ITHM connects insurers with top start-ups, leading technology companies and renowned knowledge partners
The InsurTech Hub Munich (ITHM), a global innovation platform for the insurance industry, is receiving financial support of up to one million euros from the Bavarian State Ministry of Economic Affairs, Regional Development and Energy. The funds can be drawn down until October 2026. They will primarily be used to further develop the ITHM's innovation programs and strategic formats as well as to expand international networking activities. The Ministry of Economic Affairs has already funded the development of the ITHM from 2018 to 2023 with a total of 1.75 million euros.
The ITHM links insurers with top start-ups, leading global technology companies and renowned knowledge partners within the framework of innovation programs. With their sophisticated topic strategy, intensive topic processing, specially developed multi-perspective approach and modular structure, the innovation programs have become the ITHM's trademark. In 2023, the focus was on programs on the future of insurance distribution (NXT: Distribution) and commercial insurance (NXT: Commercial).
"Since its foundation, the InsurTech Hub Munich has developed into one of the world's leading centers for insurance innovation. The industry initiative is regarded as a successful model that enjoys a high reputation both nationally and internationally. The insurance industry plays an essential role in the economy by not only cushioning risks, but also creating jobs and providing capital for investments as an important economic sector. The support provided by the Bavarian Ministry of Economic Affairs underlines the importance of this industry for Munich as a business location and insurance center and demonstrates its commitment to future-oriented and innovative economic development," says Tobias Gotthardt, State Secretary at the Bavarian Ministry of Economic Affairs, Regional Development and Energy.
"We are delighted to once again receive financial support from the Bavarian Ministry of Economic Affairs. This support enables the ITHM to make an effective long-term contribution to innovation and digitalization in the industry. The insurance industry plays an indispensable role as a stabilizer and driver of innovation. Innovative insurance products and services encourage companies to face new risks with confidence. In addition, the insurance industry creates a financial basis for investments that support the development of new technologies and companies. In this way, it contributes to the sustainable development of the business location," comments Dr. Robert Heene, Chairman of the ITHM Advisory Board and member of the Management Board of Versicherungskammer Bayern.
"The collaboration of world-leading start-ups and technology companies with established insurers brings fresh ideas and speed to innovation.With the renewed financial support from the Bavarian Ministry of Economic Affairs, we can further expand our leading international position, develop new strategic formats and continue the success story of the ITHM's unique innovation programs," says Tom Van den Brulle, Chairman of the ITHM Board of Management and Global Head of Innovation at Munich Re.
Further information in the full press release.
Text: Dr. Reinhard Saller
