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Munich Re: Building a foundation for innovating digital offerings

  • To remain relevant and mitigate disruption, traditional companies have to engage in multiple fast-paced experiments in digital offerings—revenue-generating solutions to what customers want and are willing to pay for, inspired by what is possible with digital technologies. After launching several digital offering initiatives, reinsurance giant Munich Re noticed that many experienced similar challenges. This case describes how Munich Re addressed these common challenges by building a foundation to help its digital offerings succeed. The foundation provided prioritized and staged funding; dedicated, hands-on expertise; and a digital platform of shared services. By 2020, this foundation was helping to support over seventy initiatives, including several that were in the market generating new sources of revenue for the company by enabling its clients—insurance companies—to better service their own customers.

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Metadaten
Author of HS ReutlingenMocker, Martin
URL:https://cisr.mit.edu/publication/MIT_CISRwp445_MunichRe_FonstadMocker
Publisher:MIT Center for Information Systems Research
Place of publication:Cambridge, MA
Document Type:Working Paper
Language:English
Year of Publication:2020
Tag:business model transformation; business models; designed for digital; experimentation and learning; innovation and strategy; innovation portfolios
Issue:445
Page Number:23
First Page:1
Last Page:23
DDC classes:330 Wirtschaft
Open Access?:Nein