Allianz X, a revamped division of Allianz focused on developing new InsurTech concepts and companies, has turned to a telecom industry startup expert as its new CEO.

Peter Borchers is slated to become CEO of the Allianz unit as of Oct. 1, according to a company announcement.

Allianz called Borchers “one of the most experienced and highly respected leaders in the area of corporate incubation and corporate start-up collaboration.” He is the founder and soon-to-be-former head of hub:raum, an incubator and accelerator with offices in Berlin, Tel Aviv and Krakow designed to link tech entrepreneurs and high growth startup companies with Deutsche Telekom. The German telecommunications giant would, in turn, provide those startups networking, capital and business opportunities, according to the hub:raum web site.

Allianz X will have an investment budget in the range of “double-digit million euros” to focus on its mission, Allianz SE Chief Digital Officer Solmaz Altin said in prepared remarks.

Allianz X is designed to spot, build and scale globally new business models in the InsurTech space, and give those new companies a high degree of freedom. According to its web site, the division expects to launch new ventures in under six months from idea to market, supporting new businesses with funding that enables them to focus on growth. Division members are focused on business development, user experience, web development, strategy, infrastructure development, online marketing and other areas.

Allianz X debuted in early July, though it isn’t exactly new. It is a reconstituted version of what was the Allianz Digital Accelerator. Allianz pitched the revamp as having a greater focus “on insurance related business models, increased funding and an even more rigid launch process to identify, build and globally scale business models.”

Source: Allianz