Munich Re has established a research and development centre in Shanghai to foster innovative initiatives by facilitating networks with technology providers and industry leaders.
The China Innovation R&D Center will help bridge the supply and demand gaps that exist for new industry risks, and support the long-term development of the insurance and reinsurance sector, Munich Re says. It will also generate inputs for the group at a global level, by harnessing data from China’s innovation and technology ecosystem.
“Establishment of the centre demonstrates the long-term commitment of Munich Re to China,” says Steven Chang, Munich Re’s chief executive officer for Greater China non-life. “It strengthens our position in China and facilitates our ‘Grow Local’ strategy, building a strong proposition to our clients to provide them with tools, insights and solutions to tap China’s growth opportunities.”
The R&D centre will work closely with local insurance companies and industrial partners, helping to establish an ecosystem between technology and insurance in the country.
“As China has become home to many of the world’s leading technology and innovation companies, for example renewable energy manufacturing or electric vehicle manufacturing, the Shanghai-based centre will generate valuable insights from new industry risks and sharpen Munich Re’s focus to push the boundary of insurability and facilitate further collaboration between Munich Re and industry partners,” says Zijia Li, managing director for Munich Re’s Smart Thinking Consulting, also known as SiTao.
SiTao was established in 2017 to come up with innovative insurance solutions for China. It will be responsible for running the operations of the R&D centre.
The R&D centre will have dedicated resources to analyze technology developments and their implications for insurance solutions in target industries including new energy vehicles, battery, clean energy, green building, new agriculture and carbon trade. With the addition of new and differentiated insights formed from extensive on-the-ground research and collaboration, SiTao aims to provide technology-driven, industry-orientated solutions to existing and new clients.