Allianz Group Is Undertaking Major Alterations to Its Commercial Enterprise
worldinnews.com - Allianz, the world's largest insurance company, has announced the creation of Allianz Commercial, a global insurance segment dedicated to commercial insurance that encompasses AGCS, a company that serves large corporations, and its other commercial businesses that serve medium-sized, country-based accounts.
The new strategy is predicated on the idea that "the globalization of risks is increasing, internal gaps in market reach are being closed, and Allianz's product offerings and delivery methods must be adapted to meet a local market need," Allianz said in a statement.
Clients and partners should expect a more "standardized underwriting approach", with coordination across the globe, the insurer said.
"Allianz Commercial allows us to deliver the full value of Allianz's scale and extensive capabilities to our customers, brokers and shareholders," said Chris Townsend, a member of the Allianz SE's board of management.
Allianz Commercial will have one single leader in each country or territory that represents commercial businesses, the company said this move is intended to simplify the experience of clients and distributors.
Its trading, underwriting, and customer-delivery teams are expected to "work closely together" in the model, according to the release. The legal entities that conduct insurance business and their leaders are supposed to remain the same. Allianz stated this.
Reorganizing its leadership and management
ACGS has augmented its board with two new members while also altering the responsibilities of existing members.
Joachim Mueller will now take over the Allianz Commercial business, which is part of his role as CEO of AGCS SE, he will report to Townsend.
Jon-Paul Jones will take on the role of chief operating officer at AGCS, pending approval from the regulatory agencies, Betting Dietsche has already left his position at Allianz to take the role of chief people and culture officer at the company. Also beginning on February 1st, Dirk Vogler has been taking on the role of midcorp transformation officer.
Jones will have responsibility for global business operations, IT, security and resilience, service transformation in the corporate sector, process management in all areas, the data center office and large IT projects.
Vogler is in charge of the program office, this office was also created in order to support the new collaborative model between AGCS and the mid-corporate business of national Allianz OEs's mid-corporate business.
Other significant changes
Other than these two appointments, there have been numerous changes to the current AGCS SE Board members' responsibilities:
Chief underwriting officer specialty, Renate Strasser, will be appointed to a newly created role on the AGCS SE board that will focus on technical excellence in underwriting, pricing, portfolio management, risk consulting and reinsurance, as well as ESG/climate solutions.
Shanil Williams will now take on greater responsibility for all nine AGCS global lines of business, both corporate and specialty, as chief underwriting officer.
Claire-Marie Coste-Lepoutre will direct the compliance department, human resources, and the transformation of the "NEW AGCS" office. Additionally, she took over the position of new deputy CEO on the AGCS SE board, Mueller being replaced by her.
In addition to his position as CEO of AGCS SE, Mueller will also oversee operations in the UK, France and Australia. Every country possesses large portions of the Allianz MidCorp portfolio, these are integral parts of the commercial partnership that is AGCS/OE.
Other countries or regions will continue to report to either Henning Haagen or Tracy Ryan, who has been appointed as the new leader of regions and markets.
"I welcome Dirk and Jon-Paul to AGCS as members of the AGCS SE Board of Management, in addition to Tracy Ryan, whose appointment we announced earlier this week", Mueller said. With the addition of these new joiners and a reallocation of responsibilities for some current board members, we as a leadership team are ready to begin the next chapter in the history of Allianz Commercial: the implementation of the new collaborative model of Allianz.
