Allianz hires new CEO for InsurTech unit

German insurance giant Allianz has hired a new CEO for its insurtech incubator Allianz X. Peter Borchers will join the firm from Deutsche Telekom, where he founded the company’s hub:raum incubator.

He will take over the CEO role at Allianz X from October 1st.

“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,” said Allianz chief digital officer Solmaz Altin.

Allianz X is based in Munich and comes under the insurance firm’s digital transformation strategy in allowing it to explore new ideas and business models in the insurtech space. The firm says it has allotted an annual investment budget in the double-digit million euros.

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