Allianz will operate its insurance business for medium and large companies under a unified strategy and market approach.
Allianz Group announced today that it will serve the global commercial insurance segment as a go-to-market business under the Allianz Commercial trading name, with an integrated approach that will combine its Allianz Global Corporate & Specialty (AGCS) business for large corporate customers and Insurance includes business areas of Allianz’s operating units that serve medium-sized customers in countries.
The new integrated approach anticipates the increasing globalization of risk, fills internal structural gaps in market reach, and expands Allianz’s product offering and delivery locally to meet a clear market need. Clients and channel partners will experience a consistent underwriting approach and access harmonized insurance solutions that are coordinated globally and delivered locally via a market interface. At the same time, employees will experience broader opportunities for professional development and career mobility.
This move is fundamental to Allianz Group’s strategy to extend its leadership position in property-casualty insurance, grow through scalable platforms and foster agility in execution.
‘Allianz Commercial enables us to deliver the full value of Allianz’s scale and full range of services to the benefit of our customers, brokers and shareholders,’ said Chris Townsend, Member of the Board of Management of Allianz SE.
Townsend added, ‘The launch of Allianz Commercial is a powerful and natural continuation of our existing multi-year strategy to scale and globalize the commercial segment.’
The establishment of the Global Commercial Division in 2021 to globally manage Allianz’s mid-market corporate business in collaboration with Allianz’s local operating units, as well as the continuous improvement of AGCS’ performance, laid the foundation for the new model.
Alliance Commercial Management
Allianz Commercial will have a single Commercial Lead in each country or region representing Allianz Commercial businesses, simplifying the customer and channel partner experience.
Teams currently focused on trading, underwriting and client support will work closely together under the new integrated operating model. The legal entities operating the insurance business and their management remain unchanged.
Joachim Mueller will lead Allianz Commercial as part of his duties as CEO of AGCS SE and report to Townsend. Dirk Vogler, previously a board member of Allianz Versicherungs-AG, has been appointed Chief MidCorp Transformation Officer reporting to Mueller.
‘Allianz Commercial is the result of market feedback that has encouraged us to combine the best of AGCS with the best of Allianz local businesses to serve more customers around the world,’ said Mueller. “The result will be simplicity, clarity and consistency for our customers as we offer them a broader range of products – from Allianz Multinational to climate solutions – in a seamless approach that preserves the trusted relationships and local expertise that they treasure.”
About Alliance
The Allianz Group is one of the world’s leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a wide range of personal and business insurance services, ranging from property, life and health insurance to assistance services, credit insurance and global business insurance. Allianz is one of the world’s largest investors and manages around 683 billion euros** on behalf of its insurance customers. In addition, our asset managers PIMCO and Allianz Global Investors manage around EUR 1.6 trillion in third-party assets. Thanks to our consistent integration of ecological and social criteria in our business processes and investment decisions, we are one of the leading companies in the insurance industry in the Dow Jones Sustainability Index. In 2022, more than 159,000 employees generated total sales of 152.7 billion euros and an operating result of 14.2 billion euros for the group.
As always, these assessments are subject to the disclaimer below.
*Including unconsolidated companies with Allianz customers.
(C) 2023 Electronic News Publishing, source ENP Newswire
