Munich Re, partners to assess insurance risks of new auto tech
The Munich-based Mobility Technology Center (MTC), founded to develop auto insurance products and risk management solutions, announced its plan to launch its services in June. The center is a joint venture between ERGO Digital Ventures, Munich Re, automotive smart mobility developer, In-tech, and MaLiBu, a consultancy.
“Our idea of the motor insurance of the future is simple, smart and safe,” says Karsten Crede, a board member at ERGO Digital Ventures. “The MTC is intended to be an enabler for technologies, developments and innovations that form the basis for this vision. Particularly noteworthy is that motor insurance in the future will be significantly more digital, flexible and data-driven. The MTC will work here to ensure that insurance policies can be digitally integrated into the vehicle and can be made more individual and needs-based by using the right data.”
The MTC plans to serve clients from the automotive, mobility and insurance industries in Germany and globally with solutions for electromobility, automated and autonomous driving, new mobility concepts, and digital and integrated services.
The center will work with technologies including test benches, battery testers, data loggers and driving simulators to analyze real-world and extreme scenarios, generating data to build risk models. These models will focus on the impact of new technology on auto insurance and warranties, according to Crede. “Our risk models support primary insurers to develop a profound product and pricing approach, factoring in technological advancements,” he says.
MTC will begin operations with a 15-member team including software engineers, scientists and insurance experts. The MTC will be based at the Technical University of Munich (TU Munich) and will also have contributions from staff of the companies participating in the joint venture, as well as the chair of automotive engineering at TU Munich.
Notably, MTC’s work will include digital integration of new insurance solutions directly into vehicles or automakers’ ecosystems. It will look at “how an efficient insurance-related use of vehicle and real-time driving data can be shaped,” says Crede.
The MTC will analyze driver-assistance systems and their performance in accident scenarios, giving partners an assessment of risks that can be used to encourage customers to buy such systems for their vehicles.
“Autonomous driving in particular calls for new business models and insurance solutions, which we’ll be able to design thanks to the infrastructure available at the MTC,” says Christian Wagner, CEO and co-founder of in-tech, one of the partners in the venture.
