Munich Re has announced the formation of an insurance unit based in Beijing, which seeks to provide tech-focused solutions for new and existing clients in China.
The unit, named Smart Thinking Consulting (Beijing) Company Ltd, will house dedicated research and development personnel working towards rolling out new products.
According to Munich Re, some of the projects the unit will undertake include real-time insurance solutions, location-based personal insurance coverage, blockchain-related technologies, and internet of things (IoT) projects.
“The insurance world has become digital and customers expect to engage in a different way,” said Christoph Hoch, Munich Re CEO for Greater China.
“Retail insurance will be driven by artificial intelligence, data analytics and social media, commercial insurance is increasingly using sensors and real-time monitoring of risk exposures. As China is spearheading these developments, it seemed a natural next step for Munich Re – as a leading creator of technology- based insurance solutions – to launch the new Smart Thinking entity contributing to China’s insurance ecosystem.”
The global reinsurer added that that developing advanced insurance solutions requires combing research and prototyping while gathering stimulus and data from the market and external parties.
Smart Thinking will seek to reach insurance companies, internet and technology companies, mobility providers, fintech/insurtech firms and help them improve on innovativeness, product and service quality, and market success while reducing development costs, time-to-market, and cutting down on risk of failure.
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