Allianz X and Debeka have become the most recent investors in SDA SE Open Industry Solutions.
The two companies, accompanied with current investors SIGNAL IDUNA and the MSG group, will aid in developing a new standard to offer digital insurance services. Financial details of the deal were not disclosed.
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SDA SE enables insurance firms to establish service platforms quickly.
It permits the easy integration of current IT systems and onboarding of external partners, while enabling companies to control their data and analytics.
SDA SE MD Stephan Hans said: “So far, insurance companies have primarily relied on in-house approaches and their own architectures for digital transformation.
“These isolated solutions entail various disadvantages. They cover a great depth of the value chain, are expensive, and often do not take into account the know-how available on the market as a whole.”
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By GlobalDataAllianz X investment director Carsten Middendorf said: “We see our involvement with SDA SE as a strategic investment, and will support the company to completely serve the needs of the market.
“The potential of service-dominant architecture in the insurance industry is enormous and will take demand-driven customer communication to a new level in times of digital transformation.”
Earlier this week, Allianz Insurance teamed up with Plastic Surgeon to bring-about targeted repairs for sustainability improvements and decreased materials wastage.
