How Munich RE CDO deals with digitalization
Companies often employ a CDO – Chief Digital Officer – to implement the digital transformation in the company. However, there is no Munich RE CDO. The company wants to deny digitization – at least for the time being – without the CDO’s position.
Why should Munich RE be involved in digitalization?
Munich RE sees many advantages in the digitalization. But they emphasize also the challenges and risks which came within the last years. One of them is cybercrime. Affected are for example smart devices and PCs but also vehicles or production plants. Generally it can happen to all establishment which is connected to the internet. Munich RE sees in the digitalization a process of never-ending updates and innovations where you simply must cooperate. Otherwise you would get both cyberattacks and machine failures / faults. And like this you would definitely not be able to keep up with your competing companies. With an experimental approach in technology hubs in Silicon Valley, London, Berlin or even Peking, Munich RE has the aim to offer a leading digital insurance service. In this way they can also be a model for other insurance companies.
Digital Partners (DP), is a new global venture with the aim to win new partners in the digital scene. Digital Partners itself can be labeled as a start-up and is in this way willing to win the confidence of disruptors (game changer). Like this they work as an enabler for insurtech businesses. The capabilities of DP consist of mainly four elements. These are: product development (cover design, pricing), international insurance capacity, technology and venture capital funding.
Digital accelerator / incubator / hub
In collaboration with ERGO, Munich RE supports start-ups with the help of the accelerator program of the Climate-KIC. Climate-KIC does stand for “Knowledge & Innovation Community” and is the biggest public-private climate initiative of the European Union. This programm is particularly for cleantech start-ups working on climate protection solutions and the climate change in general. Every selected start-up gets up to 95000 euros financial support. Additional they receive coaching through employees from both companies – Munich RE and ERGO.
Together with other companies such as Allianz, ADAC or Generali, Munich RE is partner of the InsurTech Hub Munich. The hub is seen as an entrepreneurial platform for collaborations on innovative insurance products and services. The InsurTech Hub Munich focuses on areas with superior growth opportunities that can help our generation and our children’s one to have a cleaner, safer and healthier life in the future.