Axis Capital Holdings Ltd has launched a new unit to spearhead efforts to partner with entrepreneurial companies expert in data and analytics, who have valuable applications for the insurance industry.

Axis Digital Ventures will also be expected to introduce innovative technologies across the group’s businesses.

Albert Benchimol, chief executive officer of the Bermudian insurer and reinsurer, said: “With the launch of Axis Digital Ventures, we are accelerating our efforts to leverage digital technologies and insurtech more broadly to drive innovation, increase efficiency, enhance profitability and identify new products and solutions that will deliver more value to our clients and partners in distribution.

“Since our inception, Axis has been focused on delivering insights that enhance the underwriting and servicing of re/insurance. With Axis Digital Ventures, we are building on this by leveraging the powerful tools and data available today to deliver deeper insights and provide our services in the way our diverse customer base wants them, while delivering on our promise to pay as we always have.”

Zach Powell is the head of Axis Digital Ventures and he will report to Eric Gesick, group chief underwriting officer. Axis Digital Ventures is part of the company’s Global Underwriting and Analytics office, which is headed by Mr Gesick.

Mr Powell previously served as a director of corporate development at Axis, where he worked on sourcing, evaluating and executing acquisitions and strategic investments.

Before he joined Axis, Mr Powell worked at Swiss Re in the Principal Investments group.