Microsoft: digitally transforming the insurance 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.
Check Point: Securing the future of enterprise IT
Cybersecurity solutions provider Check Point was founded in 1993 with a mission to secure ‘everything,’ and that includes the cloud. Conscious that nothing remains static in the digital world, the company prides itself on an ability to integrate new technology with its solutions. Across almost three decades in operation, Check Point, with its team of over 3,500 experts, has become adept at protecting networks, endpoints, mobile, IoT, and cloud.
“The pandemic has been somewhat of an accelerator in the evolution of cyber risk,” explains Erez Yarkoni, Global VP for Cloud Business. “We had remote workers and cloud adoption a long time beforehand, but now the volume and surface area is far greater.” Formerly a CIO for several big-name telcos before joining Check Point in 2019, Yarkoni considers the cloud to be “part of [his] heritage” and one of modern IT’s most valuable tools.
Check Point has three important ‘product families’, Quantum, CloudGuard, and Harmony, with each one providing another layer of holistic IT protection:
- Quantum: secures enterprise networks from sophisticated cyber attacks
- CloudGuard: acts as a scalable and unified cloud-native security platform for the protection of any cloud
- Harmony: protects remote users and devices from cyber threats that might compromise organisational data
However, more than just providing security, Yarkoni emphasises the need for software to be proactive and minimise the possibility of threats in the first instance. This is something Check Point assuredly delivers, “the industry recognises that preventing, not just detecting, is crucial. Check Point has one platform that gives customers the end-to-end cover they need; they don't have to go anywhere else. That level of threat prevention capability is core to our DNA and across all three product lines.”
In many ways, Check Point’s solutions’ capabilities have actually converged to meet the exact working requirements of contemporary enterprise IT. As more companies embark on their own digital transformation journeys in the wake of COVID-19, the inevitability of unforeseen threats increases, which also makes forming security-based partnerships essential. Healthcare of Ontario Pension Plan (HOOPP) sought out Check Point for this very reason when it was in the process of selecting Microsoft Azure as its cloud provider. “Let's be clear: Azure is a secure cloud, but when you operate in a cloud you need several layers of security and governance to prevent mistakes from becoming risks,” Yarkoni clarifies.
The partnership is a distinctly three-way split, with each bringing its own core expertise and competencies. More than that, Check Point, HOOPP and Microsoft are all invested in deepening their understanding of each other at an engineering and developmental level. “Both of our organisations (Check Point and Microsoft) are customer-obsessed: we look at the problem from the eyes of the customer and ask, ‘Are we creating value?’” That kind of focus is proving to be invaluable in the digital era, when the challenges and threats of tomorrow remain unpredictable. In this climate, only the best protected will survive and Check Point is standing by, ready to help.
“HOOPP is an amazing organisation,” concludes Yarkoni. “For us to be successful with a customer and be selected as a partner is actually a badge of honor. It says, ‘We passed a very intense and in-depth inspection by very smart people,’ and for me that’s the best thing about working with organisations like HOOPP.”