Mondial Assistance, which was originally established in France in 1974, became a wholly owned subsidiary of Allianz when it acquired AGF. The division now employs approximately 5,000 people, has offices on all five continents, and last year processed about twelve million cases around the globe.
The insurance policies it offers to travelers, business people, motorists and other clients aren’t aimed primarily at compensating for losses, but to assist people in getting broken cars repaired, obtaining medical treatment in foreign countries, and generally making life a little easier and more secure.
The service, however, is not well known, as it works through other organizations. A bulletin on the Allianz Web Site states that, “The professional help service provider works exclusively and anonymously in the name of insurance companies, automotive manufacturers, and tour operators. So calls are answered by BMW if a BMW driver has a breakdown with his rented car, by the L’tur hotline if a last-minute vacationer has run into difficulties or by Allianz if a household insurance policy holder is up to his ankles in water – although all of the three calls end up at the same desk.”
This also helps explain why the industry worth 200 million euro (around $175 million) is almost completely unknown in Germany. “Except for our direct customers, hardly anyone knows about us,” stated Christian Teichmann, the spokesman for Mondial.
Allianz sees these types of services as a real growth area. The German Mondial Assistance has started to offer its customers complaints management services and relocation management services: “the company handles all unpleasant removals-related tasks for their customers, from dealing with public authorities to renting out the old home.”
Teichmann sees the greatest opportunities emerging with the demographic mega trends i.e. there are an increasing number of older people and people living alone which means more people depend on outside help. “We will see markets emerge we can’t even imagine today,” Teichmann indicated, “and of course we will be prepared.”
Was this article valuable?
Here are more articles you may enjoy.