Insurance company Swiss Re has partnered with Microsoft to transform risk management. Swiss Re’s new Digital Market Center will use the Microsoft Azure cloud, internet of things (IoT) and artificial intelligence (AI) to optimise cross-industry insurance.
The partnership will first address connected vehicles and mobility, industrial manufacturing and natural catastrophe resilience. For example, Swiss Re will be able to leverage Microsoft’s automotive data capabilities to better analyse automotive risks such as a car’s safety when using the driving assistance technologies. Insurers can use this information to design new motor insurance products.
According to a Microsoft news story, the partnership will also provide broader risk insights for complex systems to help mitigate losses before they occur. For example, risk managers could better understand how the loss of ship cargo may impact global supply chains, or how natural catastrophes will impact government infrastructure.
“I am looking forward to seeing how this collaboration enables new pathways for innovation in how insurance solutions are built and managed,” said Jean-Philippe Courtois, executive vice president and president of global sales, marketing and operations at Microsoft. “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 will also move its own operations to the Azure cloud.