Bermudian re/insurance group AXIS Capital has announced the launch of AXIS Digital Ventures, a new data and analytics-focused unit aimed at sourcing Insurtech partnerships in hopes of accessing new technologies with re/insurance applications.
Zach Powell, who previously served as Director of Corporate Development at AXIS, has been appointed as the Head of AXIS Digital Ventures and will report to Group Chief Underwriting Officer Eric Gesick.
“Zach will be a great ambassador for our new AXIS Digital Ventures unit,” commented Gesick. “He knows the AXIS organisation, knows our business, and brings a strong understanding of the InsurTech landscape.”
The new unit will lead an enterprise-wide effort to partner with entrepreneurial companies and produce new product opportunities in emerging risks, distribution and re/insurance business models.
Its launch follows AXIS’ decision to actively strengthen its operating model to become more agile and better positioned to utilise digital technologies and data and analytics.
“With the launch of AXIS Digital Ventures, we are accelerating our efforts to leverage digital technologies and InsurTech more broadly to drive innovation, increase efficiency, enhance profitability and identify new products and solutions that will deliver more value to our clients and partners in distribution,” added Albert Benchimol, President and Chief Executive Officer of AXIS Capital.
“Since our inception, AXIS has been focused on delivering insights that enhance the underwriting and servicing of re/insurance.”
“With AXIS Digital Ventures, we are building on this by leveraging the powerful tools and data available today to deliver deeper insights and provide our services in the way our diverse customer base wants them, while delivering on our promise to pay as we always have.”