Global re/insurer Munich Re has teamed up with Plug and Play China, the Chinese business of Silicon Valley-based accelerator and corporate innovation platform Plug and Play, to promote innovation in emerging insurtech start-ups in China.

Munich Re seeks to leverage this partnership with Plug and Play, which serves as an intermediary between emerging startups and established companies, to collaborate with insurtech startups in China to promote innovation within insurance industry.

Plug and Play China

Plug and Play Insurtech uses bespoke deal flows, themed workshops and face-to-face interaction and empowers corporations to connect with startups that may complement their relevant suite of offerings or provide new potential revenue streams.

The start-ups admitted into the programme receive funding support from Plug and Play Ventures, weekly mentor sessions as well as access to the resources of the founding anchor partner Munich Re.

Munich Re Asia Pacific, Greater China, Australia, New Zealand CEO Tobias Farny said: “We have successfully collaborated with Plug and Play through our innovation lab in Silicon Valley and this new agreement extends our efforts to cultivate innovation in the insurance industry in China.”

Munich Re Greater China CEO Christoph Hoch said: “This is the latest milestone in efforts to lead innovation and development across our business in China. In 2015, we set up Munich Re’s first Innovation Lab in Beijing, followed by the establishment of Si Tao Limited, our dedicated insurance solutions development hub.

“Through this new collaboration with Plug and Play, I am confident that we will be able to combine the best of our collective capabilities, expertise and local talent to play an important role in accelerating the development of tech-driven insurance solutions for clients here in China.”

Recently, Plug and Play announced its first batch of 16 insurtech startups in China, after examining more than 500 companies.

Earlier, Willis Towers Watson and Japan-based MSIG Insurance also expanded their collaboration with the Plug and Play platform.