Munich Re has joined forces with manufacturing consultancy MHP and robotics group KUKA to create an intelligent manufacturing plant.

The SmartFactory as a Service project will accelerate new product development and testing, reducing the time it takes to reach the market by up to 30%.

Munich Re will provide integrated risk management and financing models, while KUKA is developing the robot-based automated plant and MHP is providing systems integration and digitalisation expertise.

The partners say their SmartFactory, based in Munich, will produce different product types to meet changing demands for customised goods.

They hope to digitise the entire value chain, implement high-quality data flows throughout the manufacturing process and meld previously unconnected production areas and systems.