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Hannover Re, the third-largest reinsurer in the world, today announced plans to invest over €6 million in Dublin Digital – a research and development (R&D) programme aimed at delivering a competitive edge through the realisation of next generation digital innovation in the underwriting space. To facilitate this, the company plans to create up to 16 positions in Dublin over the next 3 to 4 years.
The programme is supported by the Irish Government through IDA Ireland.
Today’s announcement reaffirms Hannover Re’s strategic commitment to embracing digital change and delivering local innovation on a global scale. It also marks a significant increase in R&D activities for the Irish subsidiary – Hannover Re (Ireland) DAC – whose business as usual activities have focused primarily on the transaction of international life & health reassurance and property & casualty reinsurance business up to this point
Under the Dublin Digital programme, 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.
Welcoming the announcement, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said:
"It’s great to see Hannover Re expanding its presence here with the addition of this new research and development programme. Ireland’s rich talent pool and innovative culture provide the perfect conditions for companies like Hannover Re to thrive. I wish the team the very best with this exciting new project."
Minister of State with special responsibility for Financial Services, Credit Unions and Insurance Seán Fleming TD said:
"I am delighted to welcome this investment by Hannover Re. It once again demonstrates Ireland’s potential to be a leading hub for InsurTech technologies. This rapidly growing sector offers exciting opportunities for graduates across the country and an environment in which innovation can thrive. InsurTech will provide Irish customers with better value-for-money and broaden the range of products that are available in the market."
Niall Mulvey, General Manager at Hannover Re (Ireland) DAC said:
"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."
Klaus Miller, Executive Board Member at Hannover Re. said:
"This investment – guided by our Group Strategy 2021-2023 – demonstrates Hannover Re’s commitment to supporting its clients by widening our data analytics capability and enhancing our digital solutions.
"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."
Martin Shanahan, CEO, IDA Ireland said:
"Hannover Re’s decision to carry out R&D in intelligent underwriting in Dublin is a vote of confidence in Ireland’s FinTech ecosystem. 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."