German reinsurance group Hannover Re has created an online platform that connects insurers to insurtechs, enabling them to pitch their solutions online.
The open, free-of-charge platform, hr|equarium, offers easy access to product and distribution innovations, and is aimed at allowing insurers to remain ahead of the curve and meet consumer needs.
But it is a two-way street, with insurtechs gaining access to established players and benefiting from their expert knowledge. “Open platforms are the best approach as both parties benefit in a transparent way,” stated Patrick Kosmuetzky, Senior Actuary at Hannover Re.
Hannover Re said that digital disruption, shifting demographics and evolving buyer preferences have created a challenging operating environment for insurers and the new platform should help bridge the gap between insurers and insurtechs.
Insurtech is a growing phenomenon that is reshaping the insurance industry and innovations that can facilitate communication between insurtechs and insurers are ever more important.