Munich, Germany's largest insurance location, is to become a global hub for digitalization in the industry. With the support of the federal and state governments, the two industry giants Munich Re and Allianz want to use the establishment of an "Insurtech Hub" to expand cooperation with scientists and young start-up companies. "With the hub, we are creating an interface in Munich with partners beyond the traditional insurance industry," Munich Re CEO Joachim Wenning told the German press ahead of the opening on Thursday.
"Such a new hub for physical and digital encounters will have a pull effect. This will further strengthen the location and the leading role of the German insurance industry." Allianz, whose CEO Oliver Bäte has made digitalization his main project, is also on board.
