LWL Munich- Improving Commercial Property Risk Management & Insurance through Digital Transformation

The insurance landscape is undergoing a significant shift due to digitalization. In this panel, we explore case examples of how insurance companies are leveraging digital technologies to enhance risk management and streamline claim execution. Insurers are leveraging AI-driven underwriting, predictive analytics and blockchain to predict claims frequency and severity to accelerate claims processing. However, challenges persist, including legacy systems, risk aversion and access to real-time operational data. LoRaWAN technology offers a cost effective and robust connectivity for asset monitoring, early anomaly detection and proactive risk mitigation. Clear data ownership agreements are crucial, collaboration among insurers, property owners, and sensor manufacturers is essential. Incentives for enterprises include cost efficiency, accurate risk assessment, compliance, and gaining a competitive edge. While embracing digital risk management unlocks value and resilience for insurers.