Swiss Re has entered into a strategic alliance with tech giant Microsoft to further advance insurance innovation.

Under the agreement, Swiss Re will launch its Digital Market Center (DMC) leveraging Microsoft’s data analytics and artificial intelligence capabilities.

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The centre will be used to develop new risk management solutions and insurance products.

These solutions, the insurer claims, will transform the way the insurance industry predicts and manages risks.

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.”

The first planned applications of DMC will be focussed on connected vehicles and mobility, industrial manufacturing and natural catastrophe resilience.

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Based on appropriate data insights, DMC will allow insurers to create new insurance products that mitigate losses before they occur.

Furthermore, Swiss Re will move its internal operating platform to Microsoft’s Azure cloud.

Microsoft global sales, marketing and operations EVP and president Jean-Philippe Courtois said: “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.”

Swiss Re group COO Anette Bronder added: “The strategic alliance with Microsoft will greatly advance our ability to make our risk expertise available to our clients.

“At the same time, we can achieve significant efficiency gains for our own internal platforms and processes.”

Last month, Swiss Re partnered with Swedish furniture retailer IKEA to launch home insurance product.