Munich, Germany based reinsurance company Munich Re has become a shareholder in the German Research Centre for Artificial Intelligence (DFKI) – a move which the company said, ‘propels it to the forefront of artificial intelligence (AI) within the insurance sector’.
The collaboration between Munch Re and DFKI, one of the world’s largest not-for-profit public-private partnership institutes for software technology based on AI research, is expected to be finalised in early 2019 following formal approval from all existing shareholders. The intention is to offer innovative new solutions within the fields of AI and data analytics, focusing on connecting research and practical application.
Following previous collaboration with Munich Re, Professor Wolfgang Wahlster, CEO and technical and scientific Managing Director at the DFKI, commented: "It was clear to me even when presenting the DFKI to Munich Re’s board of management last July that it would be a win-win situation if Munich Re were to join our circle of shareholders. I’m delighted that we were able to set this up so quickly.”
DFKI receives project funding from both the European Union and the German government, and as well as the new addition of Munich Re, it receives the membership support of tech companies such as Airbus, BMW, Bosch, Google, Microsoft, SAP and Volkswagen.
"By collaborating with the DFKI, we are living out our aspiration to play a leading role in AI in the insurance sector," Torsten Jeworrek, a member of the board of management of Munich Re, added. "Not only will the partnership help us develop the most modern, effective and best processes for our clients, it will also make the latest research available to our employees and further advance research in this field.”