In order to grow innovations in the insurance industry, 12 Insurance companies from Bavaria have founded InsurTech Hub Munich eV in a joint initiative. The goal is to jointly shape the digital transformation and to make Munich an attractive location for the best international start-ups. The Bavarian state capital is to further expand its pioneering position in the digitization of the insurance industry.
To achieve its goals, the InsurTech Hub Munich is designed not only to develop an ideal physical infrastructure with incubator, coworking and event rooms but also to create a common 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 play a central role. The InsurTech hub is controlled by a five-man board. In the first round, he will be represented by a representative of Allianz, Generali Deutschland, Munich Re, NÜRNBERGER Insurance and Versicherungskammer Bayern. The chairman will be Tom Van den Brulle of Munich Re.
"We are very happy about the joint initiative. We see ourselves as an integrative think-tank institution in the industry at the location in Bavaria, which may also be contrary to established views of the insurance industry and the industry, "explains Van den Brulle.
Bavaria's Economics and Digitization Minister Ilse Aigner: "Bavaria is one of the leading insurance companies worldwide. With the establishment of the InsurTech Hub, we bring together established insurance companies and innovative start-ups. We want to use this creative link in order to expand Bayern's leadership role in the digitization of the insurance sector. "
In May 2017, the Federal Ministry of Economics and Technology (BMWi) announced that Munich as a digital hub would also be responsible for "InsurTech" in addition to "Mobility" in order to successfully transform the digital transformation of the insurance sector. With the founding of the association, the Munich insurance company wants to actively promote the "Digital Hub".
The first regular members of the association are ADAC-Schutzbrief Versicherungs-AG, Allianz SE, ARAG, The Bavarian, Generali Deutschland, HUK-Coburg, LV 1871, Munich Association Insurance Group, Munich Re, NÜRNBERGER Insurance, Versicherungskammer Bayern, and WWK Lebensversicherung AG The "Digital Hub" is supported by the Bavarian State Ministry of Economic Affairs and Media, Energy and Technology, Accelerator Wayra, Startup Treefin AG and WERK1.
Immediately after the founding of the association, the InsurTech Hub Munich initiated its first joint event. On a panel discussion the club members exchanged views on the future of insurance companies. The unanimous opinion: "Digitization is changing the insurance industry rapidly. The insurance industry must adapt to stiffer competition. With an active role in the struggle for ideas and talents, Munich and Bavaria will be able to secure their position in the global competition. "
On Twitter, the Hub will use the account @InsurTechMunich to comment on topics related to the digitization of the insurance industry.
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