The logo of Insurer Allianz on the roof of the company headquarters in Unterfoehring near Munich, Germany. (picture alliance/dpa/archive)
Insurance giant Allianz plans to establish a European online insurer. The direct insurance will initially start with motor vehicle policies in four countries, Europe’s largest insurer announced on Friday in Munich at a meeting of investors. During the initial phase, the policies will be sold in Germany, the Netherlands, Italy and Spain, and will be expanded to other countries later on.
CEO Oliver Bäte set clear targets for the company’s 140,000 employees throughout the world: "The goal of all of Allianz’s divisions must be to beat the best in the market," he said. The goal is higher profitability: Earnings per share should increase by more than 5 percent between 2019 and 2021, of which more than 4 percent is to be organic - i.e. without acquisitions of other companies. Bäte assured the investors that the company would not embark on any adventures: "If you invest in Allianz, you will sleep soundly.”
The new direct insurer will be launched by the end of 2019 and won’t endanger the established distribution channels via brokers. "There will be zero cannibalization," Bäte stressed.
The company’s management wants to achieve the hoped-for higher profits primarily through simple products and globally uniform IT systems. As with many banks and insurance companies, Allianz currently uses a large number of different, expensive software programs.
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