Swiss Re has launched its Digital Market Center as part of the reinsurer’s “strategic alliance” with Microsoft.
Aimed at further advancing insurance innovation and extending financial protection to more people globally, the partnership features the new center which will help develop what were described as “next-generation, large-scale” tools designed to transform the way risks are predicted and managed.
Leveraging Swiss Re’s risk knowledge and Microsoft’s technological capabilities, the center will also focus on how the insurance industry creates tangible products.
In addition, the tie-up will see Swiss Re move its internal operating platform to the Azure cloud.
“Swiss Re’s alliance with Microsoft will help accelerate the digital transformation of the insurance industry, with benefits across all lines of business,” said Swiss Re Life Capital chief executive Thierry Léger.
“By building digital markets and not just isolated products, we aim to transform the way businesses approach the risks they face. The alliance between Swiss Re and Microsoft presents an exciting opportunity for the insurance industry.”
In Swiss Re group chief operating officer Anette Bronder’s view, it is only through strong partnerships that digital transformation can be achieved.