Microsoft: digitally transforming the insurance industry

2019 the year of ‘innovation’, ‘digital transformation’ and ‘customisation’and Microsoft and Allianz SE are working together to make their mark on the insurtech industry.

Microsoft has partnered with Allianz to digitally transform the insurance industry in order to make the process easier and provide a better experience. As part of the partnership, Allianz will move core sections of its global insurance platform - Allianz Business System (ABS) - to Microsoft’s Azure cloud as well as open sourcing parts to improve and expand capabilities.

In addition to Microsoft’s services, Syncier will provide a configurable version called ABS Enterprise Edition to insurance providers as a service to increase efficiency, reduce costs and centralise portfolio management. In addition, Syncier will provide ready made software applications and services tailor to the insurance sector.

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“Teaming up with Microsoft and leveraging Azure’s secure and trusted cloud platform will support us in digitalising the insurance industry,” said Christof Mascher, COO and member of the Board of Management of Allianz SE. “Through this partnership, Allianz and Syncier strive to offer the most advanced Insurance as a Service solutions on Microsoft Azure. The ABS Enterprise Edition is an exciting opportunity, both for larger insurers needing to replace their legacy IT, and smaller players — such as insurtechs — looking for a scalable insurance platform.”

“Allianz is setting the standard for insurance solutions globally,” said Jean-Philippe Courtois, EVP and president, Microsoft Global Sales, Marketing & Operations. “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. By delivering an open-source, cloud-based insurance platform and software application marketplace, we will support innovation and transformation across this sector.”

Did you know? Microsoft has 148,465 employees worldwide and a revenue of US$110.4bn in its fiscal 2018.

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

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