Swiss Re, the world’s second-largest reinsurer, is readying itself for new risks in a digital economy. It has teamed up with Microsoft to to develop new insurance solutions.
Swiss Re and Microsoft have entered a strategic alliance to further advance insurance innovation and extend financial protection, said the Swiss company in a statement on Thursday. Swiss Re will create a digital market center using Microsoft’s data analytics and artificial intelligence capabilities and develop new risk management solutions and insurance products based on data insights.
Acceleration of Digital Transformation
«Swiss Re’s alliance with Microsoft will help accelerate the digital transformation of the insurance industry, with benefits across all lines of business,» said Thierry Léger, CEO of Swiss Re Life Capital. «By building digital markets and not just isolated products, we aim to transform the way businesses approach the risks they face.»
The reinsurance giant will initially focus on connected vehicles and mobility, industrial manufacturing (“Industry 4.0”) and natural catastrophe resilience.
Innovative Cyber Platforms
The digital market center will also develop innovative cyber platforms to measure business risks in a digital environment, enabling a new class of risk technology solutions, said Swiss Re.
As part of the strategic alliance, Swiss Re will transform its internal operating platform by modernizing and moving it to Azure, the Microsoft-powered cloud solution.
