How We Innovate

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Innovation

How We Innovate

Building our innovation ecosystem is critical for us to stay ahead of the latest trends, and to identify valuable partners. Our employees on the ground in Silicon Valley are forming partnerships with startups that give us a clear window into changes as they are happening, allowing us to stay ahead of the InsureTech wave.

Collaboration is critical in our ability to bring new products and services to the market. Munich Re, US is intensifying partner collaboration using our US Innovation Lab. In today’s world, speed is key. The Lab allows for focused development of a business concept so that we can accelerate our go-to-market pace. Munich Re, US will provide dedicated resources - including global experts, technology partners and mentors trained in innovation tools and techniques - to accelerate the product launch process. Clients and brokers who have an early stage business concept they would like to partner on should reach out to their Munich Re, US contact.

 

Innovation Framework (Click on image)


Each of our business units have teams who are laser focused on the unique emerging needs of their clients – whether they are a reinsurance broker, traditional insurance company, public or non-profit entity or MGA.  Through collaboration, we are ready to help our clients innovate and embrace the new world of insurance. 

Innovation Tools 

Innoscouts

Munich Re employees located in Silicon Valley, focused on identifying insurance and technology startups that have the potential to redefine insurance.

Ideas.munichre.com

An internal online platform used by our employees to develop and share ideas for new products, solutions, or services based on intense dialogue with our clients. 

Idea Bootcamps

Where our innovators take “raw” idea and fully develop the concept to prepare for client engagement and executive approval. Success brings an opportunity to work in the Innovation Lab and proptype the idea.

Design Thinking

Another approach we use to develop new ideas. Design Thinking is a user-centred innovation method for products and services which was developed at Stanford. Key elements of Design Thinking are interdisciplinary teams, empathy for the user, rapid prototyping, failing early and often so that what has been learned can be applied to the next iteration, to name but a few.

However, Design Thinking is not only a method but also a mindset. Implemented in daily work, the problem-solving potential of Design Thinking finds expression in the form of a living innovation culture. 

Innovation Lab

Developing an innovative idea is only the first step. Putting it in to practice is even more important. Our innovation lab is a company-wide resource for getting innovation moving! The Lab allows for focused development of a business concept so that we can accelerate our go-to-market pace. In the lab we combine tools, experienced Lab Specialists and seed funding, to support teams that are working on projects which require developing a new capability, servicing a new market or responding to a new customer need.

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This publication is available exclusively to Munich Re clients. Please contact your Client Manager.