Newswise — Singapore, 10 June 2015 – Swiss Re today signed an agreement with the Business Analytics Centre, the Business School, the School of Computing and Saw Swee Hock School of Public Health at the National University of Singapore (NUS), to collaborate in joint activities using big data, business analytics and information technologies. The collaboration will incubate innovative solutions that can overcome large and complex risks created by digitisation, societal and urban challenges. These include ageing population, advances in healthcare, changing risk landscape created by the Internet of Things (IoT) and Smart Cities, as well as the challenges of natural catastrophes faced by many countries in Asia.
This unprecedented public-private partnership aims to combine Swiss Re's industry-leading expertise with NUS’ top research and education capabilities to address the protection gap in Asia and support Singapore's development as an international business analytics hub.
The three-year partnership is the first such initiative undertaken by a reinsurance company in Singapore. Through this partnership, Swiss Re will offer its global expertise and knowledge to guide graduate students through a series of activities from ideation to research. The project will nurture the talent that is needed in Singapore to join the Business Analytics and Smart Nation journeys.
Generating smart ideas
The partnership includes a six-month Swiss Re Challenge Series, which will be held annually, where NUS faculties and graduate students can form teams to develop business proposals on big data systems and business analytics. These proposals will include ideas to tackle specific social challenges in Asia and drive economic growth. They can be solutions to narrow the insurance protection gap in Asia using technology and big data; or innovative insurance products built on data and smart technology (such as IoT devices) for Automotive Telematics or a connected healthcare ecosystem under the Smart Health vision.
At the end of the Challenge, the most innovative solutions will be selected to receive seed-funding from Swiss Re.
In addition, students from the Master of Science Business Analytics Programme of NUS have also started their own ideation activity through the NUS Watson Innovators' Challenge since December last year. Swiss Re will sponsor a prize to a group of students selected among the participating teams for the most innovative business idea developed using cognitive computing technology at NUS.
Developing insurance and Business Analytics talent for the future
Business Analytics is an important growth sector for Singapore. To support Singapore's vision in becoming a global analytics hub, Swiss Re will groom insurance talent equipped with business analytics skills by providing opportunities to NUS students of the Masters of Science Business Analytics Programme. Swiss Re will also conduct guest lectures on market topics and re/insurance issues to help students better understand the insurance sector in the region. With these activities, Swiss Re aims to support students' interest in the insurance industry and develop a future talent pool.
"We are very pleased to partner with the NUS to provide a platform for these students who wish to make a difference to the future. There is no escape from the Big Data tsunami and we need to be ahead of the wave. Swiss Re can therefore play an important role in the public-private partnership to support the changing risk landscape as Singapore evolves under the Smart Nation vision. Using analytics and data, we can also create innovative solutions and work together with the insurance industry to narrow the protection gap in Asia in a way we could not have in the past," said Sharon Ooi, Country President of Singapore, and Head of P&C Reinsurance for Southeast Asia, India, Hong Kong, Taiwan and Korea, in Swiss Re.
“NUS is making a significant effort in the Business Analytics domain through education and research, thus supporting the vision of Singapore to lead the growth of this new area of science and business applications in Asia. Swiss Re’s insurance and reinsurance industry experience will allow NUS Business School to deepen the specialisation of our students in a variety of key topics such as insurance pricing, risk management and regulation,” said Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor, NUS Business School.
"We now have vast new sources of information and new technologies available that can be used to enhance healthcare, nurture better management capabilities in the presence of natural catastrophes, mitigate risks affecting property, and improve our understanding of the aging population in Asia. Through our new partnership with Swiss Re, we will significantly enhance the ability of our students to unlock the potential of these information sources and technologies," said Professor David S. Rosenblum, Dean of NUS School of Computing.
"The business model of the life insurance industry is very much aligned with the mission of Public Health: the prevention of illness and the promotion of good health. In this day and age, the science of risk prediction has improved dramatically. By combining the Big Data approach with meta-analyses of epidemiological data, there is now the possibility of developing prospective life table rather than depending on the current cross-sectional life tables for risk prediction. This is likely to be a game changer not only in risk prediction but in health promotion," added Professor Chia Kee Seng, Dean of Saw Swee Hock School of Public Health at NUS.
Notes to editors:
Swiss ReThe Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of about 70 offices globally and is rated "AA-" by Standard & Poor's, "Aa3" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the Main Standard on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.
Swiss Re has been associated with Asia since 1913 and has over 1,500 employees in Asia Pacific. The company's Asian headquarters is in Hong Kong, and has offices in Sydney, Beijing, Shanghai, Tokyo, Seoul, Singapore, Kuala Lumpur, Mumbai and Bangalore, where it operates a global business processing office. In 2014, Swiss Re was named Employer of the Year, General Reinsurer and Life Reinsurer of the Year in Asia Pacific at the 18th Asia Insurance Industry Awards.
About National University of Singapore (NUS)A leading global university centred in Asia, the National University of Singapore (NUS) is Singapore’s flagship university, which offers a global approach to education and research, with a focus on Asian perspectives and expertise.
NUS has 16 faculties and schools across three campuses. Its transformative education includes a broad-based curriculum underscored by multi-disciplinary courses and cross-faculty enrichment. Over 37,000 students from 100 countries enrich the community with their diverse social and cultural perspectives.
NUS has three Research Centres of Excellence (RCE) and 24 university-level research institutes and centres. It is also a partner in Singapore’s fifth RCE. NUS shares a close affiliation with 16 national-level research institutes and centres. Research activities are strategic and robust, and NUS is well-known for its research strengths in engineering, life sciences and biomedicine, social sciences and natural sciences. It also strives to create a supportive and innovative environment to promote creative enterprise within its community.
This year, NUS celebrates its 110th year of founding together with Singapore’s 50th year of independence. As the island’s first higher education institution established by the local community, NUS prides itself in nurturing generations of leaders and luminaries in Singapore and Asia.
For more information on NUS, please visit www.nus.edu.sg. Details on NUS’ 110th Anniversary celebrations are available at nus110.sg.
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