Hannover Re has announced plans to invest over €6m in Dublin Digital, a research and development programme focused on technology-driven underwriting.

The reinsurer has started recruiting for data science and software engineering areas and plans to hire for 16 positions over the next three to four years for this programme, which is supported by the Irish Government through IDA Ireland.

The investment also marks an increase in R&D activity for the reinsurer’s Irish arm, which is primarily focused on international life & health reassurance and property & casualty reinsurance.

Through the Dublin Digital programme, Hannover Re (Ireland) will be able to leverage techniques in text analytics, predictive analytics, and computational linguistics.

Hannover Re stated that these techniques will help in accelerating the development of intelligent underwriting technologies.

Hannover Re (Ireland) general manager Niall Mulvey said: “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.”

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Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said: “It is great to see Hannover Re expanding its presence here with the addition of this new research and development programme.

“Ireland’s rich talent pool and innovative culture provide the perfect conditions for companies like Hannover Re to thrive. I wish the team the very best with this exciting new project.”

In March 2019, Hannover Re rolled out hr | equarium, an online platform to connect insurtechs and insurers across the globe.

Recently, Swedish neo insurer Hedvig, which had partnered with SCOR and Hannover Re, raised $45m.