Bermudian carrier Axis has launched Axis Digital Ventures, a new arm of the business that will focus on adopting new technologies across the group.
The segment will partner with insurtech firms to identify new product opportunities - including emerging risks and (re)insurance distribution business models – and introduce these technologies across the business.
Axis Digital Ventures will predominantly focus on data and analytics solutions that can add value to the insurance value chain, the carrier said.
The new segment of Axis will be headed by Zach Powell. He was previously director of corporate development for the (re)insurer.
In his new role, Powell will report to group chief underwriting officer Eric Gesick, who also oversees Axis’ underwriting and analytics office.
“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,” Albert Benchimol, president and CEO of Axis said.
“Since our inception, Axis has been focused on delivering insights that enhance the underwriting and servicing of (re)insurance,” he added.
“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.”