The centerpiece of the strategic alliance with Microsoft is the launch of Swiss Re’s Digital Market Center, which will help develop large-scale tools to transform the way the insurance industry predicts and manages risks, as well as how the industry creates tangible products based on Swiss Re’s risk knowledge.
Swiss Re’s new Digital Market Center will draw on Microsoft’s Azure cloud technologies, internet of things and artificial intelligence capabilities. The first areas of application are planned to be connected vehicles and mobility, industrial manufacturing (Industry 4.0), and natural catastrophe resilience.
Swiss Re’s Digital Market Center will offer insurers a broader understanding of risks and their ripple effects on society, governments and economies.
Swiss Re and Microsoft offering broader insights
For example, powered by Microsoft’s automotive data capabilities, Swiss Re will be able to develop a much deeper analysis of automotive risks such as a car’s safety performance when using the latest driving assistance technologies. By providing data-driven insights from this type of data, Swiss Re can enable insurers to design innovative new motor insurance products, such as pay-as-you-drive covers.
Swiss Re’s work in this area will go beyond new product creation and provide broader risk insights for complex, interconnected systems. For example, risk managers can get a greater understanding of how the loss of a ship’s cargo may impact global supply chains, or how natural catastrophes will impact a government’s key infrastructure investments.
As part of the strategic alliance, Swiss Re will transform its internal operating platform by modernising and moving it to the Azure cloud. This move will increase the efficiency and effectiveness of the core processes by leveraging advanced data processing and AI capabilities.