Allianz streamlines commercial insurance with new integrated approach

Allianz streamlines commercial insurance with new integrated approach

(IN BRIEF) Allianz Group has announced that it will establish an integrated approach to serve the global commercial insurance sector under the name Allianz Commercial. The new approach will bring together the Allianz Global Corporate & Specialty (AGCS) business that serves large corporate clients with the insurance businesses of Allianz’s operating entities that serve mid-sized country-based accounts. Allianz Commercial is fundamental to the group’s strategy to expand its leadership position in property and casualty and to drive agility in execution. The move anticipates the increasing globalization of risks and extends Allianz’s product offering and delivery at the local level to meet a clear market need. The establishment of the Global Commercial Division in 2021 has laid the groundwork for the new model.

(PRESS RELEASE) MUNICH, 11-Mar-2023 — /EuropaWire/ —Allianz Group announced that it will serve the global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial, featuring an integrated approach encompassing its Allianz Global Corporate & Specialty (AGCS) business serving large corporate clients and the insurance businesses of Allianz’s operating entities serving mid-sized country-based accounts.

The new integrated approach anticipates the increasing globalization of risks, closes internal structural gaps in market reach, and extends Allianz’s product offering and delivery at the local level to meet a clear market need. Clients and distribution partners will experience a consistent underwriting approach and access harmonized insurance solutions that are globally coordinated and locally delivered with one market interface. In parallel, employees will experience broader opportunities for their professional development and career mobility.

The move is fundamental to the Allianz Group strategy to expand its leadership position in property and casualty, to grow through scalable platforms, and drive agility in execution.

“Allianz Commercial allows us to deliver the full value of Allianz’s scale and full set of capabilities for the benefit of our customers, brokers and shareholders,” said Chris Townsend, Member of the Allianz SE Board of Management.

Townsend added, “The introduction 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 steer Allianz’s mid-corporate business in conjunction with Allianz’s local operating entities, along with the ongoing improvement of the performance of AGCS, have laid the groundwork for the new model.

Allianz Commercial leadership

Allianz Commercial will feature one single commercial lead in each country or region to represent the Allianz Commercial businesses, simplifying the experience of clients and distribution partners.

Teams currently focused on trading, underwriting, and customer delivery will work closely together under the new integrated operating model. The legal entities conducting the insurance business and their leadership will remain the same.

Joachim Mueller will lead Allianz Commercial as part of his responsibilities as CEO of AGCS SE, reporting to Townsend. Dirk Vogler, previously Member of the Board of Management of Allianz Versicherungs-AG, has been appointed as Chief MidCorp Transformation Officer, reporting to Mueller.

“Allianz Commercial is the result of market feedback encouraging us to combine the best of AGCS with the best of local Allianz businesses to serve more clients around the world,” said Mueller. “The result will be simplicity, clarity and consistency for our customers, where we serve them with a wider range of products – from Allianz Multinational to climate solutions – in a seamless approach that preserves the trusted relationships and local know-how they value.”

About Allianz

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 broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 683 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.6 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.
** As of December 31, 2022

Media Contacts:

Lauren Day
Allianz SE
+49 89 3800 3345
Email: lauren.day@allianz.com

Hugo Kidston
Allianz Global Corporate & Specialty
+44 20 3451 3891
Email: hugo.kidston@allianz.com

SOURCE: Allianz SE