Allianz SE has entered into a strategic partnership with Microsoft to explore the digital transformation of the insurance industry.
Through the strategic partnership, Allianz will migrate core pieces of its global insurance platform, Allianz Business System (ABS), to Microsoft’s Azure cloud. Parts of the ABS will also be made open-source to improve and expand capabilities, a release said.
Microsoft, in turn, will partner with Syncier, the B2B2X insurtech founded by Allianz. Syncier will offer a configurable version of ABS called ABS Enterprise Edition to insurance providers. This allows the insurance providers to benefit from an advanced and comprehensive insurance platform.
ABS Enterprise Edition can handle insurance processes from any line of business. It can be customized for any insurance company, country and regulatory requirements.
“Teaming up with Microsoft and leveraging Azure’s secure and trusted cloud platform will support us in digitalizing the insurance industry,” said Allianz SE COO and board of management member Christof Mascher. “Through this partnership, Allianz and Syncier strive to offer the most advanced Insurance as a Service solutions on Microsoft Azure.”
Mascher added that the ABS Enterprise Edition is an “exciting opportunity” for both large insurers who need to replace their legacy IT and smaller players looking for a scalable insurance platform.
“Allianz is setting the standard for insurance solutions globally,” commented Microsoft Global Sales, Marketing & Operations EVP and president Jean-Philippe Courtois. “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.”
The ABS platform currently handles around 60 million insurance policies in 19 countries.