FinTech and InsurTech Hub in Bavaria: Scalable capital success story The FinTech start-up is one of the major success stories in the FinTech hub in Munich. Co-founder Erik Podzuweit explains how it came about and what makes the location so special in the third episode of our #bytevaria talks. Watch the video
FinTech and InsurTech Hub in Bavaria: Scalable capital success story The FinTech start-up is one of the major success stories in the FinTech hub in Munich. Co-founder Erik Podzuweit explains how it came about and what makes the location so special in the third episode of our #bytevaria talks.

#bytevaria – FinTech and InsurTech in Bavaria

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Spring in Munich – it’s all about the FinTech/InsurTech industry

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Bavaria, a strong finance and insurance centre

Bavaria offers insurance and finance companies a solid basis for the expansion and digitalisation of the entire industry with its comprehensive ecosystem. The location is an international leader with roughly 100 insurance companies based here. The 477 credit institutions in the state also prove that the region is extremely attractive for finance companies. Taken together, the industry employees 179,000 staff.

 

Radically changing times: opportunities for start-ups

Resulting in an ideal starting point for start-ups. As the big players have recognised that their business is undergoing radical change due to digitalisation. Young start-ups in particular bring new approaches for promising business models into play with their innovative thinking. Founders can familiarise established companies with their creative solutions through direct exchange and benefit from their partners’ industry expertise at the same time. The result: both sides now that they can be successful with each other. As outstanding possibilities for cross-industry digitalisation are being created for the entire sector with technologically advanced finance innovations and digital insurance services thanks to FinTech and InsurTech start-ups. Thus opening up first-class development opportunities for FinTech and InsurTech start-ups. The FinTech and InsurTech industry has also shown remarkable development, or you could say is booming, to date thanks to these opportunities. More than 80 million US dollars were invested in InsurTech start-ups in Germany alone in 2016.

 

Industry support in Bavaria

The fact that Bavaria allows for the ideal development of start-ups is shown by special initiatives too, alongside the established ecosystem. Munich was recently awarded by the Federal Ministry of Economic Affairs and Energy as an InsurTech hub as part of its Digital Hub initiative. The hub is managed by Bavarian insurance companies in close cooperation with Werk1.Bayern GmbH. The latest milestone: the Digital Insurance Agenda is setting up camp in Munich. Not forgetting the setting up of the InsurTech accelerator, which the Plug&Play accelerator from the Silicon Valley is involved in. The disruption is being driven forwards together with the already established W1 Forward InsurTech accelerator at Werk1 for start-ups in the early phase and several companies. The Munich Financial Center Initiative, a consortium of 50 companies, associations and scientific and state institutions from the finance industry, champions the industry’s interests.

 

The development of young start-ups in InsurTech and FinTech areas in Bavaria speaks for itself. The industries are booming and an end is still not in sight. Instead, more and more events are offering a whole variety of networking opportunities. Including BlockShow Europe, the DIA or the FinTech/InsurTech meetup.

Infografics – FinTech in Bavaria

Infografics – FinTech in Bavaria

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59 % growth since the 1990s in the Bavarian banking and insurance sector.

Bavaria is moving with the times. The banking and insurance sector has grown by just under 60 percent in our state since the 1990s. This growth is also going to be increased further thanks to young start-ups’ ways of thinking.