As the insurance economy in Asia grows, Allianz Malaysia currently has a 2020 plan set in motion driven by digital businesses and partnerships.
According to regional CEO George Sartorel, the company is looking to create at least 10 new partnerships. This comes at a time where Asia is growing to become the largest insurance market. Reports on The Star quoted Sartorel saying that Asia’s insurance market was expected to experience a double-digit growth, with life and non-life insurance business growing up to 15% per annum for the next 15 years.
“That said, we are keen to double the size of our franchise by 2020 in Asia and we are well on track to achieve this,” Sartorel reportedly said. He added that there was a push in digital in the region along with innovation due to the influx of mobile, product development and social media.
According to The Stat, he added that despite the market being saturated, “the insurance business model of the future will be built right here in Malaysia.”
Since January 2016, and in order to meet the needs of a perpetually changing world, Allianz Worldwide Partners has been organised around five lines of business, five regions and five global functions.
5 lines of business:
International Health and Life
Digital and Market Management
Europe 1 (Northern Europe, Middle East and North Africa)
Europe 2 (Germany, Austria, Switzerland)
Europe 3 (Southern Europe, France)
5 global functions:
Finance, operations, HR/communication, audit, strategy.
This new organisation is led by Rémi Grenier, president and CEO.