InsurTech Hub Munich is introducing its NXT:Commercial Innovation Programme, centred on commercial insurance for SMEs. This program places a strong emphasis on cyber security, digitalization of products and services, and promoting sustainability. This programme is set to bring together ITHM’s community of leading insurers, tech firms, cross-industry players, and 16 international startups to dive deeper into the topic of commercial insurance for SMEs. The primary objective is to examine how insurers can evolve into enduring partners and safeguards for SMEs in response to the considerable challenges these businesses face.
“Insurers and SMEs don’t speak the same language” remarked Christian Parschik, Head of Underwriting at Markel, ITHM member since 2019. “The challenges for SMEs have evolved together with their role, and commercial insurance is essential to safeguard their dreams and investments in an unpredictable world, especially in the face of cybersecurity threats and digitalization.”
Esther Prax, Programme Director at InsurTech Hub Munich commented, “The programme aims to help insurers further develop as essential safeguards for SMEs. During NXT:Commercial we will share knowledge within our community, foster know-how and create thought leadership with knowledge partners, alongside our corporate network and startups. For this, we are excited to welcome 16 selected startups to our programme, scouted globally and selected from over 150 applications. In addition, the current programme sets a new standard for diversity and inclusivity thanks to our ONE MISSION initiative with a significant achievement: a minimum of one-third of the startups in the batch have a female founder or co-founder, a 25% increase from previous cohorts”.
Startups joining NXT:Commercial Innovation Programme 2023 according to focus areas:
Empowering Startups with Direct Access and Expert Guidance
Under the NXT:Commercial Programme the 16 startups will gain direct access to influential decision-makers in both the insurance and technology sectors. The comprehensive support includes structured one-on-one business development sessions with InsurTech Hub Munich’s corporate community, a tailored curriculum curated by seasoned insurance experts, individual mentoring by industry leaders, and exclusive networking opportunities with top venture capitalists. 16 innovative startups have emerged as potential allies to bridge a perception gap and provide SMEs with the protection they truly need.
Uncovering a Risk Perception Gap
A recent study by Spanish insurer MAPFRE has unveiled a striking disparity in risk perception among SMEs. Surprisingly, over 90% of these businesses expressed confidence in their risk coverage, deeming it either “very adequate” or “fairly adequate.” However, the reality paints a different picture, with nearly a third of SMEs lacking any protective measures against potential risks. These findings serve as a poignant call to action for insurers, emphasizing their pivotal role in guiding SMEs on their path to effective risk management.
Unlocking Insights and Solutions: ITC DIA Europe Munich to Showcase Programme Results
Join us on November 23rd at ITC DIA Europe Munich, where the outcomes of the programme and actionable strategies for insurers to support SMEs in enhancing their protection will take centre stage.