Will the Insurtech Startup Move the Needle for Allianz?
Allianz’s Company Builder
AllianzX (formally known as Allianz Digital Accelerator) is a specialized company builder in the Insurtech industry. Their goal is to add value to Allianz Group (current business model) or create new disruptive opportunities within the insurance sector (find new business models).
Entrepreneurs in Residence
Participating entrepreneurs are employed as an Entrepreneur in Residence by receiving an employment contract for a limited time while trying to develop and validate new concepts. During this time, they have access to an experienced team for validation, concept design, prototype development, and product testing. These costs are covered by AllianzX. If the entrepreneurs are successful and want to move ahead, they will have to answer the all-important question from AllianzX’s leadership team:
Will the startup move the needle, for Allianz?
To move the needle at a global, 125 Billion, Euro Insurance giant like Allianz, the startup’s business model must have the following potentials:
- global scalability
- essential to core insurance tasks
- complimentary services inside the existing business model,
- or they have to be disruptive to incumbent risk carriers.
No easy challenge!