Intelligent risk prevention with Funk Beyond Insurance
Sensors, artificial intelligence and other modern technologies can be used for loss prevention these days. Under the name Beyond Insurance, Funk is offering a new service at the interface between risk and insurance management. On this page, you can discover our model and services related to Beyond Insurance as well as successful project examples.
In the age of digitisation, many companies are under growing pressure to innovate, regardless of their field of business or the size of their business. Behind this can be hidden various sources of concern: companies worry that competitors will overtake due to technological progress, that customers’ digital expectations cannot be met or that missing interfaces will lead to an exclusion from the supply chain. To counter these challenges and maintain a future-ready business model, companies have to act now.
One essential aspect is the integration of modern technology in a company’s individual process landscape. But the market for potential solution providers and technology start-ups is as overwhelmingly unclear as it is fast-paced. And it also becomes difficult for companies when introducing new technology ends up being ‘digitisation for digitisation’s sake’ as opposed to a solution to a specific entrepreneurial problem. After all, the potential users do not generally have a lot of leeway for experimental projects alongside their core business.
Digitisation with added value
This is exactly where our new service, Funk Beyond Insurance, comes in: we use the possibilities of digitisation to create problem-oriented, targeted and direct benefits for our clients’ risk and insurance management. When applied consistently, the new technology can help reduce many potential basic losses. Funk has already implemented the first real-world solutions in collaboration with established companies and a large partner network of technology-oriented start-ups. Along the way, the Beyond Insurance team always focuses on tackling specific challenges. Like that, they show how innovative technology is more than just an investment for the distant future, but rather a tool that creates true added value in insurance management even today.
Kick-off
- Definition of the problem/objective in order to gain a shared understanding of the project
- Analysis of loss data and derivation of a clear business case for Funk Beyond Insurance
Matchmaking
- Search and selection process based on Funk expertise within the constantly growing Beyond Insurance partner network
- Consolidation of the entrepreneurial problem with suitable solutions from selected technology providers
Project support
- Help in starting, coordinating, planning and implementing a pilot project as well as the subsequent roll-out
- Possible results: reduced basic losses, improved claims ratios, certainty for business processes, reduced costs and increased efficiency
Next level: risk transfer/scaling
- Design of concepts for unconventional and complex risks in order to facilitate the innovative transfer of risks
- Development of additional areas of potential for increased efficiency and reduced costs
- Development of innovative business models, e.g. parametric insurance or self-steering of risk processes
Funk acts as a matchmaker between companies looking for modern solutions and a technology-oriented provider market. In doing so, we combine our years of industry knowledge and our position as an established player in the insurance sector with a hand-picked network of innovative solution partners.
Your added value
- Digitisation with clearly formulated objectives that are sensible for entrepreneurs: risk prevention and risk reduction
- Side benefits: optimised processes, reduced costs and increased efficiency
- Creation of future-proof technical infrastructures in companies as the basis for further innovation
- Medium and long-term access to innovative insurance products
Our Funk Beyond Insurance services
- Central link between three structured networks: insurers, corporate clients from all industries and tried-and-tested technology providers
- Connection of entrepreneurial problems with verifiably suitable solutions from innovative start-ups and established tech companies
- Integration of emerging digitisation projects with innovative insurance solutions
- Communication of content and project support
- Decades of expertise in the fields of risk consulting and industrial insurance
Project examples: innovation coming alive
- How AI is reducing the risk of fire in the paper sector
- Meeting guidelines with blockchain technology
- How drones detect damage to photovoltaic systems
- When the platform takes care of data protection
- Optimised processes in paper production thanks to AI
- Weather-based sales planning for retailers
- How sensor screws detect loads on machines
Duncan Jia
d.jia@funk-group.cn
+86 21 1257 8625
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Funk devises and implements holistic risk and insurance solutions for companies across all industries, sectors and countries. In doing so, our experts do not only secure your individual assets but also create genuine added value for your company.
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Investing and operating outside of China becomes more and more essential for Chinese companies. The Funk China Division supports its Chinese clients in managing the risks, challenges and chances of worldwide outbound investments.
Industries
The automotive industry is characterized by international supply chains and strong interdependencies as well as a high degree of innovation and technical development. This leads to a range of specific risks and challenges.
Machinery construction is the core of the investment goods industry, focusing on individual units or small-scale series. Targeted risk and insurance management needs to take these factors of the industry into account.
A key success factor for Private Equity Funds is to unlock operational improvements in the investment portfolio. With their experience and market knowledge, Funk’s experts know how to protect your investments.
Risks
Liability risks
The potential liability of companies varies depending on the industry or clientele. Nevertheless, all companies have one thing in common: even small mistakes can lead to severe losses.
Property damage and BI risks
While property insurance is a basic protection every company should have, the risk of business interruption is increasing steadily as well – especially for globally connected players.
Risks in M&A processes
The M&A market is booming: in a constantly changing market environment, transactions are the key to the success and future viability of companies. But their risks should not be underestimated.
