Allianz X, the digital investment division of the Allianz Group (a German multinational financial services company), and insurance firm Debeka recently invested in Insurtech SDA SE Open Industry Solutions, an open platform for developing digital ecosystems.
Allianz X and Debeka, along with current investors SIGNAL IDUNA and the MSG group, will help create a new standard for providing digital insurance services. Financial details of the agreement have not been shared publicly.
SDA SE allows insurance companies to develop and launch service platforms quickly and efficiently.
SDA SE allows for the easy integration of existing IT systems and infrastructure and quick onboarding of third parties or external partners, while allowing firms to control their analytics and data.
SDA SE managing director Stephan Hans stated:
“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.”
Allianz X investment director Carsten Middendorf noted:
“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.”
Recently, Allianz Insurance also partnered with Plastic Surgeon in order to perform targeted repairs for making sustainability improvements and reducing materials wastage.