The digital market center will help in developing advance large-scale tools for transforming the way in which risks are predicted and managed by the insurance industry
Swiss Re is launching a new digital market center as part of a collaboration with Microsoft, aimed at further advancing innovation in the insurance sector.
The alliance between the parties will also strive to extend financial protection to more people across the world.
According to Swiss Re, the digital market center will help in developing the next-generation, large-scale tools for transforming the manner in which risks are predicted and managed by the insurance industry. For this, the Swiss reinsurance group will tap into the data analytics and artificial intelligence (AI) capabilities of Microsoft.
The new digital hub will also help the insurance industry to create tangible products based on the risk knowledge of Swiss Re.
Apart from the AI expertise, the new digital market center will leverage Microsoft’s next-generation Azure cloud technologies and its capabilities in internet of things.
Swiss Re management comments on the digital market center
Swiss Re Life Capital CEO Thierry Léger said: “Swiss Re’s alliance with Microsoft will help accelerate the digital transformation of the insurance industry, with benefits across all lines of business.
“By building digital markets and not just isolated products, we aim to transform the way businesses approach the risks they face. The alliance between Swiss Re and Microsoft presents an exciting opportunity for the insurance industry.”
The partners’ first areas of application are intended to be connected vehicles and mobility, industrial manufacturing (Industry 4.0), and natural catastrophe resilience.
The digital hub will also develop innovative cyber platforms for measuring business risks in a digital environment with an objective to enable a new class of risk technology solutions.
Insurers will be helped by the Swiss Re hub with a broader understanding of risks and their ripple effects on society, governments, and economies.
As part of the alliance, the Swiss reinsurance group will transform its internal operating platform by modernising and moving it to Microsfot’s Azure cloud. The move will boost the efficiency and effectiveness of the core processes by making use of the most advanced data processing and AI capabilities at scale, said the Swiss firm.
Microsoft global sales, marketing and operations executive vice president and president Jean-Philippe Courtois said: “I am looking forward to seeing how this collaboration enables new pathways for innovation in how insurance solutions are built and managed.
“By combining Swiss Re’s risk expertise with Microsoft Azure, we have the opportunity to deliver greater peace of mind to people and to enrich their experience with the insurance industry.”