Travel insurance and assistance specialist Allianz Global Assistance has launched a brand-building advertising campaign designed to make Allianz a household name in the UK.
‘Our clients include many of the world’s most respected airlines, online travel agencies and high street financial organisations. The new campaign will…demonstrate the global presence and breadth of expertise of Allianz.’
Allianz Global Corporate & Specialty (AGCS) has appointed Tim Galloway as regional head of liability. Mr Galloway joined AGCS in 2010 as a senior liability underwriter. He has also worked at Aviva and Zurich.
Allianz retail general manager Jon Dye will replace Andrew Torrance as UK CEO.,Broker,Insurer,People ,Allianz,recruitment
"Andrew's achievements at Allianz UK in such a highly competitive insurance market made him a natural choice for this role. His experience and steadfast commitment to the principle of profitable growth combines perfectly with the objective of Fireman's Fund to improve the company's profitability."
Allianz is set to launch a UK advertising campaign designed to make the brand a household name, featuring outdoor poster advertising, national press ads and increased online activity. As part of the strategy, the provider’s internet-only direct proposition, Your Cover, will rebrand to Allianz Your Cover.
Chief executive Andrew Torrance said: "Building a stronger Allianz brand in the UK is an important component of our strategy to grow Allianz Insurance significantly over the next five years".
- Operating profit of £46.8m, up 34% on the £34.9m it made in the same period last year
- Combined operating ratio (COR) improved by 1.9pp to 95.2% (Q1 2012: 97.1%)
- Gross written premium increased 7% to £506.6m (Q1 2012: £473.6m)
- Personal lines [Retail] COR improved by 2.5pp to 95.4% (Q1 2012: 97.9%)
- Personal lines [Retail] GWP grew c.12% to £247.3m (Q1 2012: £220.3m)
Allianz Insurance chief executive Andrew Torrance said: “I am very encouraged with the start we have made to 2013... I am very satisfied with the performance of our Retail Division with GWP across the division up 12.2%. Broker business GWP is up 11.8% over the previous year and this over performance is mostly derived from the household portfolio where we have now become the lead insurer on Towergate’s household account. I am also pleased to report that overall the broker household policy count rose by 7.5% during the quarter".
Allianz is making changes to its Allianz Legal Protection (ALP) business in response to the LASPO Act. It plans to develop a non-personal injury business in its legal expenses insurance unit and replace its before-the-event (BTE) offering. LASPO is expected to slash the sale of after-the-event (ATE) insurance for personal injury – a product that has been partly responsible for ALP’s growth (44% increase in GWP in 2012).
Chief Executive for Allianz Legal Protection, Andrew Torrance said: “We know there is demand in these areas and we are in discussion with various companies regarding potential offerings. I am very confident about ALP’s future and I draw this confidence from looking at the financials and the people within that business."
Allianz’s UK non-life operation made a Q1 2013 operating profit of €55m (£47m), up 67% on the €33m it made in the same period last year, on gross written premiums of €595m (up 5% - attributed to rate rises). The UK combined operating ratio improved by 3.8 points to 95.2% (Q1 2012: 99%).
Allianz is to exclusively underwrite a new proposition from Drive Style Insure that bases the premium on each individual’s driving behaviour.
"We are delighted to work with Drive Style Insure to support this initiative which encourages safer driving. We believe pay-per-use policies are a fair and transparent way of calculating premiums. Our aim is to ensure that we are making the best use of the technology that is available in the market to ensure that we are in a position to provide solutions which meet our customer needs."
Allianz Global Assistance focuses on partnerships with new appointment News
‘Pam’s experience of the automotive industry and in particular, her relationships with franchised dealer networks means that she will play a crucial role in our plans to broaden the reach of our automotive solutions. In addition to building new commercial relationships, Pam will also focus on bringing our current partners added value in terms of innovation and a high level of customer service. With this appointment, Allianz Global Assistance continues to invest in industry talent, as part of our overall growth strategy, as we move into new areas of the automotive sector.’
An article from Post magazine has criticised aggregators saying they have "come under fire for a lack of standards and insurance qualifications". In particular, lack of engagement with the Chartered Insurance Institute was flagged as an issue, as was the need to pursue Biba membership.
"Many aggregators such as Compare the Market, Go Compare and Confused are either wholly or partially insurer owned and we see them very much as part of the industry. Indeed, we believe this is how these players are also viewed by consumers, although some are making strides to gain market share in other areas of price comparison outside of insurance".
Allianz Global Assistance has signed a deal with Spanish airline Iberia to provide travel insurance in the UK. The agreement will result in existing work with Iberia in other countries expanding to open up new opportunities in the UK travel market.
“We are delighted to expand our partnership with Iberia Group to include travel insurance for the UK market. This is a clear illustration of the quality of cover we already provide for Iberia in other countries. We look forward to working closely with Iberia in the future to identify new opportunities and further develop our partnership.”
PROFITS for Allianz Global Assistance, whose UK operation is based in George Street, Croydon, are up by 20 per cent over last year, the company has reported.Turnover also increased, by nine per cent,...
"Our automotive division continued to grow organically, while bringing on board new manufacturers to widen our market reach. Our fledgling health division firmly established itself as a robust employee benefits provider and our travel insurance and medical assistance solutions continue to be recognised as quality providers in competitive arenas. While economic challenges will need to be overcome as we work towards achieving the group's 2015 ambitions, the continued dedication and commitment of our UK team gives us the greatest of confidence those ambitions will be realised."
Allianz has entered the telematics market in a partnership deal with broker Coverbox over a new pay-how-you-drive product called DriveStyle Insure. Policyholders will be given an online personal dashboard displaying their driving history and tips on how to drive more safely and reduce future premiums. It also shows their personalised insurance cost-per-mile calculation.
Coverbox executive chairman Johan van der Merwe said: "The customer will book an initial 5,000 miles and the way they drive for that 5,000 miles will affect the price of the next 5,000".
Delivering travel insurance underwriting to support corporate and travel clients.
“We are delighted to be extending our already strong relationship with Millstream, illustrating the value of our experience in underwriting for the travel insurance sector. Over the next three years, we aim to continue to provide the support and expertise Millstream needs to develop its high quality travel insurance products and employee benefit schemes for its clients."
Standard & Poor’s (S&P) has announced the first batch of rating updates reflecting its newly implemented rating criteria. Allianz continues to have an ‘AA’ financial strength rating and Zurich continues to have an ‘AA-' rating.
Chris Hanks, general manager at Allianz Commercial has confirmed his retirement date from the provider as the end of June this year. Hanks will be replaced in the role by the insurer's director for commercial broker markets, Simon McGinn. He will take up the role on 1 July and will also join the Allianz UK management board.
Allianz Global Assistance has recorded a 9% rise in growth in global turnover last year, exceeding the proclaimed objective of €2.2bn (£1.9bn).
"Whilst economic challenges will need to be overcome as we work towards achieving the group's 2015 ambitions, the continued dedication and commitment of our UK team gives us the greatest of confidence that those ambitions will be realised."
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