On Thursday, Allianz SE and Microsoft Corp. introduced a strategic partnership targeted on digitally remodeling the insurance coverage business, making the insurance coverage course of simpler whereas creating a greater expertise for insurance coverage firms and their clients.
By the strategic partnership, Allianz will transfer core items of its international insurance coverage platform, Allianz Enterprise System (ABS), to Microsoft's Azure cloud and can open-source elements of the answer's core to enhance and increase capabilities.
Syncier will supply a configurable model of the answer known as ABS Enterprise Version to insurance coverage suppliers as a service, permitting them to learn from one of the crucial superior and complete insurance coverage platforms within the business, decreasing prices and centralizing their insurance coverage portfolio administration. This can enhance efficiencies throughout all strains of insurance coverage enterprise, leading to higher experiences by tailor-made customer support and simplified product choices.
"Teaming up with Microsoft and leveraging Azure's safe and trusted cloud platform will assist us in digitalizing the insurance coverage business," stated Christof Mascher, COO and member of the Board of Administration of Allianz SE. "By this partnership, Allianz and Syncier attempt to supply essentially the most superior Insurance coverage as a Service options on Microsoft Azure. The ABS Enterprise Version is an thrilling alternative, each for bigger insurers needing to interchange their legacy IT, and smaller gamers — corresponding to insurtechs — in search of a scalable insurance coverage platform."
"Allianz is setting the usual for insurance coverage options globally," stated Jean-Philippe Courtois, EVP and president, Microsoft World Gross sales, Advertising and marketing & Operations. "Collectively, Microsoft and Allianz are providing an answer that mixes Allianz's deep information of the insurance coverage sector with Microsoft's trusted Azure cloud platform. By delivering an open-source, cloud-based insurance coverage platform and software program utility market, we'll assist innovation and transformation throughout this sector."
Syncier's ABS Enterprise Version can deal with insurance coverage processes throughout all strains of enterprise: property and casualty, life, well being, and help. It may be personalized for any insurance coverage firm, nation and regulatory necessities. Insurers, brokers and brokers adopting the platform can service shoppers and handle complete portfolios finish to finish in a single system, gaining a novel 360-degree view of every consumer and the enterprise.
To speed up business innovation, Syncier may also supply an Azure cloud-based market for ready-made software program functions and providers tailor-made to the insurance coverage sector. Such options may embrace, for instance, customer support chatbots or AI-based fraud detection. The marketplace permits insurance coverage suppliers to simply and shortly implement the obtainable options in a plug-and-play method.
Allianz makes use of ABS globally as a platform for all strains of enterprise and together with Microsoft is dedicated to supporting the ABS Enterprise Version long run as an business resolution. Right now, ABS handles round 60 million insurance coverage insurance policies in 19 nations and is being rolled out to all Allianz entities.
About Allianz
The Allianz Group is without doubt one of the world's main insurers and asset managers with greater than 92 million retail and company clients. Allianz clients profit from a broad vary of non-public and company insurance coverage providers, starting from property, life and medical insurance to help providers to credit score insurance coverage and international enterprise insurance coverage. Allianz is without doubt one of the world's largest buyers, managing round 729 billion euros on behalf of its insurance coverage clients. Moreover, our asset managers PIMCO and Allianz World Buyers handle greater than 1.5 trillion euros of third-party belongings. Due to our systematic integration of ecological and social standards in our enterprise processes and funding selections, we maintain the main place for insurers within the Dow Jones Sustainability Index. In 2018, over 142,000 workers in additional than 70 nations achieved whole revenues of 132 billion euros and an working revenue of 11.5 billion euros for the group. For extra data on Syncier, go to www.syncier.com.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) permits digital transformation for the period of an clever cloud and an clever edge. Its mission is to empower each particular person and each group on the planet to realize extra.
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