It's very hard to talk about digitization in isolation. It affects every aspect of our business, and therefore supports each of our strategic priorities.
Our businesses around the world are investing heavily in building digital customer, advisor and employee services. You can read about some of our recent successes in our news section.
Technology can help make products simpler, more direct, transparent and efficient. And while technology may bring increased competition from non-traditional providers of financial services, it also opens up opportunities to expand our distribution.
Technology can also help us behind the scenes. For example, it can help us determine risk more effectively, and can help us reduce costs by simplifying processes and streamlining back office systems.
In our recent strategy update we committed to investments in digital capabilities and expertise of EUR 50 million per annum above the current level to further support the organic growth of the business.
Corporate Venture Fund
And our Corporate Venture Fund, Transamerica Ventures, has already invested in more than 10 Fintech companies that have developed technologies we can leverage to support our business.
Center of Excellence for Digital
We've also recently set up a Center of Excellence for Digital to help accelerate our digital transformation. This will help local operations adopt and innovate, and promote international collaboration in the digital domain. The CoE will serve Asia and Continental Europe through four teams: Digital marketing, Analytics, User experience, and Digital strategy with a gradual rollout.
Digitization is an integral part of our business. You'll find examples of the work we're doing in this area throughout our latest Annual Review.