Tech Trend Radar 2020
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Image: Deloitte Digital Studios Tech Trend Radar 2020 . Contact Munich Re: Contact ERGO: Martin Thormaehlen Roland Braun Lead Architect Digital Business Models ERGO IT Strategy Tel +49 89 3891-6957 [email protected] . Tech Trend Radar 2020 Introduction The Tech Trend Radar 2020 provides information about technology-driven trends in 2020 that are relevant to Munich Re, ERGO and the global insurance sector. It is a collaborative initiative by Munich Re Business Technology and ERGO IT Strategy. The Tech Trend Radar 2020 aims to sharpen awareness, provoke discussion and initiate new business opportunities that appeal to all insurance clients and units within the Munich Re Group. Furthermore, there is a strong alignment with Business Units and Strategic Units within the Munich Re Group. In cooperation with PA Consulting Group and the Institute of Electronic Business, future trends have been gathered, aggregated and rated in order to provide a comprehensive view of technology trends, their maturity and relevance for the Munich Re Group and the insurance industry. Munich Re | ERGO Tech Trend Radar 2020 2 . Tech Trend Radar 2020 Foreword We’re just getting warmed up! Be prepared for uncertainty The current pandemic has exposed the need for rapid technical The last decade made one thing clear: Technology is everywhere development. The development is being driven by an enormous and it has an impact on us all. Disruptive technology such as push to support the global economy. Several tech trends are Cloud Edge supports large amounts of data handling for moving towards the “trial” or even “adopt” Radar phase more insurance underwriting and claims processes while 5G will lay rapidly than projected to address the situation. Flexibility and the foundation for autonomous driving. courage are especially essential to take the first step at this In the time of pandemic, technology serves as a safeguard: uncertain time and now it is time to move from preparation into anonymised data about population movement in high resolution realisation. help to forecast the spread of the disease. Via these means or by We are all going through a demanding time. The fight against the using wearables, technology offers unprecedented possibilities in pandemic is bringing uncertainties to the economy and society the prevention and treatment. Dr. Olaf Frank Tomasz Smaczny that call for global and corporate responsibility. The advance of Head of Business Technology However, the most important criterion for success is and stays COO old technologies and advent of new technologies will help us in Munich Re Group being human. Promoting understanding, shining a light on this fight. The ability to react and recover has to be built into our ERGO Technology & opportunities, addressing fears and offering training is essential. new way of doing business. Services Management In times of global crisis, which forces us to stay at home and With our Tech Trend Radar we share this knowledge because work remotely, “Digital upskilling” of employees should be the we are no longer independent. We depend on each other key priority. This way we can meet our responsibilities – to our throughout our value chains and business processes. The advent employees, our company and for the global combat against the of Platforms and API exposure will provide opportunities that will pandemic. make our systems capable of providing more customised solutions that can be easily adjusted for our changing world. This year’s Tech Trend Radar is prepared precisely in this spirit. We hope you will get inspiration from it and perhaps even take In times of great humanitarian and economic challenges, it is the first steps to implement some solutions to be better prepared more important than ever: Technology can and must deliver a for whatever comes at us next. Enjoy reading! visible benefit as we evolve together. Munich Re | ERGO Tech Trend Radar 2020 3 . Tech Trend Radar 2020 Foreword by the editors Will the 2020s be the next Roaring 20s? What started 100 years ago in Berlin and other most people to work remotely; people have shifted their metropolises is considered a "golden decade" - shopping habits online drastically. With the expected progressive, open-minded and innovative. Amongst other reorganisation of global supply chains, how technology will developments, the decade saw the expansion of mass develop and evolve is a big question for the global transportation. Following the pioneering inventions of Henry economy. Ford the automobile became affordable. In 1927, Charles Opportunities come along with challenges. How do you Lindbergh rose to fame with the first solo nonstop prepare your business to make the best use of emerging transatlantic flight – a kick starter for commercial aviation. technologies while carefully assessing their risks and The “Golden Twenties” saw new means of communication challenges? How does the insurance industry react to and entertainment: the telephone, radio, electrification and these threats and uncertainties? This year’s Tech Trend the boom of cinemas. The 1920s were characterised by Jason Engelbrecht Roland Braun Radar will shed light on this. social and economic euphoria. Chief Technology Officer IT Strategist – Innovation Carefully assessing the risks and resolutely stepping Stepping into a new decade, what awaits us in the 2020s? forward - let’s make the 2020s a decade of action. If we get Comparable to the “Golden Twenties”, major technological Munich Re ERGO IT Strategy it right, future generations might look back fondly at the advancements are now ready to take off and be “Digital Golden Twenties” of the 21st century. implemented commercially. Continuous development of technology such as artificial intelligence, quantum computing and robotics is changing how we live and work. The tech world is constantly adapting to the uncertainties across globe. In 2020, we have all been impacted by the coronavirus pandemic. Advanced technology enables us to maintain our private lives and business routines as much as possible during this challenging time. Schools and training organisations have switched to digital overnight; The capacity and stability of modern IT systems enable Munich Re | ERGO Tech Trend Radar 2020 4 . Tech Trend Radar 2020 How to read this report + New trends 2020 The following 10 new trends have entered the Tech Trend Radar 2020: 1. Deepfake Defence 6. Precision Farming 2. Biometric Recognition 7. White Biotech 3. Virtual Assistants 8. Personalised Medicine 4. Data Fabric 9. Robotic Health 5. Microsattelites 10. Advanced Batteries Trend fact sheets and use cases Tech Trend Radar 2020 i Each of the 52 trends is introduced with a dedicated fact sheet including its anticipated impact along the The Tech Trend Radar began in 2015 as a collaborative initiative around trend monitoring insurance value chain and supported by cross-industry use cases. between Munich Re and ERGO. Our aim is to promote innovative initiatives around each tech trend with our clients and develop the best solution for the challenges of tomorrow. This year’s report contains 52 trends that have strategic and operative relevance for the insurance industry. The trends are categorised into four trend fields: User-Centricity, Connected World, Artificial Intelligence and Enabling Technologies. Images: Deloitte Digital Studios Munich Re | ERGO Tech Trend Radar 2020 5 . Tech Trend Radar 2020 Images: Deloitte Digital Studios Munich Re | ERGO Tech Trend Radar 2020 6 . Tech Trend Radar 2020 Contact Munich Re: Martin Thormaehlen (Lead Architect Digital Business Models) Tel +49 89 3891-6957 Artificial General Intelligence [email protected] Smart Dust Hardware-embedded AI Human Enhancement + Microsatellites Explainable Machine Learning + White Biotech Smart Textiles Knowledge Graphs Cognitive Cyber Security Autonomous Things Generative Adversarial Networks AutoML Digital Twin + Data Fabric + Quantum Computing Cognitive Automation Deep Mapping Precision Farming + Augmented Decision Making Swarm Intelligence Haptic Technologies Open Data Machine-Driven Decisions Open API 3D Printing Conversational User Interfaces Personalised Medicine Industrial IoT + + Robotic Health Mixed Reality Virtual Assistants + 5G Advanced Batteries Digital Health Services Natural Language Processing + Location-based Services Cloud Edge Volumetric Display Smart Spaces Biometric Recognition + Computer Vision Neuromorphic Hardware Deepfake Defence + Programmable Materials Behavioural Analytics Digital Identity Cloud Enablement Distributed Ledger Digital Ecosystems Payment Models Brain-computer Interface + = new in 2020 Images: Deloitte Digital Studios Munich Re | ERGO Tech Trend Radar 2020 7 . Tech Trend Radar 2020 User-centricity Images: Deloitte Digital Studios Munich Re | ERGO Tech Trend Radar 2020 8 . User-centricity Behavioural Analytics Adopt Behavioural analytics monitor, analyse, Insurance Value Chain measure and interpret people’s actions, Customer intentions and characteristics from users’ Product Sales & Risk Underwriting Engagement Claims digital footprint. Design & Pricing Distribution Management & Services What has started as Social Analytics now transforms to Behavioural Analytics as analytics can process more and more contextual information Opportunities Risks and cloud-enabled platforms become more • Risk assessment for insurance products can be more precise, taking the personal • Abuse of data for manipulations (e.g., in elections or purchase decisions). integrative data fabrics. profile of an individual