to queries,thereby offering a seamless customer experience.DIA is able to register claims and complaints as well as providing information on products offered by HDFC ERGO and gathering customer feedback.The chatbot is extended onto the Ama
185、zon Alexa,Google Assistant and on the HDFC ERGO website.DIA enables customers to reach out for services related to HDFC ERGO,such as:Key insurance and HDFC ERGO product related informationHandle requests to email customers copy of their policiesProcedure to register complaint and claimsLocators for
186、HDFC ERGO branch/hospital network/Workshops and contact details of registered officesDIA Chatbot for customersCyber security information and guidance via virtual assistantsHDFC ERGO has launched WhatsApp(NLP based)based claim intimation for motor claims,where customer can simply chat and intimate cl
187、aims.For example,customers can intimate motor claims using WhatsApp.WhatsApp communication has been found to have higher impact on customer experience as compared to regular SMS,which often gets buried or lost underneath the countless marketing spam messages.Moreover,HDFC ERGO communicates the claim
188、 registration on WhatsApp,the registration message shared has a claim status tracker link,which all customers need to stay updated on the claim progress.Benefits at a glance:Reduction in turnaround time and less manual dependency in claims intimation process.HDFC ERGO IndiaNLP based motor claims int
189、imationSource.HDFC ERGO PantherMedia/everythingposs PantherMedia/Illia Uriadnikov.27Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityERGO BalticsERGO SmartSystem for clients to register transport and property claims using just a smart device ERGO was the first in the Baltics to intro
190、duce ERGO Smart solution a tool that automates the transport or property damage administration process,allowing customers to receive insurance benefits much faster.After contacting an insurance company,a customer simple instructions for providing photos and other damage-related information that goes
191、 directly to ERGO claims management program.Algorithms to help assess and administer damages also facilitates the work of company experts,saving time and allowing them to operate more efficiently.Transport registration and property claims only take a few minutes and can be done at a customers conven
192、ience.The procedure is quick,simple,and payment can be received in one day.www.ergo.lt/smartDAS UKSelf-service legal hubCooperation with Farillio targeting SMEs and personal lines clientsDAS UK is cooperating with Farillio to offer a comprehensive self-service portal to its small-and medium-sized en
193、terprise clients and to its personal lines clients.The online legal hubs are branded DASBusinessLaw and DASHouseholdLaw respectively.They offer in-depth multi-media guides,smart letters and contract templates,along with e-signature capabilities.The portal covers a wide variety of topics,ranging from
194、 late payment and employment matters to compliance with data protection rules.Benefits at a glance:Clients self-serve minor issues,which otherwise could have resulted in a claimIncreased client engagement and greater range of servicesImproved claims performance through clients legal risk managementF
195、arillioVoice technology delivers fast support with human touchDAS Italy has launched“DASy”:the NLP-based VOICEbot on the companys website to deliver fast 24/7 customer-based support with a human touch.The implementation avoids customers long waiting times and better utilises the time of customer ser
196、vice representatives for more consultation-intensive customer conversations.The VOICEbot is able to register claims,give contractual support,provide information and prices on products offered by DAS and gathering customer feedback;all this by choosing between written or oral communication.DAS Italy
197、has the vision to train a voice-virtual assistant only once and use it across all communications channels-website,whatsapp and the smart speakers-with the same high level of quality and brand personality.DASyDAS ItalyHearing you better PantherMedia/Illia UriadnikovImage:FarillioSource:DAS Italy.28Mu
198、nich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityDAS Spain Open Banking Incorporates Open Banking technology into its insurance underwriting process.D.A.S Spain incorporates Open Banking technology into its Legal Protection&Non-payment of Rents insurance underwriting process.This new t
199、echnology significantly improves the risk-valuation process(tenant solvency)since it facilitates direct access to financial information of tenants through the direct connection with their bank accounts.This process is done online,with the permission of the tenant and by applying the European PSD2 re
200、gulations.In addition,Open Banking improves customer&broker experiences and generates high-level efficiency by digitalising the entire UW&policy issuances process,eliminating all the paperwork and reducing the previously required time to review the validity of the tenants financial solvency document
201、ation.DKV SpainEmotional welfare appSet of tools and contents to help our customers in COVID-19 confinationIn 2020,the extended periods of confinement,isolation and work/family crossover for many individuals made the importance of addressing psychological health extremely relevantDKV Spain launched
202、a set of tools,videos and features to help customers in facing the situation,as a part of its prevention and healthcare strategy.The goal is to improve a customers mental health on a daily basis and help them create a healthier lifestyle as well.The tools are part of the e-Health ecosystem and were
203、designed together with psychologists,mindfulness coaches and several other experts.Boosting the adoption of service digital assets amid our customersOne of DKV Spains challenges is to help customers in their adoption of self-service tools.The level of acceptance of these channels depends on every si
204、ngle customer.For that reason,a team of data scientists developed a model that predicts the acceptance of every customer to make use of the digital channels.This case was developed by combining internal and external historical data,such as standard of living and geographical location(in respect of c
205、ulture and social public info).As a result,the customers can be rated with two indexes:real digital level and maximum potential rate.Today,the customer experience team is using this gap to design actions that allow for better channel-specific targeted promotions.DKV SpainCustomer digitalization inde
206、x PantherMedia/putilich PantherMedia/DragonImages PantherMedia/agsandrew.29Munich Re|ERGO Tech Trend Radar 2021Our SolutionsHuman CentricityDKV SpainWhatsapp Business API integrationInteraction capabilities via Whatsapp for customer support and lead managementDKV Spain has worked since 2020 with a S
207、panish startup(one of the first certified partners of WhatsApp)to include WhatsApp Business API as a part of its customer support and lead management.The rollout was a real success and helped in dealing with the confinement situations during the.pandemic.The platform allows for bot interaction,the a
208、utomation of several cases such as claims information or requests of duplicates.So far,three use cases have been set up:customer care,payment in Spanish healthcare marketplace and lead management for Facebook campaigns.Benefits at a glance:Increase in productivity of our customer support teams,as se
209、veral conversations can be managed in parallelPositive impact in NPSImprovement in engagement of customers and leads(during the commercial lifecycle)PantherMedia/Illia Uriadnikov.Munich Re|ERGO Tech Trend Radar 2021Tech Trend Radar 2021Connected WorldImage:DKosig/Getty Images.How we connect and comm
210、unicate with each other has changed drastically.In todays digital age,communication takes place not only among people,but also between humans and machines.Wearable devices are tracking body data thus supporting digital health services.Owners of smart homes control lighting,heating etc.IoT has evolve
211、d from smart homes to smart buildings and smart spaces.Machines are getting better at recognising their environment and responding to it.This enhances technologies such as autonomous objects such as self-driving vehicles,robots anddrones.Drones can already transport a defibrillator to a patient at a
212、 speed of almost 100 kilometres per hour.Commercial application of autonomous objects will become the norm in other industries,such as construction,agriculture,transportation and of course claims management.On the data side of things,open data,APIs and data fabric make data integration of multiple s
213、ources more efficient.Enhanced by biotechnologies,todays connected world enables organisations to test geological and biological limits and find new ways of creating and bringing value to people.Munich Re|ERGO Tech Trend Radar 2021=new in 2021Adopt Start initiatives in your unit+Robotic RevolutionFr
214、om manufacturing and IoT coupling to household helpers robotics development has been long ongoing,but the world is now seeing novel technologies and application areasHuman EnhancementSoon,people may have the possibility to change themselves in ways that,up to now,mostly existed in science fiction.In
215、dustrial IoTThe integration of intelligent and connected systems in industrial processes resulting in smarter manufacturing and factoriesOpen APIA proprietary software or application programming interface that is publicly available to developersOpen DataThe idea is to share data freely and allow eve
216、ryone to use them as they wish,without copyright or patent restrictionsDigital TwinA virtual counterpart of a real object that enables IT systems to interact with it rather than the real objectPrecision FarmingIncreasing efficiency and quality of agricultural products by applying IoT and AI-related
217、technologiesHold Watch listAssess Evaluation neededTrial Initiatives in affected unitsConnected WorldDigital Health ServicesAdvanced technologies enable monitoring ofhealth indicators,anamnesis and initial diagnosesSmart SpacesA system of sensors,interconnected devices and services ranging from comm
218、unications to healthcare,security and task automation from private homes,etc.Autonomous ThingsAutonomous Things are machines that are designed to work independently and without active human supervisionSmart TextilesThese textiles can do many things thattraditional fabrics cannot,such ascommunicate w
219、ith their environment.Food TechTechnologies like IoT or AI applied for the production of healthier food and a more sustainable food production and consumptionData FabricFabric-like data management infrastructure fordistributed networks that unify and enablesharing of formerly disparate,inconsistent
220、data+Realtime PaymentAdvances in mobile and computer technologiesare creating various digital payment models towards a cashless society.32Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpport
221、unitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldThe landscape of Digital Health Services is broad.Startups and big tech companies are dominating the markets.It is high time for insurers and healthcare providers to catch up.Digital Health Services enable personalised therapies for crit
222、ical/complex illnesses,and thereby reduce follow-up treatment costs.Data can speed up claims handling,since illnesses and the corresponding treatments are detected and reported automatically.Insurance premiums can be adjusted to reflect the altered risk situation due to digital health services monit
223、oring.Ready-to-use applications for the“Digital Patient”,like symptom checks via apps and online appointment management,will be connected to create real value for patients.Digitally shared health data needs strict protection against data leakage and hacking attacks.Personal information could be used
224、 to the detriment of the insured.Device failure could have dangerous consequences for patients.Reduction of contact with human medical experts may have unanticipated mental consequences due to a lack of empathy.Continuous patient data input is needed,and incentives for patients to feed their data in
225、to applications are to be implemented.Personalised MedicineAI Diagnostics and TherapeuticsRobotic HealthPopulation HealthDigital Health ServicesAdvanced technologies enable monitoring of health indicators,anamnesis and initial diagnoses.Game-changing technologies and digital services offer more inno
226、vative ways of monitoring health and well-being.Digital platforms will increasingly develop into the first port of call for initial health consultation before a physical doctor is actually consulted.These digital health managers might restructure the entire health and insurance infrastructure.Major
227、advancements in home care are being developed which will enable people to continue living relatively independent lives at home in spite of medical need.Soon,new care products will emerge,such as care robots and virtual reality devices that enable the experience of 3D/4D body insights,and which provi
228、de new therapy approaches such as anti-phobia training.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020,2019,2018Adopt.33Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededA
229、doptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldIndustrial IoT has matured over time and finally arrived in the ADOPT stage.It is therefore recommended to design new business models based on IIoT.In-built sensors can communicate the current cond
230、ition of a product or machine and help the insurer to optimise the risk/premium calculation(renewal business),or to handle claims faster.Based on information submitted by IoT machines,insurers might also provide risk mitigation,prevention and assistance services to their clients.Connected and smart
231、machines that interact with each other could report key risk or safety indicators to the insurer and automatically add coverage if needed.IIoT is likely to significantly increase the demand for cyber security and insurance.Industrial IoT requires high investment upfront and an adequate infrastructur
232、e(e.g.big data analytics hardware and software)that is able to process the collected data quickly.Speed is critical since it should not take long to automatically shut down a machine once a sensor detects a failure in the system.Particularly companies that operate production plants globally face the
233、 risk of cyber attacks that could hamper their processes and steal critical data.Automated Machine Learning(AutoML)5GDigital TwinSmart SpacesIndustrial IoTThe integration of intelligent and connected systems in industrial processes resulting in smarter manufacturing and factories.AI is driving advan
234、ces for new intelligent things,such as smart machines and robots,and thereby delivering enhanced capabilities to industrial systems.These intelligent machines can process vast amounts of data,communicate with each other and make autonomous decisions.With the industrial use of IoT(IIoT),also referred
235、 to as Industry4.0,global supply chains,production processes and logistics will become more efficient and transportation and communication costs will reach an all-time low,all of which will open up new business opportunities and diminish trade costs.There is no doubt that the industrial use of IoT w
236、ill redefine competitive landscapes and will have major effects on global economies and foster economic growth.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2018,2017,20162020,2019Adopt.34Insurance Value ChainTrend EvolutionRelated TrendsHoldWat
237、ch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldAfter remaining in the TRIAL stage from 2015 onwards,Open API is recognised as adoptable since 2019.Accordingly,initiatives in that
238、field should be launched now!Open APIs increase competition between providers,since everyone can integrate their systems and contribute to better products and services.Consumers are thus likely to benefit from cost-effective services that are tailored to their demands.Open APIs enable the growth of
239、a digital ecosystem,allowing for complete and seamless integration with service providers.Open APIs decrease the need for individual development of certain digital solutions,since the software and systems from specialised providers can be integrated into the existing IT architecture.Open APIs can be
240、 used to access the large community of freelance developers to create innovative applications.Open APIs increase the production of new ideas without investing directly in development activities.Individuals may lose control of their data and cannot trace it to see whether it is used for fraudulent ac
241、tivities.Third parties providing the actual services related to the open API might push insurers into the background and dismiss them as mere transaction providers.Loss of competitive advantages due to lock-in effects.Behavioural AnalyticsDigital Health ServicesOpen DataDistributed LedgerOpen APIA p
242、roprietary software or application programming interface that is publicly available to developers.Basically,an API allows one piece of software to interact with another piece of software,whether in one system or in a network or distributed environment.Open APIs are published on the internet and shar
243、ed simply.A company might publish the API of their software to encourage external developers to figure out new ways of using it.Ideally,this creates a win-win situation:The external developer can make money by licensing a new service with advanced functionalities,such as an innovative use of the ser
244、vice in ways the originator hadnt thought of.And the company benefits from more widespread use of their service.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2018,2017,20162020,2019Adopt.35Insurance Value ChainTrend EvolutionRelated TrendsHoldWa
245、tch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldOpen Data has reached ADOPT stage.Explore available data sources and integrate this data into your decision processesOpen and acces
246、sible public data can benefit individuals,companies,communities and government by unleashing new social,economic,and civic innovations and improving government accountability and transparency.In the context of the health care system,Open Data enables recommendations for services for medical institut
247、ions and for customer treatment from the insurance side.Greater access to data fosters and improves competition.Open geo-spatial information is fundamental to planning and decision-making in most situations,including disaster and risk management.Open data can also pose substantial privacy risks for
248、individuals whose information is collected and shared by the city.Open data sources could provide incorrect figures and correlations.Open data can be unreliable because of the potential for respondents to self-select.Data quality issues arise and a good understanding is required.Distributed LedgerMa
249、chine-driven DecisionsOpen APIExplainable Machine LearningOpen DataThe idea is to share data freely and allow everyone to use them as they wish,without copyright or patent restrictions.Open data platforms are primarily used by public institutions or by certain political and scientific entities to ma
250、ke information accessible for everybody.The goal of these platforms is to enable users to gain insights and knowledge about activities that are relevant to the public,thus guaranteeing transparency.However,Open Data is also becoming more and more interesting for businesses.Platforms that are special
251、ly maintained by the users themselves also present a promising source of insights and ideas from the public e.g.to fuel innovation processes.Furthermore,Open Data platforms are a two-way communication and service tool to establish direct contact with target audiences,enabling users to participate,gi
252、ve feedback and express their opinions about services and products.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2019,2018,20172020Adopt.36Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEv
253、aluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldPreviously,Agricultural Biotech has been considered in IoT use cases.In 2020,Precision Farming has made it into the radar as a discrete trend.Improved underwriting for agriculture i
254、nsurances and lower claims rate thanks to improved predictability of natural risks from extreme weather or natural catastrophes and monitoring of natural assets.The technological solutions are still expensive for farmers in rural areas facing industry-typical financial pressure.Insurers have the cha
255、nce to build insurance products that make the technology more affordable.Slow adoption by farmers,especially in European farming markets where connectivity is still underdeveloped.The initial cost of implementation may discourage smaller farmers.Autonomous Things5GMachine-driven DecisionsComputer Vi
256、sionPrecision FarmingIncreasing efficiency and quality of agricultural products by applying IoT and AI-related technologies.After crop breeding has reached peak efficiency and there are ethical doubts to overcome with factory farming.Digital technologies in agriculture promise a future with the best
257、 of both worlds high-yield ecological farming.Technology has been applied to increase production in agriculture since humans first began farming.Nowadays,sensors make it easier to capture relevant data from optical,thermal and biomolecular metrics such as soil and nutrient status,process the data in
258、 long-range protocols and deliver more reliable information in comprehensive formats directly to farmers in even the most rural areas thanks to 5G and micro satellites that provide broader connectivity.The global precision agriculture market is expected to double,reaching$14.09bn by 2026(Stratistics
259、,Precision Farming-Global Market Outlook,2019).Faced with the challenges of overfarming,exploitation and climate change,precision farming is an opportunity to rebalance the economic agriculture system,conserve water resources and fight the global food crisis.Product Design&PricingSales&DistributionU
260、nderwritingRisk ManagementCustomer Engagement&ServicesClaims2020Adopt.37Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldThe
261、 large number of business models and partnering ecosystems reflects the maturity of Digital Payment.Real-time payment is a new facet in the evolution of digital payment.This trend will be applied in all industries to meet the service standards at the customers convenience.Real-time payment models ca
262、n reduce response times for claim processes and other insurance-related services,that normally cause overheads in follow-up and exception processes,as well as delays.This improves productivity and customer satisfaction.New payment models create the need for new insurance products,such as the protect
263、ion of online wallets and transactions.If transactions can be conducted on a globally recognised payment system with a single token of value,exchange rates and capital transfer restrictions become less of an issue.The technological infrastructure and regulatory environments are too inconsistent to s
264、upport electronic payments in developing markets.With payment security a key concern in todays risk-averse environment,and a prime factor in consumer receptiveness to mobile wallets,risk mitigation has been a particular focus for innovation in this area.Payments based on cryptocurrencies are current
265、ly not very reliable for large-scale applications,since their exchange rates with fiat money are highly volatile.Real-time payments may result in more and less transparent transactions,that might be abused for criminal activity.Digital IdentityDistributed LedgerBehavioural AnalyticsOpen APIReal-time
266、 PaymentAdvances in telematics and IoT enable immediate monetary transactions another step in digital payment towards a cashless society.Markets for new payment models have grown quickly.Smartphones and watches are using wireless technologies to process payments with the“tap and go”method.PayPal all
267、ows users to make peer-to-peer payments to friends.Real-time payment allows instant payment available 24/7.This is highly relevant for financial institutions as communication only takes place between payer and payee there is no need to compensate lag times with communication to payment providers.To
268、boost digital payment even further,China is in the process of testing Digital Currency Electronic Payment(DCEP)and is launching the first national virtual currency.In the EU,digital payment systems even received a boost from regulatory authorities with its Payment Services Directive 2(PSD2)legal fra
269、mework,effective for all businesses since 2019 to enable digital payments to be saved and customer data to be protected.In 2020,just one per cent of Swedens GDP circulated as cash.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020,2019,2018Adopt
270、.38Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldSmart Spaces arrived in the ADOPT section in 2016 as“Smart Living”.Now e
271、xtended to“Smart Spaces”,it is recommended to design new business models based on the trend,especially for the usage in urban spaces.The installation of IoT technology may substantially increase property value and provide damage reduction and prevention.Smart devices can track and learn individuals
272、daily routines and therefore allow people to monitor their elderly relatives without invading their privacy.Insurers benefit from smart devices since they lower an owners risk profile,deliver big data for underwriting purposes,and improve the efficiency of claims settlement processes.Smart technolog
273、y will lead to a wide range of new products,e.g.flexible household insurance based on tracked(and shared)application data.IoT systems create a back door for hackers to steal data,control important functions such as opening the front door,adjusting the heating system,etc.Only a few private technology
274、 companies are likely to serve the smart space market in the future and must therefore be strictly controlled to avoid data misuse,such as monitoring behaviour,purchase decisions,etc.Smart systems increase the dependency on a provider(lock-in effect).Furthermore,an electricity supply is constantly n
275、eeded to keep the system“working”.360-degree monitoring by sensors may raise privacy issues,especially in public spaces.5GIndustrial IoTOpen APIBiometric RecognitionSmart SpacesA system of sensors,interconnected devices and services ranging from communications to healthcare,security and task automat
276、ion from private homes,public buildings and urban spaces.The market for smart systems is growing and the interaction with building systems and household devices via mobile apps is slowly becoming the norm.Smart devices are becoming household managers,linking different systems(e.g.water,lightning,hea
277、ting,entertainment)and managing and operating them in accordance with the homeowners needs and requests.Application of deep learning techniques and other technologies have led to rapid advancements and better integration of these devices in smart systems.Additionally,breakthroughs in speech recognit
278、ion are leading to the rapid adoption of virtual assistants,such as Amazon Echo and Google Home.Aside from Smart Homes,IoT has made its way into commercial buildings and public spaces.Airports and cities are implementing biometric recognition system for security purposes.Traffic can be optimized in
279、real-time using smart traffic lights.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020,2019,2018Adopt.39Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiati
280、ves in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldAutonomous Things have evolved from drones and the hype of driverless vehicles.It finds itself back in the TRIAL phase,as further evaluation is needed in respect of new insurance models.For travel and transportation
281、,autonomous trucks and driver-less passenger cars drastically reduce time and open the possibility of 24/7 long-distance transportation.Autonomous Things are particularly helpful in tasks that are dangerous for humans,such as working with hazardous objects/substances,at extreme heights,etc.By taking
282、 aerial photos and videos,drones provide insurers with accurate data that can be used to calibrate their risk models accordingly.Autonomous Things that share their workplace with humans,e.g.in warehouses,require innovative liability insurance solutions.Similarly,new insurance solutions are required
283、since both soft-and hardware for objects could be subject to malfunctions.Autonomous Things allow insurance companies to improve their underwriting of property&casualty risks through upfront inspections.Moreover,periodic inspections indicate whether the current coverage is still appropriate.If Auton
284、omous Vehicles cause an accident or drones fall from the sky,there is a significant risk of property damages and bodily injuries.The question of insurability of algorithms becomes a practical challenge in claims management.Autonomous Things interacting with the physical world around them are critica
285、l to danger since they could make decisions with irreversible consequences without any human control.Drones taking aerial pictures might intrude on individual privacy.Robotic RevolutionRobotic HealthIndustrial IoT5GAutonomous ThingsAutonomous Things are machines that are designed to work independent
286、ly and without active human supervision.As AI improves their functions are becoming more accurate and effective.AI is driving advances for new intelligent things such as drones or autonomous vehicles.The technologies are undergoing significant evolution,powered by new machine learning models and alg
287、orithms.These intelligent things can operate without human interaction for a defined period.Enabled by IoT,autonomous things will likely take over parts of digital business,data collection,manufacturing,medical diagnostics and performance analysis.The autonomous car is considered to be the future of
288、 the automotive industry.These vehicles are using sensing and localisation technologies,such as LiDAR(light detection and ranging),radar,cameras,GPS and map data,in combination with AI-based decision-making.While self-driving cars are getting most of the attention at present,autonomous vehicle techn
289、ology has a variety of potential applications in smart mobility,shipping and logistics,mining and agricultural operations,industrial,and security and military operations.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020,2019,20182017,2016Trial.
290、40Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldSupported by related developments like AI and sensor-based data,data fabr
291、ic is on the rise to connect data from real world and legacy systems.It has entered the Tech Trend Radar in 2020.Improve the value of data by providing seamless data access and sharing data in one consistent distributed data network.Manage fast growing data generated by the rise of AI-platforms for
292、insurers and network ecosystems with a variety of applications.High implementation costs for bespoke data fabric forces to re-design static infrastructure and enable a mesh network environment.Strong data security and access policies and technologies are needed to ensure the proper sharing of data.E
293、nhanced RealityCloud EdgeOpen APIMachine-driven DecisionsData FabricFabric-like data management infrastructure for distributed networks that unify and enable sharing of formerly disparate,inconsistent data.Data fabrics are designed to enable applications and tools to access different types of data r
294、egardless of their storage location using interfaces such as NFS,Hadoop or ODBC and supporting established data standards and systems.Data fabrics create unified data environments in distributed computing networks even among reinsurer,insurer,agents and third-party networks.They provide a solution t
295、o the ever-growing data quality problem(garbage in-garbage out)which is a key challenge for the successful implementation of AI technologies.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020Trial.41Insurance Value ChainTrend EvolutionRelated Tr
296、endsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldDigital Twin appeared in 2015 and evolved quickly in the field of IoT.Initial insurance-relevant initiatives and partners
297、hips have been started early.It is now time for prototypes to prove business impact.Digital twins allow exploration and improvement in production processes without expensive physical prototypes,something that will be particularly important in the Internet of Things(IoT)era.Companies can use digital
298、twins to show their products to customers or other third parties during the manufacturing process.Insurance companies could maintain a digital counterpart of the computer system in an insureds car in order to monitor usage-based(mileage-based)car insurance contracts(through sensors in the physical p
299、roduct).Digital twins may be created on a Blockchain to reflect ownership rights of physical objects.This could replace comparable existing ledgers such as land registers.Particularly for products with long lifetimes,such as buildings,aircraft,ships,etc.,digital twins might become unusable at some p
300、oint(due to software issues).Firms employing digital twins provided by third parties face a lock-in risk with their vendor,since switching to other vendors may become very costly at some point.A digital twin could be hacked in order to fake damage,which,in turn,triggers a claim payment from the insu
301、rer.Synthetic DataEnhanced RealityIndustrial IoTOpen DataDigital TwinA virtual counterpart of a real object that enables IT systems to interact with it rather than the real object directly.Basically,a digital twin helps to improve maintenance,upgrades,repairs and operation of the actual object.For e
302、xample,it could be a model of a sound system that enables a remote user to control the physical system with buttons on a mobile device.Furthermore,digital twins can be used for product development as they enable product testing and simulations without having to actually construct a physical object,t
303、hus driving innovation efficiency.Even though the idea of the digital twin is still in an early development state,strong development figures are expected.Hundreds of millions of things will most likely have digital twins in the future.Product Design&PricingSales&DistributionUnderwritingRisk Manageme
304、ntCustomer Engagement&ServicesClaims2018,201720162020,2019Trial.42Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldFostering
305、 a variety of trends in the field of biotechnology and AI,the term“White Biotech”appeared on the tech trend radar in 2020.White Biotech is understood to be industrial biotechnology replacing industrial goods,sources and processes with sustainable components.In 2021,foodtechappears to be the most pro
306、mising field of biotech.The aim of foodtech is to improve human health by replacing harmful chemical components in food or medicine,and thus reduce long-term side effects that often result in cancer or other chronic diseases.Expected health benefits in the prevention of diseases and a healthier life
307、 have an impact on risk calculation for health insurance.With the rise of meat substitutes in the food industry,agricultural companies are following and shifting from livestock to plant-based production.Agricultural insurance services need to adapt.With less demand for livestock farming,incidentally
308、 the number one source of CO pollution,foodtech has the capability to reduce the carbon footprint of the food industry.Foodtech products are often costly in production and therefore not scalable enough to reach a mass market.More cost-effective production systems,such as for protein expression,will
309、be established.A mindset change in behaviour in global markets is required to increase demand and reach a critical mass of consumers.Machine-driven DecisionsAI ChipsPrecision FarmingDigital Health ServicesFoodTechTechnologies such as IoT and AI applied for the production of healthier food and more s
310、ustainable food production and consumption.As with other research and industry fields such as agriculture,life sciences and biotech,food production is now being enhanced with technologies such as AI,Computer vision and IoT.Foodtech ecosystems are evolving around agrifood,foodscience and food deliver
311、y entrepreneurs-that share the ambition of revolutionising the food industry.Agtech startups are working on sensor and cloud technology to foster urban farming and precision farming.Food scientists are creating designer proteins to replace harmful food ingredients such as industrial sugar,and are re
312、inventing the chocolate bar to make it a healthy and nutritious snack.The latest feat in foodtech is the production of cellular meat based on 4D-printed tissue-as an alternative to mass livestock farming.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesC
313、laims2020Trial.43Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldStill in the ASSESS phase,its worth analyzing existing sta
314、te of the art products in smart textiles and exploring possible use cases.Just like other wearables,smart textiles provide the opportunity to collect data on the insurance holders well-being,which can help to personalise insurance products.Smart clothes open up new service potential based on vital c
315、hecks(heart rate,etc.)and can be used for medical and healthcare monitoring and diagnostics.Gesture recognition through smart textiles enables consumers to operate smart devices such as smartphones,laptops,IoT devices,etc.Smart textiles can be used in nursing homes to detect when a patients health c
316、ondition or hygienic situation deteriorates.Data collection and statistics on professional athletes in sports can be improved.It is unclear how practicable such sensitive textiles are for the consumer,particularly with respect to their robustness(e.g.how often can they be washed,etc.).When wearing s
317、mart textiles on a regular basis,consumers become completely transparent to data collectors.The General Data Protection Regulation(GDPR),the new European privacy regulation,also treats health data as a“special category”of personal data,one that is considered intrinsically sensitive.Behavioural Analy
318、ticsDigital Health ServicesAI Diagnostics and TherapeuticsProgrammable MaterialsSmart TextilesThese textiles can do many things that traditional fabrics cannot,such as communicate with their environment.Smart textile research represents a new model for generating novel and creative solutions for int
319、egrating electronics into unusual environments.These textiles will improve peoples everyday lives to a large extent.Innovation teams focus mainly on the areas of health,medicine,sports,sustainability and interiors.So,it can be either aesthetic or performance-enhancing.Aesthetic examples gather data
320、from the environment and react to this input.Some models at the New York Fashion Week,for example,were able to change the look of their textiles using a smartphone app.Performance-enhancing smart textiles can help regulate body temperature or control muscle vibration.The health industry is also taki
321、ng advantage of the technology by creating drug-releasing textiles.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020,2019,2018Trial.44Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvalua
322、tion neededAdoptStart initiatives in your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldStill in the ASSESS phase,it is necessary to build a stronger opinion about the current state of development.One of the most important developments involves a gene-splicing technique ca
323、lled clustered regularly interspaced short palindromic repeats(CRISPR).This method improves scientific capabilities of editing the human genome in both embryos and adults.An exoskeleton looking pretty similar to the Iron Man suit“may soon make soldiers much stronger and largely impervious to bullets
324、.Enhanced humans may pose lower risks and therefore obtain cheaper insurance coverages.Human enhancements could even be used to cure severe sicknesses or chronic health conditions.Improved reactions and reflexes may lead to lower frequency and severity of accidents and,in turn,insurance claims.Long-
325、term side effects of such enhancements may be hard to anticipate.Substantial health risks and associated costs for insurers could be the consequence.Diversity of human life may slowly be reduced due to standardised human enhancements employed by the majority of people.Those who are not prepared to a
326、ccept an enhancement could be isolated from the larger society.Human enhancement may completely change the way professional sporting competitions are carried out today.A fair tournament may be very hard to organise if participants exhibit different levels of body enhancement.Additional questions ari
327、se around potential enhancements of the brain.Would this entail the risk of altering the subjects personality and mind?Digital Health ServicesBrain-computer InterfaceSmart TextilesRobotic HealthHuman EnhancementSoon,people may have the possibility to change themselves in ways that,up to now,mostly e
328、xisted in science fiction.People have always been trying to enhance their capabilities,be it mental or physical in other words:the idea of human enhancement is at least as old as humanity.So its no surprise that todays science fiction movies feature superheroes with extraordinary technological abili
329、ties,such as Iron Man.But soon,Iron Man might become reality:technological development has the potential to take human enhancement to another level.Some experts speak of“humanity plus”or even“post-humanity”,meaning that advances in genetic engineering and machine technology may allow people to becom
330、e more and more machine-like.Product Design&PricingSales&DistributionUnderwritingRisk ManagementCustomer Engagement&ServicesClaims2020,2019,2018Assess.45Insurance Value ChainTrend EvolutionRelated TrendsHoldWatch listTrialInitiatives in affected unitsAssessEvaluation neededAdoptStart initiatives in
331、your unitOpportunitiesRisksMunich Re|ERGO Tech Trend Radar 2021Connected WorldRobots have been around us for a long time.Improved sensor technologies and artificial intelligence make them more capable of interacting with humans and the physical world around them.Thus,robotic systems and their potent
332、ial benefits for new and existing insurance services are to be evaluated.In industrial and private contexts,robots require insurance coverage opportunities for insurers to design robot insurance products.Robots can serve as remote claim detectors for insurers.Robots replacing a human workforce reduc
333、e the risks of severe accidents in tasks posing a high risk to life,such as bomb defusing and window cleaning for skyscrapers.Modelling risk related to robots causing accidents is a new field for insurance risk management.It is strongly related to the question of insurability of algorithms,which represent the fundamentals for robot actions.In the event of an accident caused by a robot.Who assumes