Press release -
Allianz and SYNETIQ automate green parts sourcing
Allianz Insurance and salvage and recycling company SYNETIQ have launched a digital platform that helps vehicle repairers source green parts.
The platform, mygreenparts, digitalises the supply of recycled spare parts, facilitating the purchasing process for bodyshops and supporting sustainable repairs.
Offering parts that match repair standards and insurance requirements, it is the first-to-market solution for these two sectors.
How it works
When repairers generate an estimate for a vehicle repair, their software automatically notifies SYNETIQ’s stock control system of the parts required – within rules agreed with Allianz. This enables SYNETIQ to offer matching parts. These are non-safety critical parts, such as doors, body panels and headlamps that have been graded, cleaned, checked and come with a certificate of parts conformity.
The advantages
Green parts are more environmentally friendly than their newly manufactured equivalent and they cost up to 75% less.
SYNETIQ, which dismantles vehicles that Allianz has written off, ensures their parts are processed responsibly, with component inspection and full traceability.
mygreenparts allows companies to measure and report the emissions and carbon savings they achieve through this climate-conscious approach. It also captures data to identify trends to enhance fulfilment rates.
The platform is expected to increase the proportion of green parts used in vehicle repairs.
Nick Rossiter, motor damage strategy manager, Allianz Claims, commented:
“Through their long partnership, Allianz and SYNETIQ have worked together on an ethical and sustainable approach to vehicle repairs. The mygreenparts platform allows a seamless process for our repairers to purchase green parts, benefitting our customers, repair network and the planet.”
Tom Rumboll, CEO of SYNETIQ, added:
“As the only truly integrated supplier of green parts on a national scale, we handle the complete process of vehicle salvage from start to finish. Enhancing our leading green parts service directly to insurers, via bodyshops, is a great step forward in our common goal of automated and sustainable motoring solutions.”
Insurers and fleet operators currently using SYNETIQ’S mygreenfleet system will be able to migrate to the new platform, and benefit from time and CO2 savings, while the development of mygreenparts allows it to integrate with other bodyshop management systems and reach a wider audience.
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About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain.
About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.
*Including non-consolidated entities with Allianz customers
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
About SYNETIQ
SYNETIQ is the largest UK-owned salvage and vehicle recycling company, formed to become the most innovative and trusted business in the industry.
A fast paced, progressive business, SYNETIQ leads the way in raising industry standards and continually innovates ways of working, to deliver great value, ensure complete compliance and a fantastic experience. All of this is underpinned with the wealth of experience held by our Directors, who have over 150 years between them.
SYNETIQ is proud to have major household names in its portfolio, including insurers, accident management companies, fleets, police forces, logistics companies, vehicle repair Bodyshop’s, and remanufacturers.
With cutting edge data and software solutions, multiple sites, a specialist vehicle recovery fleet and over 480 dedicated UK-based employees, customers and clients trust SYNETIQ to create bespoke solutions to deliver the maximum financial returns for their business. Its primary goal is to understand needs and preferences, delivering the best solution, right first time.
