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.
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 news, Minister of State with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming 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."
General Manager at Hannover Re (Ireland) DAC, Niall Mulvey added, "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,” said “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."