First published by startupticker.ch. Munich Re, one of the world's leading reinsurers, works together with Starmind to engage and cultivate the expertise of the risk management leader's several thousand employees in a new application called OneMind.
Knowing who to ask a question in a large, international organization can be difficult. Starmind takes away that difficulty by applying self-learning algorithms based on neuroscientific principles to build a company's "corporate brain". This enables Munich Re's employees to immediately identify and connect with the best internal expert for almost any query and to access internal knowledge quickly and efficiently. It helps Munich Re to further expand its base for excellent client service and best in class risk transfer solutions.
Positive results from OneMind so far:
- 93% of all questions asked through OneMind are answered, uncovering previously undocumented employee knowledge
- About 50% of all questions asked through One Mind are answered within 2 hours or less
- All knowledge provided by employees in OneMind is stored in the system and made permanently available to all users worldwide. Redundancies are reduced and efficiency gains are achieved
Using Starmind technology is part of Munich Re's overall digital strategy. "One key goal of Munich Re's Knowledge Management has always been to provide our employees with all the knowledge and expertise they need to constantly improve our underwriting, and to push the boundaries of insurability with innovative products," said Fredrik Theis, Head of Knowledge Management Underwriting at Munich Re. "With OneMind we have taken this to the next level. It links our entire employee knowledgebase through the cloud, thus prompting the easy and effective cross team collaboration we need to achieve our goal."
"Munich Re is the world leader in risk management and unites some of the greatest minds in that field," says Pascal Kaufmann, Founder of Starmind. "In a world of digitalization and automation technology becomes a commodity. The human factor, such as uniting the talents within Munich Re, becomes more crucial and a true differentiating factor across the entire industry."
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2016, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world's leading reinsurers.