Allianz has announced the changeover of its in-house incubator, Allianz X, into a new venture capital investment arm intended to bolster digital and core technology.
As part of the pivot in strategy, the German insurer will discontinue all early-stage projects and heavily invest in startups with expertise in mobility, connected property, connected health, wealth management, data intelligence and cybersecurity, it says. Each domain represents targeted “ecosystems” of its now former accelerator.
Peter Borchers, CEO of Allianz X since September 2016, has also stepped down, the company announced. Nazim Cetin, Co-CEO of Allianz X since August, will replace Borchers, effective immediately.
“We wish Nazim the best in managing the new strategic digital investment fund, which will support our broader mandate to bring innovation into our core business, enabling us to become digital by default,” said Solmaz Altin, Allianz Group’s chief digital officer.
During Borchers’ tenure, he led the creation of Abracar, a private car selling platform supported by the carrier. Allianz also became an investor in Lemonade and UK-based Visicover, among other insurtechs. Borchers will remain as an advisor to Altin on all digital endeavours, the company says.
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