With a community of national and international insurers, tech companies, consulting firms and investors, the Insurtech Hub Munich (ITHM) has developed into a leading network for the insurance industry. Through its innovation programs, ITHM connects insurers with startups, technology companies, and knowledge partners. In 2023, programs focused on the future of insurance distribution (NXT: Distribution) and commercial insurance (NXT: Commercial) in focus.
The Bavarian Ministry of Economic Affairs has already supported the development of ITHM with a total of 1.75 million euros from 2018 to 2023. As has now been announced, ITHM can plan for further financial support of up to one million euros until 2026. Tobias Gotthardt, State Secretary in the Bavarian State Ministry for Economic Affairs, Regional Development and Energy, says:
"Since its founding, the Insurtech Hub Munich has developed into a leading global center for insurance innovation. This industry initiative is considered a successful model that enjoys high national and international acclaim. The insurance industry plays a vital role in the economy, not only by mitigating risks but also, as an important economic sector, creating jobs and providing capital for investment. The support from the Bavarian Ministry of Economic Affairs underscores the importance of this industry for Munich as a business location and insurance center and demonstrates the commitment to future-oriented and innovative economic development."
“Indispensable role as a stabilizer and driver of innovation”
Robert Heene, Chairman of the ITHM Advisory Board, and Board Member of the Bavarian Insurance Chamber, continues:
"We are delighted to receive renewed financial support from the Bavarian Ministry of Economic Affairs. This support enables ITHM to make a long-term, effective contribution to innovation and digitalization in the industry. The insurance industry plays an indispensable role as a stabilizer and driver of innovation. Innovative insurance products and services encourage companies to face new risks with confidence. Furthermore, the insurance industry creates a financial basis for investments that supports the development of new technologies and companies. In this way, it contributes to the sustainable development of Bavaria as a business location."
And Tom Van den Brulle, Chairman of the ITHM Board and Global Head of Innovation at Munich Re, adds:
"The collaboration between world-leading startups and technology companies with established insurers brings fresh ideas and speed to innovation. With the renewed financial support from the Bavarian Ministry of Economic Affairs, we can further expand our leading international position, develop new strategic formats, and continue the success story of ITHM's unique innovation programs,"
