Munich Re: Building a Foundation for Innovating Digital Offerings
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MIT_CISRwp445_MunichRe_FonstadMocker.pdf
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920.7 KB
Format
Adobe PDF
Checksum (MD5)
e0b53b1df210d8ade0502e26871a6bb2
Author(s)
Fonstad, Nils O.
Mocker, Martin
Date Issued
August 6, 2020
Publisher
Cambridge, Mass.: Center for Information Systems Research, Sloan School of Management, Massachusetts Institute of Technology
Citation
Fonstad, Nils O. and Martin Mocker. “Munich Re: Building a Foundation for Innovating Digital Offerings.” Working paper 445, Center for Information Systems Research, Sloan School of Management, Massachusetts Institute of Technology, 2020. https://dspace.mit.edu/handle/1721.1/175422.
Series/Report no.
MIT Sloan School of Management Working Paper 6774-20
CISR Working Paper 445
Abstract
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.
Subjects
Business Models
Business Model Transformation
Designed for Digital
Innovation and Strategy
Experimentation and Learning
Innovation Portfolios
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