by Lucy Hook

Allianz X, the Insurtech company-building arm of Allianz, has appointed a new CEO.

Peter Borchers will join recently-established Allianz X from hub:raum/Deutsche Telekom as of October 01.

Borchers is described by Allianz as a ‘most experienced and highly respected leader in the area of corporate incubation and corporate start-up collaboration’.

Borchers has “broad experiences in digitization”, Christof Mascher, member of the management board of Allianz SE and chief operating officer of Allianz Group said, which will help Allianz X to unlock strategic growth opportunities in Insurtech and adjoining areas like blockchain, artificiaI intelligence or virtual reality, addressing topics like mobility, health and care.

Allianz and Borchers share the “same enthusiasm” about the digital potential in insurance, Solmaz Altin, chief digital officer of Allianz SE, said.

“Allianz X will open up significant growth potential for Allianz in a targeted manner and with creative freedom,” he said. “It will also have internal effects by promoting an entrepreneurial mindset.”

Altin said that the company is also aiming for so-called ‘moonshots’ – described as “ground-breaking, non-incremental innovations with the potential to significantly alter peoples’ lives” – adding that an annual investment budget in the double-digit millions (Euros) had been allotted.

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