The two giants will be working together to transform the way digital processes are conducted.
Allianz SE and Microsoft Corp have jointly announced that they’ve entered into a strategic insurance partnership. The goal is to digitally transform the insurance industry for greater ease and improved customer experience.
Many consumers feel their insurers have fallen behind the times in terms of digital experience.
The companies are hoping to use this strategic insurance partnership to change the entire customer experience from what it is today into something much improved. The idea is to make the insurance process as a whole much simpler and convenient for customers.
By way of the new partnership, the insurer will be shifting central pieces of its Allianz Business System (A.B.S.) global insurance platform over to Microsoft’s Azure cloud. The insurer will then open-source various components of the heart of its solution in order to enhance and broaden its capabilities.
The strategic insurance partnership will include Syncier, an Allianz insurtech company.
Microsoft will officially be partnering with Syncier. That firm was originally founded by Allianz. Together, they will provide a new A.B.S. Enterprise Edition, which will be a configurable version of the original solution. This will be offered as a service to insurance providers.
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The new platform will decrease costs and create centralized insurance portfolio management, while raising efficiency throughout all insurance business lines, therefore benefitting customers, according to a statement released by Allianz.
The Syncier A.B.S. Enterprise Edition is capable of handling processes regardless of the insurance line. Moreover, insurers will be able to customize it for their own brand experience and offerings as well as country and regulatory requirements, said the Allianz statement.
“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 management member Christof Mascher. Agents, brokers and insurance companies alike can adopt this platform. It will provide them with a single system for end to end portfolio management and client service. Allianz explained that this result of the strategic insurance partnership will offer a 360 degree view of the business and the client which will be entirely unique at this point.