Allianz's Thailand subsidiary targets 20% growth in corporate sector
Allianz's Thai unit, overseen by CEO Lars Heibutzki, has seen its non-life insurance segment grow from 4 billion baht in gross premiums in 2018 to 10.1 billion baht recently, outpacing the local industry.
As the insurance market expands with new entrants and products, companies like Allianz Ayudhya General Insurance (AAGI), part of the global Allianz Group, evolve tactics for growth by introducing new offerings, enhancing sales channels, training staff, and drawing on Allianz's international clout.
Managing Risk
AAGI recently introduced Allianz Commercial to provide tailored insurance solutions for businesses, addressing specific demands in construction, major projects, marine ventures, and casualty and liability coverage.
Aiming for a 20% boost in corporate insurance business this year, Heibutzki highlighted strategies to mitigate major corporate risks, as noted in their annual Risk Barometer.
Allianz Commercial benefits from Allianz Group's vast knowledge, financial robustness, and more than 70-country network. Allianz's Asia commercial business growth plans, articulated by regional director Christian Sandric, see Thailand as a pivotal market due to its infrastructure ambitions.
Heibutzki expects Allianz Commercial's focus on the corporate scene will fuel AAGI's swift expansion, supported by the Allianz Group's strong reputation as a top international insurer.
Continuous Growth
Heibutzki reports Allianz's non-life insurance business in Thailand scaled from 4 billion baht in premiums in 2018 to 10.1 billion baht, with a GWP increase of 6%, eclipsing the national average. These gains reflect health product enhancements, digital service advances, and strategic acquisitions, such as Aetna health insurance.
With the renown of Allianz, named the No.1 insurance brand by Interbrand, the Thai branch attracts trust globally, spurring advancement. Allianz globally achieved a 5.5% rise in business volume last year, hitting €162 billion.
AAGI experienced a 14% jump in health insurance to 3.2 billion baht in premiums, while motor insurance edged up 3% to 3.3 billion baht in a competitive market. Non-motor insurance saw a 5% gain to reach 3.5 billion baht.
AAGI sets sights on boosting distribution, product development, and customer experience excellence for continual advancement. With an emphasis on health and commercial insurance, it anticipates another strong year, aiming for almost 12 billion baht in GWP.
Principal Strategies
To propel growth, AAGI strategizes bolstering distribution channels, offering exhaustive solutions for diverse clientele, from retail to SMEs. They plan to roll out an SME-specific insurance package and international private health insurance soon, but approach electric vehicle insurance cautiously.
Secondly, they aim to modernize customer experiences through a nimble digital platform. The company has scored high in customer satisfaction and net promoter scores.
The third strategy involves fostering a distinguished organizational culture through professional development and employee engagement activities. Recognized as an attractive employer in Asia by HR Asia for three years, Allianz focuses on satisfaction and loyalty for staff across generations.
Managing Risk
AAGI recently introduced Allianz Commercial to provide tailored insurance solutions for businesses, addressing specific demands in construction, major projects, marine ventures, and casualty and liability coverage.
Aiming for a 20% boost in corporate insurance business this year, Heibutzki highlighted strategies to mitigate major corporate risks, as noted in their annual Risk Barometer.
Allianz Commercial benefits from Allianz Group's vast knowledge, financial robustness, and more than 70-country network. Allianz's Asia commercial business growth plans, articulated by regional director Christian Sandric, see Thailand as a pivotal market due to its infrastructure ambitions.
Heibutzki expects Allianz Commercial's focus on the corporate scene will fuel AAGI's swift expansion, supported by the Allianz Group's strong reputation as a top international insurer.
Continuous Growth
Heibutzki reports Allianz's non-life insurance business in Thailand scaled from 4 billion baht in premiums in 2018 to 10.1 billion baht, with a GWP increase of 6%, eclipsing the national average. These gains reflect health product enhancements, digital service advances, and strategic acquisitions, such as Aetna health insurance.
With the renown of Allianz, named the No.1 insurance brand by Interbrand, the Thai branch attracts trust globally, spurring advancement. Allianz globally achieved a 5.5% rise in business volume last year, hitting €162 billion.
AAGI experienced a 14% jump in health insurance to 3.2 billion baht in premiums, while motor insurance edged up 3% to 3.3 billion baht in a competitive market. Non-motor insurance saw a 5% gain to reach 3.5 billion baht.
AAGI sets sights on boosting distribution, product development, and customer experience excellence for continual advancement. With an emphasis on health and commercial insurance, it anticipates another strong year, aiming for almost 12 billion baht in GWP.
Principal Strategies
To propel growth, AAGI strategizes bolstering distribution channels, offering exhaustive solutions for diverse clientele, from retail to SMEs. They plan to roll out an SME-specific insurance package and international private health insurance soon, but approach electric vehicle insurance cautiously.
Secondly, they aim to modernize customer experiences through a nimble digital platform. The company has scored high in customer satisfaction and net promoter scores.
The third strategy involves fostering a distinguished organizational culture through professional development and employee engagement activities. Recognized as an attractive employer in Asia by HR Asia for three years, Allianz focuses on satisfaction and loyalty for staff across generations.
Translation:
Translated by AI
