Allianz aims to move core pieces of its global insurance platform Allianz Business System (ABS) to Microsoft's Azure cloud

Allianz SE and Microsoft Corp

Image: Jean-Philippe Courtois (left) and Christof Mascher (right). Photo: Courtesy of Microsoft Corp.

Allianz and Microsoft have announced a partnership for the digital transformation of the insurance industry by making the insurance process easier and creating an improved experience for both insurance companies and customers.

With the partnership, Allianz aims to move core pieces of its global insurance platform Allianz Business System (ABS) to Microsoft’s Azure cloud and will open-source parts of the solution’s core to enhance and expand capabilities.

Syncier’s ABS Enterprise Edition will act as a comprehensive platform for insurance providers

Microsoft will partner with Syncier, an Allianz founded insuretech, to provide customised insurance platform solutions and related services.

Syncier will offer ABS Enterprise Edition, a customised insurance platform solution to insurance providers as a service. By reducing costs and centralising insurance portfolio management, the service is expected to enable insurance providers to benefit from the insurance platform.

It is also expected to increase efficiencies across all lines of the insurance business, resulting in improved experiences through customised customer service and simplified product offerings.

Allianz chief operating officer board of management member Christof Mascher said: “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 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.”

The insurance giant claims that Syncier’s ABS Enterprise Edition can handle insurance processes across all lines of business including property and casualty, life, health, and assistance. It can further be customised for any insurance company, country and regulatory requirements.

Microsoft Global Sales, Marketing & Operations executive vice president and president, Jean-Philippe Courtois said: “Allianz is setting the standard for insurance solutions globally. 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.”

To speed up innovation in the insurance industry, Syncier will also provide an Azure cloud-based marketplace for ready-made software applications and services tailored to the insurance sector.

Allianz also announced that it had received regulatory approval from the China Banking and Insurance Regulatory Commission (CBIRC) to begin operations of China’s first fully foreign-owned insurance company.