Daniel Pfammatter - Patrick Escher
This paper systematically analyzes the impact of the digitalization of asset management on the risk assessment and claims management processes in engineering insurance.
The paper shows how traditional practices, based on fragmented documentation and legacy assets, generate information asymmetries that negatively impact underwriting, premiums, and settlement times.
The introduction of digital twins, real-time monitoring, digitized P&IDs and AR tools enables faster, more objective and data-driven claims management.
Particular emphasis is placed on the transformation of Root Cause Analysis, with significant reductions in time and costs.
The contribution also highlights the enabling role of these technologies for parametric insurance solutions.
The analysis is completed by an economic assessment and considerations on cybersecurity and data governance, outlining a new paradigm for the evolution of the industrial insurance sector.
