Swiss Re has partnered with tech giant Microsoft on the launch of a Digital Market Center to help the re/insurance industry develop large-scale tools to predict and manage risks, and respond with new products.
The Digital Market Center will draw on Microsoft’s Azure cloud technologies, as well as its internet of things and artificial intelligence capabilities.
As part of the strategic alliance, Swiss Re will also move its internal operating platform to the Azure cloud, which it believes will increase the efficiency and effectiveness of its core processes.
The initial focus of the collaboration will be on connected vehicles and mobility, industrial manufacturing (Industry 4.0), and natural catastrophe resilience.
Using Microsoft’s automotive data capabilities, Swiss Re hopes to develop deeper analysis of automotive risks such as a car’s safety performance when using the latest driving assistance technologies.
The Digital Market Center will also aim to develop new cyber platforms to measure business risks in a digital environment, while helping the industry to respond with new products.
In addition, Swiss Re plans to offer broader risk insights for more complex, interconnected systems, such as how the loss of a ship’s cargo may impact global supply chains, or how natural catastrophes will impact a government’s infrastructure investments.
“Swiss Re’s alliance with Microsoft will help accelerate the digital transformation of the insurance industry, with benefits across all lines of business,” said Thierry Léger, CEO Swiss Re Life Capital.
“By building digital markets and not just isolated products, we aim to transform the way businesses approach the risks they face,” he explained. “The alliance between Swiss Re and Microsoft presents an exciting opportunity for the insurance industry.”
Anette Bronder, Swiss Re Group Chief Operating Officer, also commented: “Digital transformation can only be achieved through strong partnerships. The strategic alliance with Microsoft will greatly advance our ability to make our risk expertise available to our clients.”
“At the same time, we can achieve significant efficiency gains for our own internal platforms and processes,” Bronder added. “This is an important step for Swiss Re’s evolution as a leading data-enabled risk knowledge company.“
Jean-Philippe Courtois, Executive Vice President and President, Microsoft Global Sales, Marketing and Operations at Microsoft, further stated: “I am looking forward to seeing how this collaboration enables new pathways for innovation in how insurance solutions are built and managed.”
“By combining Swiss Re’s risk expertise with Microsoft Azure, we have the opportunity to deliver greater peace of mind to people and to enrich their experience with the insurance industry.”
