FRANKFURT, April 28 Ergo, Munich Re's
troubled primary insurance company, is making a
digital push in the massive Chinese market.
Mark Klein, Ergo's chief digital officer, recently visited
China to explore how the insurer can partner on data with
Chinese companies, such as the telecommunication giant China
Unicom and the e-commerce business JD.com.
Ergo aims to use data to grow its insurance business.
Klein gave details of his trip this week in a post on an
Ergo blog. Ergo's parent Munich Re, the reinsurance company
whose profit is set to drop in 2017 for a fifth consecutive
year, has been highlighting its digital efforts and tweeted the
blog on Friday.
Investors voiced concern this week at Munich Re's annual
meeting that multiple digital initiatives have been slow to
translate into profit and growth.
In his blog, Klein described a meeting with China Unicom: "A
formal setting, translators, a huge table."
"China Unicom wants to develop its business with data and we
want to be one of its first customers," he wrote.
"We entered a strategic partnership. The goal: to combine
data analytics applications with the expertise of the insurance
Klein also said he met with Talking Data, which he described
as the Google Analytics of China. It captures the data from more
than half a billion devices and knows user figures of all apps
in China, he wrote.
"Here, too, we are working on a cooperation," he wrote. "The
intention is that they help ERGO China Life to identify
potential clients and improve sales agents management."
Ergo was unable to immediately provide figures for its China
In 2016, Ergo generated nearly a quarter of revenue
internationally, according to information on its website. Ergo
posted a loss last year but expects to post a profit this year
following restructuring and layoffs.
Ergo hired Klein last year from T-Mobile Netherlands.
(Reporting by Tom Sims; Editing by Keith Weir)