Munich Re launches technology-based insurance solution centre in Beijing
Munich Re establishes a dedicated company to offer intelligent insurance solutions to its business partners in China Munich Re announced the launch of Smart Thinking Consulting (Beijing) Company Limited. This newly formed insurance solution centre will focus on delivering technology-enabled insurance solutions to both existing and new clients.
The new venture, located in Beijing’s Guomao area, houses dedicated research and development teams working on a range of new solutions. Projects in progress range from real-time, location-based insurance coverages for individuals to blockchain-enabled funding methods and IoT. Artificial intelligence approaches are tested alongside face/voice-recognition technology, with the objective of delivering a new customer experience when buying insurance or filing a claim.
“The insurance world has become digital and customers expect to engage in a different way. Retail insurance will be driven by artificial intelligence, data analytics and social media, commercial insurance is increasingly using sensors and real-time monitoring of risk exposures. As China is spearheading these developments, it seemed a natural next step for Munich Re - as a leading creator of technology-based insurance solutions - to launch the new Smart Thinking entity contributing to China’s insurance ecosystem,” says Christoph Hoch, Munich Re’s CEO for Greater China.
To be successful, the development of advanced insurance solutions requires a combination of research and prototyping while receiving requirements and impulses from external parties at the same time. Munich Re’s Smart Thinking team offers insurance companies, large Internet and tech companies, mobility providers, FinTech and Insurtech ventures the opportunity to maximise product and service innovation, quality and market success while minimising their development costs, launch time and risk of failure.
Mr. Lichang, CEO of WeatherTech (Beijing) Co., Ltd. says Munich Re was an obvious choice when it comes to combining digital expertise with new insurance products. “Together with Munich Re’s Smart Thinking team we have already developed a mobile-based, real-time insurance solution. Currently we are working on another smart insurance solution that will take real-time weather and event data into account, offering risk commensurate coverage. WeatherTech and Smart Thinking work as a trusted team on modelling, product design, client experience utilising new and digital distribution channels, and there are more intelligent products in our joint product development pipeline” Lichang states.
“We are excited about this new venture in Beijing. It reflects our core values in terms of continually delivering high-performing and cutting-edge solutions,” adds Dr. Tobias Farny, Munich Re’s Chief Executive for Greater China and Australia. “We are committed to meeting the needs of our business partners by offering smart and unprecedented insurance solutions”.
WeatherTech (Beijing) Co., Ltd.is a Mainland China based weather data & technology company, specialized in developing weather insurance solutions.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season and the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of Munich Re. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.