The Insurtech Hub Munich has received funding of over 1.5 million euros. With this funding, the Bavarian government continues to support innovations in the insurance industry and collaborations between startups and established insurance companies.
The follow-up funding from the Bavarian State Ministry for Economic Affairs, Regional Development and Energy (StMWi) for the Insurtech Hub Munich (ITHM) is scheduled for three years and amounts to €1.55 million. StMWi Ministerial Director Ulrike Wolf expressed her great satisfaction with ITHM's successes upon handing over the funding notice. She noted that the collaboration between startups and established companies not only enriches the regional economy but also contributes to strengthening Munich's perception as an innovative financial center.
“We have built a powerful structure, a strong team and a constantly growing network,”
explained Tom Van den Brulle, Board Member of the Insurtech Hub Munich. Robert Heene, Chairman of the ITHM Advisory Board, adds:
“The innovation landscape is much more developed today than it was three years ago.”
Driving force for the insurance industry
The aim now is to build on previous digitalization successes. At the same time, the hub aims to act as a catalyst for new developments in the insurance industry. Heene continues:
“We must maintain dialogue within the industry and beyond — even though we know that new topics such as AI will pose challenges.”
The ITHM was originally founded in 2017 as an association of twelve Bavarian insurance companies to actively shape the digital transformation together and to make Munich an attractive location for international insurtech startups. The network has since been supplemented by many other partnersIn several batches, various startups benefited from the Accelerator programBoth B2B and B2C business models are welcome here. Cross-industry applications that leverage AI and machine learning, for example, are also welcome. We'll keep you updated on who made it to the next batch and who makes it to Demo Day.
Want to know more about the background of the Insurtech Hub? Here's a detailed interview
