OREANDA-NEWS. The Talanx Group is consistently pursuing its innovation and digitalisation strategy, and cooperating with leading innovation platform Plug and Play in Silicon Valley, California, and start-up accelerator Startupbootcamp InsurTech in London. Both have programmes focused on the insurance market. Their so-called "ecosystems" allow them to access a global network of start-ups, insurers and other companies. This gives them a comprehensive approach in the start-up scene, in other words fledgling companies which develop innovations for insurance companies and financial service providers. The partnership with Plug and Play is set up for a period of three years. The InsurTech Programme of Startupbootcamp will come to an end in 2018. Talanx is establishing its own Digital Lab in parallel. The intention is to bundle and intensify all group-wide digitalisation activities. 

Talanx’ two new partners identify start-up companies throughout the world. They provide assistance and support in developing their business models through mentoring programmes. A large number of selection procedures involve the cooperating insurance companies in the decision-making process, and selected start-ups are then included in a shortlist for further cooperation with the Talanx Group. As well as working on joint projects, the participants communicate about potential joint ventures and investments.

The objective of the partnership is to identify innovative technologies and digital business ideas along the entire value chain in the insurance industry. The aim is then to align insurance business even more consistently with customers’ needs. Examples of potential areas of value added for customers are making processes simpler or completely restructuring them, or developing new products.

“As an international Group, we are delighted to have the opportunity of working with two expert partners who have an outstanding reputation. These partnerships take us closer to the hotspots of international innovations. And we provide the fledgling companies with access to our sector know-how, expertise and experience as a strong, experienced partner. Both sides receive new ideas and impetus. This will be a fascinating interaction,” commented Herbert K. Haas, Chairman of the Board of Management of Talanx AG.

“We are excited about our new partnership with Talanx as we strongly believe their international presence and operations as well as experience in different lines and segments of the insurance industry can bring a lot of value to our start-up ecosystem and innovation platform. Hopefully with Talanx being one of the founding partners of the program, we will be able to build an even better environment for startups with different growth stages to succeed and boost their growth,” says Ali Safavi, Director of Plug and Play Insurance.

“We are elated to welcome Talanx and its multifaceted brands onto the Startupbootcamp InsurTech program. InsurTech startups want to work with leaders in the insurance sector to help them validate their propositions and find exciting projects to work on. We look forward to collaborating with another force in the German market and driving innovation through unique startup engagement”, says Sabine VanderLinden, Managing Director of Startupbootcamp InsurTech.

Talanx establishes its own Digital Lab
The Talanx Group is establishing its own Digital Lab with the aim of driving forward digitalisation within the company. The function of the Digital Lab is to act as a partner for the divisions and drive forward digitalisation at the customer interface and in internal business operations. The brief is also to develop new digital business models. The divisions and IT will be joining forces in the Digital Lab to work out innovative approaches which can be tested by various methods including the initial prototypes. More focused communication between the divisions will facilitate faster development of customer-centric solutions and successful digital solutions.

“We will be able to continue expanding our innovation and digitalisation strategy with the two international joint ventures and our Digital Lab,” said Haas. “They are a building block on the journey to the future“.