Global insurance giant Allianz has partnered with multinational technology company Microsoft to re-imagine the insurance industry experience through digital transformation.
The new strategic partnership has a focus on digitally transforming the insurance sector and is designed to simplify the insurance process while at the same time creating an improved experience for both insurers and their customers.
Under the partnership, Allianz is set to transfer core pieces of its Allianz Business System (ABS) global insurance platform to Microsoft’s Azure cloud, and will reportedly open-source some parts of the solution’s core to both improve and expand capabilities.
The agreement sees Microsoft partner with Allianz’s B2B2X insurtech, Syncier, to offer bespoke insurance platform solutions and related services. The insurtech will offer a configurable version of the solution called ABS Enterprise Edition to carriers as a service, which is expected to result in greater efficiencies across all lines of insurance business.
Christopher Mascher, COO and Member of the Board of Management of Allianz, commented: “Teaming up with Microsoft and leveraging Azure’s secure and trusted cloud platform will support us in digitalizing the insurance industry. Through this partnership, Allianz and Syncier strive to offer the most advanced Insurance as a Service solutions on Microsoft Azure.
“The ABS Enterprise Edition is an exciting opportunity, both for larger insurers needing to replace their legacy IT, and smaller players — such as insurtechs — looking for a scalable insurance platform.”
Jean-Philippe Courtois, EVP and President, Microsoft Global Sales, Marketing & Operations, added: “Allianz is setting the standard for insurance solutions globally. Together, Microsoft and Allianz are offering a solution that combines Allianz’s deep knowledge of the insurance sector with Microsoft’s trusted Azure cloud platform.
“By delivering an open-source, cloud-based insurance platform and software application marketplace, we will support innovation and transformation across this sector.”
It’s also been revealed that in an effort to accelerate industry innovation, Syncier will also offer an Azure cloud-based marketplace for ready-made software applications and services that are made specifically for the insurance industry.