Allianz Group makes global changes to commercial business
Allianz Group makes global changes to commercial business
Allianz Group has announced the creation of Allianz Commercial, a global commercial insurance segment encompassing its AGCS business serving large corporate clients and its businesses serving mid-sized, country-based accounts.

The new approach anticipates an “the increasing globalization of risks, closes internal structural gaps in market reach, and extends Allianz’s product offering and delivery at the local level to meet a clear market need,” Allianz said in a news release.

Clients and partners should expect a “more consistent underwriting approach”, with coordination on global scale, the insurer said.

“Allianz Commercial allows us to deliver the full value of Allianz’s scale and full set of capabilities for the benefit of our customers, brokers and shareholders,” said Chris Townsend, member of the Allianz SE board of management.

Allianz Commercial will feature one single lead in each country or region to represent its commercial businesses, a move it said is intended to simplify the experience of clients and distribution partners.

Its trading, underwriting, and customer delivery teams are expected to “work closely together” under the model, according to the press release. The legal entities conducting the insurance business and their leadership are expected to remain the same, Allianz said.

Restructuring its leadership and management team

ACGS has added two new members to its board of management while also updating the responsibilities of existing members.

Joachim Mueller will now lead the Allianz Commercial business as part of his role as CEO of AGCS SE, reporting to Townsend.

Jon-Paul Jones will assume the role as chief operating officer of AGCS, pending regulatory approval, replacing Betting Dietsche, who has already moved to Allianz SE as chief people and culture officer. Additionally, since February 1, Dirk Vogler has been working as the midcorp  transformation officer.

Jones will oversee global business operations, IT, protection and resilience, corporate service transformation, global process management, the global data office and major IT transformation projects.

Vogler oversees the program office, which was also created to support the new collaborative model between AGCS and the mid corporate business of national Allianz OEs

Source: Insurance Business

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