The move marks a shift in focus for Hannover Re’s Irish subsidiary to include strategic technology development.
Reinsurance group Hannover Re will invest more than €6m in a research and development programme in Dublin, creating 16 new jobs over the next three to four years.
A number of the new jobs created will be in data science and software engineering.
The Dublin Digital R&D programme from Hannover Re will explore the next generation of insurance underwriting through techniques such as text analytics, predictive analytics and computational linguistics. The goal is to accelerate the development of insurtech with advanced artificial intelligence.
“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 Niall Mulvey, general manager of Hannover Re Ireland.
“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.”
Previously, the Irish subsidiary of Hannover Re was focused on the transactional side of the business. Klaus Miller, an executive board member, said the decision to bring strategic R&D activities to Ireland and the establishment of the Dublin Digital programme was largely influenced by support from IDA Ireland, the State agency supporting foreign direct investment.
“This investment – guided by our Group Strategy 2021-2023 – demonstrates Hannover Re’s commitment to supporting its clients by widening our data analytics capability and enhancing our digital solutions,” said Miller.
IDA Ireland CEO Martin Shanahan commented that the move marks “a vote of confidence in Ireland’s fintech ecosystem”.
TD Seán Fleming, the minister of state with special responsibility for financial services, more specifically cited the boost to Ireland’s insurtech reputation.
“I am delighted to welcome this investment by Hannover Re,” said Fleming. “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.”
Tánaiste and Minister for Enterprise Leo Varadkar, TD, added: “Ireland’s rich talent pool and innovative culture provide the perfect conditions for companies like Hannover Re to thrive.”
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