The firm is investing in their recently launched unit 

Pensions Insight

Peter Borchers will be the chief executive of the recently established unit Allianz X.

Effective from 1 October 2016, Borchers will lead the new division, Allianz X, which is one of the key pillars of the Digital Transformation strategy of Allianz Group, and represents the company builder and venturing unit, dedicated to identifying, building and globally scaling new business models in the InsurTech space.

Allianz Group chief operating officer and Allianz SE member of the management board of Christof Mascher said: “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. Peter Borchers has broad experiences in digitization and I am glad he’ll join Allianz.”

Allianz SE chief digital officer Solmaz Altin said: “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. It will also have internal effects by promoting an entrepreneurial mindset. We have allotted an annual investment budget in the double-digit million euros.”