Munich - Working together for innovation in the insurance industry. 12 insurance companies from Bavaria have founded the InsurTech Hub Munich e.V. in a joint initiative. The aim is to actively shape the digital transformation together and make Munich an attractive location for the best international start-ups. The aim is to further expand the Bavarian capital's pioneering position in the digitalization of the insurance industry.
In order to achieve its goals, the InsurTech Hub Munich will not only develop an ideal physical infrastructure with an incubator, co-working and event spaces, but also create a shared digital platform for virtual exchange. In addition to the development and establishment of young companies and start-ups, the exchange with a network of research, business and international partners, for example from Sydney or Singapore, will also play a central role. The InsurTech Hub is managed by a five-member board. In the first rotation, it will include one representative each from Allianz, Generali Deutschland, Munich Re, NÜRNBERGER Versicherung and Versicherungskammer Bayern. Tom Van den Brulle from Munich Re will be Chairman in the first rotation.
"We are very pleased about the joint initiative. We see ourselves as an integrative thought leader in the industry in Bavaria, which may also run counter to the established views of the insurance industry and the sector," explains Van den Brulle.
Bavaria's Minister of Economic Affairs and Digitalization Ilse Aigner: "Bavaria is one of the leading insurance locations in the world. By establishing the InsurTech Hub, we are bringing established insurance companies and innovative start-ups together. We want to use this creative connection to further expand Bavaria's leading role in the digitalization of the insurance industry."
In May 2017, the Federal Ministry of Economics (BMWi) announced that, in addition to "Mobility", Munich would also be responsible for the topic of "InsurTech" as a digital hub in order to successfully shape the digital transformation of the insurance industry. By founding the association, the Munich insurance industry wants to actively promote the "Digital Hub". The first full members at the founding of the association are ADAC-Schutzbrief Versicherungs-AG, Allianz SE, ARAG, Die Bayerische, Generali Deutschland, HUK-Coburg, LV 1871, Münchener Verein Versicherungsgruppe, Munich Re, NÜRNBERGER Versicherung, Versicherungskammer Bayern and WWK Lebensversicherung a.G. The "Digital Hub" is supported by the Bavarian State Ministry of Economic Affairs and Media, Energy and Technology, the accelerator Wayra, the start-up Treefin AG and the start-up center WERK1.
Immediately after the association was founded, the InsurTech Hub Munich initiated its first joint event. At a panel discussion, the association members exchanged views on the future of insurance. The unanimous opinion: "Digitalization is rapidly changing the insurance industry. The insurance industry must prepare itself for tougher competition. By playing an active role in the battle for ideas and talent, Munich and Bavaria as an insurance location will be able to secure its position in global competition."
On Twitter, the hub will use the account @InsurTechMunich to comment on topics relating to the digitalization of the insurance industry.
