Munich Re sets up unit in China to offer tech-enabled products

Munich Reinsurance Co. has set up a unit in China which will focus on delivering technology-enabled insurance products, Asia Insurance Review reported. The unit, Smart Thinking Consulting (Beijing) Co. Ltd., plans to work on projects such as blockchain-enabled funding methods, internet-of-things and use of artificial intelligence alongside face or voice-recognition technology when buying insurance or filing a claim. Christoph Hoch, chief executive for Greater China at Munich Re, said that commercial insurers are increasingly using sensors and real time monitoring of risk exposures.

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