Berkshire Hathaway’s Gen Re is among insurers who recently helped found InsurLab Germany, a collaborative designed to foster new technologies and innovation in the industry.
The initiative formally launched on May 23 in Cologne, and Gen Re, announced its participation on June 2. Other founders/InsurLab board members include AXA and Gothaer, a German domestic multiline insurer.
In all, eight founding members have an insurance background. Others include the Cologne Chamber of Commerce and Industry, the University of Cologne and TH Köln University of Applied Sciences, reflecting a relevant student base of about 25,000 people, InsurLab Germany said in a release.
Winfried Heinen, chairman of the board of executive directors at General Reinsurance AG, said in prepared remarks that the initiative will help make Cologne a stronger insurance hub, and also promote collaboration between startups and the insurance industry.
Gen Re’s Ulrick Pasdika, Head of Region Germany and Research & Development Life & Health at Gen Re, will represent the reinsurer on the association’s board. In a statement, he said that “cooperation between insurers and reinsurers on the one hand a and a wide range of InsurTechs on the other offers huge potential for innovative approaches.”
Pasdika added that InsurLab Germany “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.”
Startups are participating in the program from Germany, Tel Aviv and New York, among other locations, according to the InsurLab Germany release.
Sources: Gen Re, InsurLab Germany