AXIS Capital Holdings Limited (NYSE: AXS), a global provider of specialty lines insurance and treaty reinsurance, announced on Monday the launch of AXIS Digital Ventures, a new unit that will lead enterprise-wide efforts to partner with entrepreneurial companies focused on data and analytics with high value (re)insurance applications, new product opportunities including emerging risks, and new distribution and (re)insurance business models. According to AXIS, the insurtech venture is also charged with introducing innovative enabling technologies across the AXIS’ businesses.
AXIS reported that the launch of AXIS Digital Ventures follows its announcement from earlier this year that it is strengthening its operating model to become more agile and better positioned to leverage change to its advantage, including enhancing its ability to utilize digital technologies and data and analytics. While sharing more details about the AXIS Digital Ventures, Albert Benchimol, President and CEO of AXIS, stated:
“With the launch of AXIS Digital Ventures, we are accelerating our efforts to leverage digital technologies and InsurTech more broadly to drive innovation, increase efficiency, enhance profitability and identify new products and solutions that will deliver more value to our clients and partners in distribution. Since our inception, AXIS has been focused on delivering insights that enhance the underwriting and servicing of (re)insurance. With AXIS Digital Ventures, we are building on this by leveraging the powerful tools and data available today to deliver deeper insights and provide our services in the way our diverse customer base wants them, while delivering on our promise to pay as we always have.”
AXIS added it named Zach Powell as the Head of AXIS Digital Ventures and he will report to Group Chief Underwriting Officer Eric Gesick. AXIS Digital Ventures is part of the Company’s Global Underwriting and Analytics office (GUA), which is headed by Gesick.