Munich Re, one of the world's leading reinsurance companies, has recently launched Smart Thinking Consulting Co Ltd in Beijing, an insurance solution firm which aims to deliver technology-enabled insurance solutions to its customers.

The newly formed venture, located in the Guomao area, deploys cutting-edge technology like artificial intelligence and face- and voice-recognition to offer a wide range of new service solutions to the market.

"The insurance world has become digital and customers expect to engage in a different way," said Christoph Hoch, CEO of Munich Re for Greater China. "Retail insurance will be driven by artificial intelligence, data analytics and social media. Commercial insurance is increasingly using sensors and real-time monitoring of risk exposures."

"As China is spearheading these developments, it seemed a natural next step for Munich Re — as a leading creator of technology-based insurance solutions — to launch the new Smart Thinking entity contributing to China's insurance ecosystem," he said.

The company's projects in progress now range from real-time, location-based insurance coverage for individuals to blockchain-enabled funding methods and the Internet of Things.

Apart from a combination of researching and prototyping, the success of advanced insurance solutions also requires assessment and evaluation from a third party.

To meet this demand, Munich Re's Smart Thinking team targets insurance companies, large Internet and tech companies, mobility providers, FinTech and Insurtech ventures and provides them with services to enhance product and service innovation, quality and market success while reducing their development costs, launch time and risk of failure.

Li Chang, CEO of WeatherTech (Beijing) Co Ltd, said Munich Re was an ideal partner when it comes to combining digital expertise with new insurance products.

"Together with Munich Re's Smart Thinking team, we have already developed a mobile-based, real-time insurance solution," he said. "Currently we are working on another smart insurance solution that will take real-time weather and event data into account, offering risk commensurate coverage."

"WeatherTech and Smart Thinking work as a trusted team on modeling, product design and client experience utilizing new and digital distribution channels, and there are more intelligent products in our joint product development pipeline," he added.

Tobias Farny, Munich Re's Chief Executive for Greater China and Austrilia, was excited about the new venture in Beijing.

"It reflects our core values in terms of continually delivering high-performing and cutting-edge solutions," he said. "We are committed to meeting the needs of our business partners by offering smart and unprecedented insurance solutions."

Fan Hang contributed to this story