Munich Re applies AI to enhance knowledge management
Munich Re is working with Starmind to transform Munich Re's knowledge management, leveraging internal knowledge and expertise as key competitive advantages, according to a Feb. 12 press release.
Starmind uses technology to expand human ingenuity by applying neuroscientific principles to artificial intelligence (AI).
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", according to the press release. 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.
Starmind claims that 93 of all questions asked through its application OneMind are answered, uncovering previously undocumented employee knowledge. In addition, about 50 percent of all questions asked through One Mind are answered within 2 hours or less.
Furthermore, 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."
Fredrik Theis, head of knowledge management underwriting at Munich Re, added: "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.
"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."
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