Allianz Direct Leads Digital Insurance with Real-Time Pricing Rockset-Powered
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Allianz Direct Leads Digital Insurance with Real-Time Pricing Rockset-Powered

By CIOReview | Friday, January 13, 2023

Customers of Allianz Direct benefit from real-time personalized experiences powered by a real-time analytics database.

FREMONT, CA: “Digitization is a component of growth in the insurance industry,” says Matthias Wesolowski, head of engineering at Allianz Direct. Rockset, the Real-time Analytics Database Built for the Cloud, has revealed that Allianz Direct is utilizing Rockset's cloud-native technology to provide real-time pricing for its insurance products, thereby strengthening its position as the future digital insurance provider.

“Our mission at Allianz Direct is to push the limits of technological innovation to become the most efficient, customer-oriented direct player in the market. With Rockset, our teams now have unprecedented flexibility to deliver new data products that leverage real-time analytics on streaming data,” adds Wesolowski.

Allianz Direct, the pan-European direct insurer of the Allianz Group, is devoted to constructing the future of digital insurance by delivering the highest quality of client experience through digital transformation initiatives.

Allianz Direct uses Rockset to enable its employees to construct new data products in an agile, self-service way based on data mesh principles. Allianz Direct's real-time pricing currently incorporates over 800 variables to provide customers with accurate quotes. With its new self-service strategy, Allianz Direct can now fine-tune its pricing models in 1-2 days, whereas, in the past, it would have taken weeks to adapt these rating variables to pricing models. In addition, the insurer uses Rockset for real-time power analytics for 360-degree views of customers and fraud management.

Rockset's schemaless ingest and rapid SQL queries, enabled by its Converged Index, allow Allianz Direct to effortlessly include new risk factors into its models to improve real-time pricing accuracy.

Integrating Rockset’s with Confluent Cloud, a fully managed service for Apache Kafka, provides a modern, cloud-native real-time data stack that processes billions of events and enables sub-second SQL analytics without the need to maintain infrastructure or overprovision resources. Rockset's native Confluent Cloud connectivity enables Allianz Direct to index any new streaming data with a two-second end-to-end data latency.

“Rockset’s fully managed cloud service makes it possible for organizations to realize real-time analytics without making a massive engineering investment,” says Venkat Venkataramani, co-founder and CEO of Rockset. “Using our real-time analytics platform, valued customers like Allianz Direct can stay agile while taking advantage of real-time data to become the most innovative and efficient insurer in the market."