Munich Re Digital Partners’ European CEO Mark Dennis took to the stage at InsTech London’s July 8th event, ‘InsurTech as a Service’.
Munich Re Digital Partners, an InsTech London Corporate Partner since November 2017, works with insurance start-ups and digital verticals, to develop scalable and sustainable insurance businesses. They have a global mandate to build more engaging insurance propositions. They aim to be the fastest and most flexible insurance partner for digital disruptors.
Mark Dennis said, “Munich Re Digital Partners were ourselves a start-up in a corporate setting in 2016. Three years ago insurers were quite suspicious of InsurTech, but now there’s much more of a partnership focus. We’ve met with about a thousand InsurTech start-ups in the last three years. To date, we have about twenty live and wish ultimately to work with about fifty. Our job is to provide the scalability to get them to market as quickly as possible as InsurTech services.”
In 2018 Munich Re Digital Partners companies wrote in the region of £100m of premium, and expect this to double in 2019. Mark Dennis continues, “A key thing we achieved is that we built a data infrastructure which allows us to react quite swiftly to anything spikey we identify.”
When asked how Munich Re choose InsurTechs to work with, Mark said, “One of the questions we ask is ‘do you already have a distribution channel?’ It’s no good having great products without that.”