"No matter what the future of insurance looks like, it is made in Germany..." The opening video for the launch of the InsurTech Hub Munich doesn't hold back its own claims, and there are also flashes of doomsday tragedy in some scenes. It plays as a warm-up, while big names, insurtech start-ups, sponsors, partners and the curious slowly gather at Werk1 on this Thursday evening at the end of July. They have all come, especially the major insurers, whose headquarters in Munich were probably ultimately the decisive factor in why this hub was one of twelve to be located in the Bavarian capital, the largest insurance location in Germany. With the Digital Hubs Initiative, the federal government wants to position itself competitively worldwide and ensure faster digitalization of key industries. The aim is to (re)strengthen the "Made in Germany" brand and promote collaboration between companies and start-ups in the digital age. We are talking about hubs such as "Internet of Things & FinTech" in Berlin, "Fintech & Cybersecurity" in Frankfurt, "Digital Health" in Nuremberg/Erlangen, "Logistics" in Hamburg and "InsurTech" in Munich, which is the only city that is already home to another hub ("Mobility").
InsurTech Hub Munich is one of twelve hubs across Germany
The idea of mixing established companies with creative founders is not new; Silicon Valley has been successfully demonstrating this for a long time. By joining forces within the framework of the hub, Munich is now also competing directly with it, emphasized Second Mayor Schmid in his opening speech. Schnorr, Head of the Digital and Innovation Policy Department at the BMWi, also takes a dig at the US city: "Do it in Germany instead of doing it in Silicon Valley, but do it together" and emphasizes how the hub concept is intended to promote cooperation between all locations.
The changes in insurance needs and habits were recognized
After the warm welcome, two panel discussions will get down to business. In round one, the representatives of the traditional insurers CosmosDirekt Generali (represented by CEO Stachon), Munich RE (CEO Wenning) and Allianz SE (COO Maschner) assure the audience and each other that they have heard the warning shot of digitalization. Lakestar CEO and founder Hommels and Simplesurance CEO von Hein occasionally issued warning side blows for not being willing enough to take risks and for slow decision-making processes.
The second panel, consisting of representatives from universities and start-ups, discusses Munich's suitability to become the epicenter of such a project due to the broad base of industry companies, universities and research institutions and other partners in the value chain (keyword: security technologies) located in Munich.
The inauguration will conclude with the official presentation of the InsurTech Hub Munich Board of Directors and the corresponding website(www.insurtech-munich.com), where all further news, progress and events will be published in the future.
Positive response in the press
The Handelsblatt, Süddeutsche Zeitung, start-up media (e.g. Gründerszene, Munich-Startup) and industry press (e.g. Versicherungsmonitor, Versicherungsbote) reported positively on the appointment and opening of Munich as a "global hub for digitalization in the industry" (Handelsblatt). Show all press reviews.
