The Munich Re’s acquisition shows how IoT can disrupt non-technology players’ markets
Acquisitions in the IoT platform market have been traditionally fuelled by larger technology players such as AWS and Software AG that are looking to expand their capabilities. However, the latest move comes from a different type of player, Munich Re, which is leveraging the IoT platform to differentiate its role in the insurance sector.
IoT platform vendor Relayr was bought for USD300 million by the German insurance and risk management provider Munich Re through its subsidiary Hartford Steam Boiler (HSB) in September 2018. The acquisition is surprising for anyone that does not follow Munich Re closely, but it demonstrates that large, non-technology players want to use IoT platforms to disrupt the traditional business models within their respective markets. The adoption of IoT-based insurance solutions can also create opportunities for traditional technology providers in the insurance market.
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