IE School of Science & Technology and Vienna Insurance Group (VIG) set up IE Insurance and Tech Lab to address challenges for the insurance industry

IE School of Science & Technology at IE University and Vienna Insurance Group (VIG) have announced the launch of the IE Insurance and Tech Lab, a strategic research initiative created to explore the intersection of insurance, emerging technologies, and societal challenges such as climate change. The Lab is established within the framework of IE Impact Xcelerator, a strategic platform accelerating the development and implementation of science- and technology-driven solutions in key sectors such as health, climate, energy, and finance.

The signing ceremony took place on Thursday, July 10, at IE University’s Madrid campus, with the presence of Santiago Iñiguez, President of IE University and the signatories, Peter Höfinger, Deputy CEO of Vienna Insurance Group; Klaus Mühleder, Head of Opportunity Management at Vienna Insurance Group; Ikhlaq Sidhu, Dean of the School of Science & Technology; and Gonzalo Garland, Executive Vice President of the IE Foundation, the event was followed by a working lunch on “People, Climate Change and Insurability” with key stakeholders of the industry and the academia.

The IE VIG Insurance and Tech Lab will operate from IE School of Science & Technology in Madrid campus and virtually, fostering global collaboration with academic institutions, corporations, and experts worldwide. It will serve as an international hub for research, knowledge exchange, and corporate-university partnerships, aiming to influence insurance sector strategies, provide practical recommendations, and contribute to the global conversation on climate resilience.

Co-chaired by Dean Ikhlaq Sidhu and Klaus Mühleder, Head of Opportunity Management at VIG, the Lab bundles rigorous academic research with applied industry expertise to shape the insurance sector’s future and improve its capacity to anticipate and respond to climate risks.

“This is an example of high value research necessary to reshape the insurance industry and technology opportunities in the face of global changes. We very much appreciate the insight of Vienna Insurance Group to understand and bring this topic forward into this global academic and industry collaboration," said Ikhlaq Sidhu.

"A changing environment – in general terms, not only ecologically, goes along with challenges for insurers; we believe that technology will help the industry to maintain, if not expand the level of insurability, a factor that is massively beneficial to the wealth and resilience of consumers, societies and companies. With the IE School of Science & Technology we‘ve found an excellent partner in anchoring technology in insurance", said Hartwig Löger, CEO of VIG.

"Climate change is already transforming the landscape of risk, from natural hazards and environmental losses to healthcare and economic stability. For insurers, this means rethinking traditional models and embracing new knowledge. The current project focus unites climate science, data science, and actuarial expertise to understand these complex dynamics”, noted David Gómez-Ullate, Vice-Dean of Research and Director of the IE Datalab. "By bridging disciplines, we aim to equip the industry with tools to navigate uncertainty and help build a more resilient and sustainable future."

The Lab’s first research project, "Climate Change Effects on Life & Health Insurance", will explore how environmental transformations are reshaping risk models, insurance products, and investment strategies. This study will be led by Vice Dean Professor David Gómez-Ullate, in collaboration with a global network of experts and the lab’s co-chairs.