World's largest insurance company Allianz partners with Microsoft to streamline insurance processes

Allianz is the world’s largest insurance company and it also one of the largest financial services company in the world. Today, Allianz announced partnership with Microsoft to transform insurance processes. The goal of this partnership is to make the insurance process easier while creating a better experience for insurance companies and insurers. As part of this partnership, Allianz will move some important part of its global insurance platform, Allianz Business System (ABS), to Microsoft Azure cloud. Also, Allianz will open-source some parts to improve and expand capabilities.

Microsoft will also partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services to insurance providers around the world. Syncier is currently developing a preconfigured and highly automated insurance solution.

Syncier’s ABS Enterprise Edition can handle insurance processes across all lines of business: property and casualty, life, health, and assistance. To accelerate industry innovation, Syncier will also offer an Azure cloud-based marketplace for ready-made software applications and services tailored to the insurance sector.

“Teaming up with Microsoft and leveraging Azure’s secure and trusted cloud platform will support us in digitalizing 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.”

Source: Microsoft