Global insurance giant Allianz has partnered with Microsoft on open source insurance platform that will see both companies transform the insurance industry experience via digital transformation.
This new strategic partnership is focused on making the insurance experience easier, while at the same time creating a better experience for insurance companies and their customers.
As a result of this new deal, Allianz will move core pieces Allianz Business System (ABS) to the Azure cloud. This is the company’s global insurance platform, which will now see improvements and its capabilities extended after landing on the Microsoft cloud.
The two companies will also open source parts of the solution’s core.
Christopher Mascher, COO and member of the board of management of Allianz SE, commented:
“Teaming up with Microsoft and leveraging Azure’s secure and trusted cloud platform will support us in digitalizing the insurance industry. Through this partnership, Allianz and Syncier strive to offer the most advanced insurance as a service solution 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.”
As noted above, Microsoft will partner with Syncier, Allianz’s B2B2X insurtech, to offer bespoke insurance platform solutions and related services. A configurable version of the solution called ABS Enterprise Edition is set to be offered to carriers as a service.
And this move is expected to result in greater efficiencies across all lines of the insurance business.
Additionally, in an effort to accelerate industry innovation, Syncier has also outlined plans to offer an Azure cloud-based marketplace for ready-made software applications and services made specifically for the insurance industry.
The ABS solution handles around 60 million insurance policies in 19 countries today, as it continues to be rolled out to all Allianz entities.
For Microsoft Azure, this is another big win in a year of big wins!
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