Stefan Hartung BoschBerlin - Representatives from the two companies signed a collaboration agreement at the Bosch ConnectedWorld IoT conference in Berlin. The main goal of the alliance is to develop new solution packages for connected manufacturing.

Bosch will leverage its strengths in the fields of hardware, software and services, while Munich Re will provide expertise in the areas of risk and capital management.

"Too many companies are still apprehensive about entering into connected manufacturing because they’re worried about the financial risks," commented Stefan Hartung, Member of the Bosch Board of Management. "We’re addressing this problem. Bosch and Munich Re will be developing intelligent solutions that make it easier for customers to take up connected manufacturing.”

Bosch currently has several projects in which it is looking to improve the efficiency of vehicle manufacturing. At its plant in Suzhou, Bosch Automotive has been examining numerous ways of optimising the production sequence, and has recently been able to increase productivity and reduce stock level by up to 30%.