Thinking ahead to enable global industry leadership
Accelerate
Acceleration is our response to the opportunities and challenges associated with rapid technological and social change. To enable global industry leadership, we will think ahead and prioritise investments into further expanding our data and analytics capabilities, driving operational efficiency and automation and developing our people.
Expand data and analytics capabilities
Technological change is progressing rapidly and our business model is increasingly driven by data. This will help us protect our lean operating model and create new sources of competitive advantage. We will invest to strengthen our pricing and risk management capabilities and strive to improve data availability, granularity and usage to support actuarial modelling frameworks. We believe that technologies such as machine learning and artificial intelligence have immense potential, which we will explore with a focus on risk assessment and decision-making. We will strengthen our market position and generate new business through partnerships with data-driven clients who focus on a digital insurance business model. Enabled by our Digital Accelerator teams, we will continue to integrate expertise and strengthen our network to identify, develop and scale profitable digital opportunities.
Drive operational efficiency and automation
Cost leadership in our industry has always been a key topic for us and is deeply rooted in our culture. We are determined to protect this valuable strategic asset – through professional and continuous management. In further developing operational excellence, we continue to strive for cost efficiency and an organisational set-up characterised by simplicity. This includes short decision-making paths and the empowerment of individuals.
Accelerating automation with an end-to-end view on key processes will further increase our productivity as we have a clear understanding of our target landscape, which integrates processes, data, systems, applications as well as our organisation. Our activities are supported by strong process and project management with a focus on value creation.
Invest in leadership and people development
Investing in leadership and people development will ensure mutual growth – for Hannover Re and our leaders and employees, both personally and professionally.
Developing our people and strengthening the capabilities of our current and future leaders to support them in executing our strategy, building our performance culture and fostering our adaptability and resilience will be a significant priority. Moreover, further strengthening our succession plans at all levels will be an imperative. We want to be a strong partner for our clients and a company everyone wants to be part of. Attracting, developing and retaining committed talent is therefore of fundamental importance to us. With this in mind, we will further emphasise the elements of diversity, equity and inclusion embedded in our corporate culture and invest in our recruiting and retention efforts based on our established strong employer brand and value proposition.
“We strive for resilience from two perspectives: social and technological. Our beacon “Accelerate” summarises the strategic step changes we plan to make in the course of this strategy cycle.”
Claude Chèvre, Board Member Life & Health
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