Siemens joins InsurTech Hub Munich’s (ITHM) corporate community of leading insurance companies with the internal start-up oriented organization Data Driven X (DDX) – Part of Digital Industries at Siemens AG. As a cross industry partner within ITHM’s ecosystem, Siemens will explore the potential of data generated from automated and digitized manufacturing processes with regards to the insurance industry. With the addition of Siemens ITHM further strengthens its position as leading digital innovation network with strong German footprint and a broad global reach. Since August 2022, partners such as Tokio Marine, Australian IAG Firemark Ventures and most recently Genesys joined the globally active and Munich-based innovation platform of the insurance industry. InsurTech Hub Munich aims to drive innovation and digitization of the industry by enabling collaborations between insurers and startups and within the networks of established companies.
“We will actively contribute and collaborate with all partners in the InsurTech Hub Munich community to transform data from the shopfloor into relevant data for insurance companies. Leveraging the potential of machinery data enables new business models in a multi eco-system consisting of financing industry and manufacturing industry”, says Timo Mühlhausen, Director of Data Driven X.
“We are happy to welcome Siemens on board of InsurTech Hub Munich’s strong community of leading insurance companies and global tech firms. Cross industry perspectives are a key to manage current transformative challenges. In enabling collaborations between partners, we at InsurTech Hub Munich contribute to accelerate innovation within the insurance industry and beyond – now together with our new partner Siemens”, says Tom van den Brulle, Chairman of the Board at InsurTech Hub Munich and Munich Re’s Global Head of Innovation.
“With Siemens we add a new element to InsurTech Hub Munich’s perspective on insurance innovation. Through the partnership we will dive deeper into specific challenges of industrial insurance and how data can provide new ways to develop new products and services for the insurance industry”, says Christian Gnam, Managing Director at InsurTech Hub Munich.
About Siemens and Data Driven X (DDX):
DDX, connects industrial and machine data directly from the production machine with insurers and financial institutions though a technical IoT platform. Dynamic insurance, data-driven insurance models and the direct use of industrial IoT data are the central goals of the DDX team. The interdisciplinary team makes IoT data directly usable for insurance companies.
Meet the InsurTech Hub Munich and the DDX Team! From April 17th to April 21st the world leading trade fair for industry takes place in Hannover, Germany. Meet the DDX Team at the Siemens booth, Hall 9, booth D53. Grab your free ticket here: https://www.siemens.com/hannover-fair
Text: Reinhard Saller