Allianz Group announced it is restructuring its global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial, which will encompass 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.
Allianz said 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/casualty, to grow through scalable platforms, and drive agility in execution, the company said.
“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.
Allianz Commercial Leadership
Allianz Commercial will feature one single commercial lead in each country or region to represent the Allianz Commercial businesses, aiming to simplify 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.”
Source: Allianz
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