Tuesday, March 5, 2024

Allianz unveils strategy to attract more customers in digital economy

SINGAPORE — German insurance firm Allianz has dived into the digital ocean of the Industrial Revolution (IR) 4.0 as it looks to add value to and scale customer experience. Led by regional CEO George Sartorel, Allianz Asia-Pacific is considered the “growth engine” of the Allianz Group, the world’s largest insurer.

Allianz's Sartorel: These strategies allow us to understand customers better. (EKU)
Allianz Asia Pacific CEO George Sartorel

After all, the insurance and asset management company has 16 markets, 21 million customers, and 36,000 workers in the region, where it continues to do business dating back to 1910, first in China. Besides being the biggest player in motor insurance, Allianz in Asia is also leading the group in digital change, Sartorel said.

During Allianz APAC’s first “Digital Day” in the region in Nov. 13 which was held at its Asia Lab facility in Singapore, the company unveiled a digital strategy triangle: digital partnerships at the top, data science on the left side, and Allianz-as-a-Service on the right side.

The strategy “allows us to understand customer better, to understand whether we are delivering the right services for what people can afford, to be able to actually include people for protection,” Sartorel pointed out.

The three-pronged strategy also involves “forging digital partnerships,” said Robin Loh, Allianz APAC chief digital officer, adding that “every line of business is getting disrupted.”

To be successful in the digital economy, companies should go where the customers are, Loh said.

“Whether it’s a ride-sharing platform, whether it’s an e-commerce platform, the hypothesis is very simple: if you fork out money to buy products, or services online, you will need protection for yourself when you are using the service,” he said. “And at Allianz, we believe that to play is to plug our self seamlessly and ubiquitously into the customer journey of (every platform).”

Its Allianz-as-a-Service offers products and services through open APIs (application programming interface) to leverage many technologies, among them Internet of Things (IoT) or blockchain.

Allianz's Loh: You should go where the customers are.
Allianz Asia Pacific chief digital officer Robin Loh

“If you are buying something from them, if you are using a service from them, you probably need protection. And there we hope that Allianz can be part of the ecosystem, part of the customer journey to provide that protection and create value added services for the consumers in the digital economy.”

Established in 1890, Allianz has offices in over 70 countries, employs 142,000 workers, and provides property, casualty, life and health insurance and asset management services for 86.3 million customers. Allianz, which is the world’s leading asset manager with up to $3 trillion worth in assets, posted revenues of 10.8 billion euros in 2016.


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