Uncertain times also offer opportunities

After eight intensive weeks, the ten current participants of the InsurTech Hub Munich (ITHM) W1 Forward Accelerator program presented themselves to a select audience at Demo Day.

They had eight weeks to meet mentors from the insurance industry and learn from experienced founders and investors. At Demo Day, it was now important to convince the 300 experts in the audience of their business idea.

The teams had previously prevailed against approximately 150 other applicants who had also applied for the program. The selected startups then found space at Werk1 for two months, where they were able to exchange ideas with coaches, mentors, and investors from the insurance and startup sectors and further develop their own business ideas.

“We must dare to fail sometimes”

This round of the W1 Forward Accelerator program finally concluded with Demo Day. The ten startups in the current batch pitched their ideas to around 300 guests – including many ITHM partner companies, investors, and representatives from the insurance industry.

Previously, Dirk von Gehlen, Head of Innovations & Social Media at the Süddeutsche Zeitung, in his opening speech, highlighted the central challenge in dealing with digital change:

"All industries are concerned that the future is unpredictable. We fail to recognize that uncertain times also offer the opportunity to try out different ways of thinking or more playful approaches. We must dare to fail sometimes!"

Cooperation to overcome borders

During the Demo Day, ITHM Managing Director Manuel Holzhauer also announced four new partnerships with the American insurance group Markel, the Wüstenrot & Württembergische Group, the Japanese IT service provider NTT Data, and the Dutch Association of Insurers. The ITHM ecosystem thus continues to grow and develop in the right direction, and is well aware of the Monica Aguilar Patiente, strategic consultant and former Allianz manager, says:

“There is an urgent need for more solutions that push the boundaries
between ecosystems such as the insurance, mobility, or healthcare sectors. Munich, with its strong economic life, is the ideal location for this."

Or, how Marcus Emperor, Transformation Ambassador at Munich Insurance, said:

"Startups' ideas remind us that there's a world outside our offices. They show us that we need to work on products and services that are truly aligned with the interests and needs of the people out there."