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Hannover Re to invest over £5 million in underwriting initiative

Hannover Re to invest over £5 million in underwriting initiative | Insurance Business UK

Hannover Re to invest over £5 million in underwriting initiative

Major reinsurer Hannover Re is planning to invest more than €6 million (around £5.1 million) in government-backed research and development programme Dublin Digital, the focus of which is next-generation digital innovation in the world of underwriting.

In a release by Ireland’s Department of Enterprise, Trade, and Employment, it was noted that Hannover Re’s investment will see the creation of up to 16 jobs in Dublin over the next three or four years.

“Under the Dublin Digital programme,” said the department, “Hannover Re (Ireland) DAC will leverage the most advanced techniques in text analytics, predictive analytics, and computational linguistics in order to accelerate the development of intelligent underwriting technologies capable of replicating human intellect.

“To deliver this ambitious plan, the company has already commenced recruiting a number of positions in Dublin, primarily in the areas of data science and software engineering.”

Dublin Digital is supported by the Irish government through IDA (Industrial Development Agency) Ireland.

Commenting on the move, Hannover Re (Ireland) DAC general manager Niall Mulvey stated: “This investment provides Hannover Re with an exciting platform from which we can leverage Ireland’s world-class talent pool to deliver local innovation on a global scale.

“The addition of highly skilled individuals in the areas of data science and software engineering will accelerate our strategic R&D activities and, ultimately, our adoption of intelligent underwriting technologies.”

Tánaiste and Minister for Enterprise, Trade, and Employment Leo Varadkar TD wished the reinsurer “the very best” with what he described as an exciting new project.

“It’s great to see Hannover Re expanding its presence here with the addition of this new research and development programme,” commented Varadkar. “Ireland’s rich talent pool and innovative culture provide the perfect conditions for companies like Hannover Re to thrive.”

For Seán Fleming TD – Minister of State with special responsibility for financial services, credit unions, and insurance – the investment is testament to Ireland’s potential to be a leading insurtech hub.

“Hannover Re’s decision to carry out R&D in intelligent underwriting in Dublin is a vote of confidence in Ireland’s fintech ecosystem,” added IDA Ireland chief executive Martin Shanahan.

“A strategic focus for IDA Ireland is to support our client base in their research, development, and innovation efforts. I wish the Hannover Re team success with this project and offer the continued support of IDA Ireland.”

Hannover Re executive board member Klaus Miller said the investment is guided by the insurance group’s 2021-2023 strategy.

“IDA Ireland’s support for our ambitions in the underwriting space played a key role in our decision to locate these strategic R&D activities in Ireland under the Dublin Digital programme,” revealed Miller, whose camp is keen on widening its data analytics capability.