Germany-based insurance major Allianz has partnered with Microsoft to simplify process for insurance companies.
Under the collaboration, Allianz will transfer core operations of its global insurance platform Allianz Business System (ABS) to Microsoft Azure cloud platform.
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Allianz will also open-source some parts to enhance ABS capabilities.
Furthermore, Allianz’s B2B2X insurtech Syncier will join forces with Microsoft to provide customised insurance platform solutions and associated services.
The insurtech will deliver ABS Enterprise Edition configurable version, as a service to insurance providers.
The solution will enable the users in centralising their insurance portfolio management and reduce costs. Eventually, it will drive efficiency, simplify product offerings and improve customer experience.
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By GlobalDataAllianz COO and member of the Board of Management Christof Mascher said: “Teaming up with Microsoft and leveraging Azure’s secure and trusted cloud platform will support us in digitalising 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.”
ABS Enterprise Edition can manage insurance processes across all verticals including life, health, property and casualty.
It also enables customisations to fulfil insurance company and country-specific regulatory requirements.
The collaboration with Microsoft also encompasses Syncier offering an Azure cloud-based marketplace. The marketplace is aimed to drive innovation and offer ready-made software applications.
