Reinsurance News

Re/insurance experts set up InsurLab in Germany

5th June 2017 - Author: Staff Writer

An InsurLab was set up last week in Cologne, Germany, to facilitate collaboration between InsurTech start-ups, re/insurers, and service providers, as part of a growing movement towards cooperation as re/insurers increasingly recognise a group effort is necessary to fully reap the benefits of the InsurTech innovation.

The lab was established by eight founding members, including Gen Re, Cologne Chamber of Commerce and Industry, the University of Cologne, and TH Köln University of Applied Sciences.

Head of Region Germany and Research & Development Life & Health at Gen Re, Ulrich Pasdika, was elected to the board together with two other insurance industry representatives.

Dr Winfried Heinen, Chairman of the Board of Executive Directors at General Reinsurance AG, said; “We are delighted about this initiative and are happy to actively support it. We believe it strengthens Cologne as an insurance hub and we can make a significant contribution to the discussions with our international expertise.

“As a top ten reinsurer with a global network, we have a strong interest in promoting collaboration between start-ups and the insurance industry – to the benefit of both sides.”

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The InsurLab represents one of many initiatives to work together to enable the industry to move forwards towards its digitization and innovation goals to match changing consumer behaviour and needs.

The industry is pulling resources with the blockchain consortium, established earlier this year, to exchange data and experience gained in blockchain technologies – which have been cited as a $10 billion opportunity for the re/insurance industry, able to make processes more efficient and ultimately save the sector money.

Elected board member Pasdika, commented; “We firmly believe that cooperation between insurers and reinsurers on the one hand and a wide range of InsurTechs on the other, offers huge potential for innovative approaches.

“Provided the industry maintains this collaboration in a smart, consistent way, digitization represents a massive opportunity for it.

“Cologne’s InsurLab is the latest in a long line of international initiatives and projects relating to technology and innovation which we have established around the world, and it offers us another outstanding opportunity to help shape these major changes.”

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