Bavaria’s InsurTech industry is still booming
It’s practically nothing new any more that young, digital-savvy founders are revolutionising the finance and insurance industry. The boom of start-ups remains unabated and they are pushing more and more new solutions onto the market. Established insurance players have recognised the sign of the times and are doing their best to support motivated founders.
Founders can find good conditions to start up their business in Bavaria in particular. It’s not without good reason that Munich is one of the leading insurance locations in the world, 100 companies with approximately 60,000 jobs including Allianz and Münchener Rück have their head office here. The industry generated a turnover of 1.4 billion euro in total last year. Munich should also be able to become even more attractive to the industry in future with the fresh expertise that start-ups are bringing to the location.
Their success speaks for the founders
How important the founders have already become for the industry in such a short time is shown clearly by the figures: more than 80 million US dollars were invested in InsurTech start-ups in Germany alone in 2016 And this figure is constantly rising; Barkow Consulting firm counts 25 start-ups. Their success in particular with investors through the various financing rounds shows how seriously the in part still young players are being taken
Some of the Munich start-ups are also joining the success stories:
• Snapsure: Insurance offers are produced in seconds using a picture
• Finanzchef24: Online comparison for business insurance
• mobilversichert: Makes the processing and selling of insurance services easier for customers and their consultants
• ottonova: Private health insurance provider
• treefin: Finance assistant that bundles accounts, insurance and investments in one app
Munich is striving to continue building on the success so far. One step in this direction is its appointment as the InsurTech Hub as part of the government’s Digital Hub Initiative. The location partner for the InsurTech Hub is Werk1.Bayern GmbH with the W1 Forward InsurTech accelerator programme.
The second batch is currently running with the start-ups Etherisc, HeartShield, Karlsson, Personiq and Tapoly.
InsurTech Hub Munich e.V. was founded out of the most important Bavarian insurance companies on 19 July 2017 as the strategic unit for the InsurTech Hub. The association’s aim is to continue to expand Munich’s leading position in digitalising the insurance industry and to turn it into an attractive location for the best international start-ups.
The InsurTech Hub Munich was officially launched on 20 July 2017. State Minister Aigner opened the InsurTech Hub Munich with Mayor Schmid, Bitkom President Berg and a number of CEOs of Bavarian insurance companies and well-known names from the young start-up scene. Besides developing and establishing young companies, one of the hub’s key roles will also be to promote exchange with a network of research, business and international partners.
The next activity at the InsurTech Hub Munich will be the meeting of the InsurTech world at the DIA in November 2017.