Startup incubator Allianz X has announced Peter Borchers as its new chief executive officer, effective Oct. 1, the company announced today.

Borchers comes to the recently established Allianz X by way of Deutsche Telekom where he founded his own tech accelerator, hub:raum, in 2012, according to his LinkedIn page. He is tasked with helping lead Allianz Group’s digital transformation strategy, by identifying and building companies within the insurtech space that can improve the lives of customers.

“Allianz X will unlock strategic growth opportunities for Allianz in insurtech and adjoining areas like blockchain, artificiaI intelligence or virtual reality, addressing topics like mobility, health and care,” said Christof Mascher, COO of Allianz Group, in a statement.

Allianz SE Chief Digital Officer Solmaz Altin added, “We share with Peter Borchers the same enthusiasm about the digital potential in insurance. Allianz X will open up significant growth potential for Allianz in a targeted manner and with creative freedom. In addition to directly strategically relevant areas, so-called moonshots are also possible and desired. We have allotted an annual investment budget in the double-digit million euros.”

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