Munich Reinsurance America, Inc. launches “Mobility Domain” – part of the company’s enhanced focus on innovation/emerging risks, and as an engine for future growth
Munich Reinsurance America, Inc. has launched a Mobility Domain as part of the company’s overall commitment to understanding and developing innovative solutions for emerging risks, and as an engine for future growth.
Why mobility? United Nations projections put the world population at 10 billion by 2056, with more people living in cities and becoming more mobile than ever. Americans? They’re the most mobile of all, traveling more than 15,000 miles a year on average, according to a Siemens report on urban mobility.
The Mobility Domain will focus on establishing strategic partnerships and pilot projects that will enable the company and its clients to develop risk management solutions for the new era of mobility, including such areas as vehicle telematics, shared mobility, crash avoidance systems, and autonomous driving. Over time, these technologies could also help to reduce loss costs in the auto insurance marketplace.
“The hallmarks of our company are innovation, solidity and client focus - elements that uniquely combine when deriving risk management solutions for the mobility challenges and opportunities that lie ahead,” said Jill Beggs, Head of New Strategic Markets, Munich Reinsurance America, Inc. “Our new Mobility Domain is already identifying key partners, technology and data sources that will enable us to develop a long-term competitive edge. This work has tremendous potential to save lives, reduce accidents, provide fuel economies and improve road efficiencies, as well as to open up new business opportunities for Munich Re.”
Initial Mobility Domain business engagements include:
- Partnering with a developer of mobile robotics pilot projects, to gain firsthand knowledge of how autonomous vehicles (AVs) will operate in real-world environments, and to gather AV data;
- Joining a leading academic Mobility Transformation program—part of a major research partnership of industry, government and academia, laying the foundation for a commercially viable system of connected and automated vehicles;
- Aligning with a global Mobility Business Accelerator program to support entrepreneurs in data analytics, the sharing economy, and the Internet of Things as they create the mobility systems of the future;
- Implementing a Crash Avoidance Pilot program for city buses with a Western state public transportation system;
- Partnering with the developer of a motorcycle safety warning system to bring crash avoidance technology to the motorcycle market;
- Developing insurance options for a classics car provider to foster the growth of the car sharing economy;
- Working with a premier academic institution and state leaders on the potential of establishing a center for research, certification and commercialization of automated driving technology in New Jersey;
- Supporting a non-profit organization that is utilizing a collaborative open source forum to encourage the development, engagement and acceptance of AV technology; and
- Piloting a vehicle safety technology tool with Munich Re employees to help assess how technology can change driving behavior.
Mike Scrudato, Senior Vice President, New Strategic Markets and leader of the Mobility Domain at Munich Reinsurance America, Inc. said, “Autonomous vehicle and other mobility technology sit at the intersection of a number of emerging trends that, together, will change not only driving but the nature of mobility. Development of these visions could face a host of social, economic and regulatory factors impacting insurers and their customers. Those who remain at the forefront of AV developments will be better positioned to successfully manage and leverage these impacts and business opportunities.”
Global clients and experts from the company’s Munich-based Motor Consulting Unit recently exchanged views on trends, assessments and experiences at Mobility events in Munich and Tokyo. Unit Head Stefan Schulz stated that “the auto insurance market is very much on the move. Our auto insurance clients put the impacts of digitalization at the top of their agenda, together with the issues of profitability, "big data" and competition from car makers who are increasingly offering insurance when selling new cars.”
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
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 our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.