Starmind and Munich Re Empower the Corporation's Most Valuable Asset: Employee Knowledge
ZURICH, Feb. 12, 2018 /PRNewswire/ -- Starmind, the leading technology to expand human ingenuity by applying neuroscientific principles to AI, today announced that it is working with Munich Re, one of the world's leading reinsurers, to engage and cultivate the expertise of the risk management leader's several thousand employees in a new application called OneMind.
Using Starmind technology is part of Munich Re's overall digital strategy. OneMind digitally transforms Munich Re's knowledge management, further leveraging internal knowledge and expertise as key competitive advantages.
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
"Many of our clients face increasingly complex and ever evolving new risks. To provide them with best in class solutions in a swift and efficient way we need to have a profound understanding of how trends and developments drive clients' needs and interests," said Axel von dem Knesebeck, Senior Consultant at Munich Re. "We have implemented OneMind because it enables us to easily use our worldwide know-how for either quickly identifying possible solutions that matched similar client needs or for designing new tailor made solutions. The speed of delivery is the key to success."
"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."
For more information on Starmind's technology please visit http://www.starmind.com/technology
About Starmind
Starmind applies neuroscientific principles to AI, allowing its platform to understand people in a uniquely human way. Based on this understanding, Starmind is able to identify organizational experts, on any subject matter, and connect them with the employees who need access to previously undocumented company knowledge. Founded by Pascal Kaufmann and Marc Vontobel in 2010, companies worldwide, such as; J. Walter Thompson Worldwide, Telefónica Deutschland, and Swiss Re have incorporated the technology as part of their digital transformation strategy. Use of Starmind has led to increases in workplace efficiencies, decreases in redundancies, and an answer rate of 95%.
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. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in ERGO, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2016, ERGO posted premium income of €16.0bn. Munich Re's global investments (excluding insurance-related investments) amounting to €219bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
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SOURCE Starmind
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