AXIS Capital has launched AXIS Digital Ventures, a new unit that will lead enterprise-wide efforts to partner with entrepreneurial companies focused on data and analytics with high value (re)insurance applications, new product opportunities including emerging risks, and new distribution and (re)insurance business models.

AXIS Digital Ventures is also charged with introducing innovative enabling technologies across the company’s businesses.

The launch of AXIS Digital Ventures follows the company’s announcement from earlier this year that it is strengthening its operating model to become more agile and better positioned to leverage change to its advantage, including enhancing its ability to utilize digital technologies and data and analytics.

President and CEO of AXIS Capital, Albert Benchimol 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.”

AXIS named Zach Powell as the head of AXIS Digital Ventures and he will report to group chief underwriting officer (CUO) Eric Gesick.

AXIS Digital Ventures is part of the company’s Global Underwriting and Analytics office (GUA), which is headed by Gesick.

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

Before AXIS, he worked at Swiss Re in the principal investments group. Before Swiss Re, Powell began his career at SFRi LLC, an investment bank focused on the (re)insurance sector.

Gesick added: “Zach will be a great ambassador for our new AXIS Digital Ventures unit. He knows the AXIS organisation, knows our business, and brings a strong understanding of the InsurTech landscape.”