Allianz is willing to spend on acquisitions to grow in Asia along along with recently-inked tie-ups, the insurer's finance chief in the region tells finews.asia.
Renate Wagner, Allianz in growing in Asia in part thanks to partnerships. What other cooperations do you have planned this year?
We currently run a suite of partnerships across Asia, from our long-term life relationship with HSBC to the more recent agreements with PNB, Maybank and E-sun, as well as 14 or so digital partnerships. These partnerships expand our presence in Asia, allowing us to reach more customers than ever.
«Bancassurance, partnerships are key channels»
Bancassurance and partnerships is a core channel for us, and we certainly stay open to working with partners who share our commitment towards delivering the best insurance solutions and services for customers.
What is the role of digital in your business, or is agency and partners still very dominant?
Digitization is about changing the way we do business, the way we work, so that we can be where our customers are, and to serve and engage with them in the way they desire. Your question suggests digitization is mutually exclusive from our distribution chain or the rest of our business – in fact, the opposite is true.
«Technology is our enabler»
Technology is a key enabler across our value chain, supporting our robust distribution network to make it even stronger. This gives us a tremendous competitive edge and generates new growth opportunities for our agencies, partners and Allianz.
Your clients are asking for more capital-efficient products in China and SE Asia. What products exactly and what development is behind this?
Much of the increase in new business value is driven by strong sales in our core markets. In order to keep the positive momentum, we have continued to introduce several new protection products that provide excellent value to our customer.
Can you give me an example?
For instance, our new health solution called «Cancer No Worries» is the first product in the Thai market that provides reimbursement of cancer-related expenses, from diagnosis through treatment and rehabilitation.
Besides partnerships, do you see potential to acquire local rivals, either in the life and health arm or for Allianz's wider business in the region?
Allianz is committed to growing in Asia, and part of our growth strategy includes opportunities both organic and inorganic. If an acquisition fits our business strategy and our future growth, and makes economic sense, certainly we will look at it.
«Committed to Asia growth, will consider deals»
In the meantime, we have a business that is growing very healthily, and we’ll continue to focus on driving further growth and value creation in the region.
Will you add headcount in the second half, and if so where?
Allianz has always been an employer of choice, and we believe our employees are our best capital. As we continue to drive growth, change and innovation in Asia, attracting and retaining the right talents will continue to be a priority for us.
Renate Wagner has been Allianz's financial officer in Asia and the head of its life insurance business in the region for nearly two years. A mathematician, Wagner was head of Allianz's CFO office, then its CEO office at the firm's Munich headquarters before transferring to Singapore. She began her career as a risk analyst for Westdeutsche Landesbank, worked for several years as a KPMG consultant, and spent more than six years with Switzerland's Zurich Insurance.
