Press release -
Allianz looking to buck the trend on broker service as it relishes a return of face-to-face broker trading
Allianz’s regional manager for London, Tom Leonard looks at the benefits of face to face trading with brokers, as Allianz research suggests a general breakdown in service from insurers
While Allianz has developed a hybrid way of working, it recognises the importance and benefits of face-to -face trading with broker partners again.
During the pandemic, collaboration was confined to video calls and virtual meetings. While clients expected our industry to ‘carry on as normal,’ insurers and brokers had to change their set up to work at home, therefore missing out on the personal interaction that makes our industry special and drives better outcomes for our customers.
A survey conducted by Allianz found that some brokers indicated that they felt a general breakdown of service from insurers in the industry due to the continuation of working from home.
While Allianz’s internal research found that during the pandemic, its engagement with brokers increased both in 2020 (11%) and 2021 (8%), it was due to the proactive approach of arranging more formal meetings, by phone or video call.
But now, after two years of remote working, Allianz is happy to be out and seeing broker partners face-to-face again.
Allianz has implemented a hybrid working model post the pandemic believing time in the office enables a fantastic melting pot for collaboration, training and efficiency for customers. The easy access to decision makers drives quicker decisions and better outcomes for brokers.
Tom Leonard, regional manager for London Markets and Engineering Construction and Power Southern at Allianz Insurance is relishing being back in the office and connecting with brokers face-to-face again.
He said: “Throughout the pandemic and lockdowns, Allianz prioritised the return to offices up and down the country. Then before the restrictions were eased earlier this year, we had a plan in place to get back into the offices safely. Once those restrictions were lifted, we successfully put that plan into action.
“While insurers tried their best to adapt in the pandemic and ‘carry on as normal’ as much as possible, the impact of the restrictions put into place could not be ignored.
“Following the return of a physical BIBA conference, and having spoken to brokers in London and the wider market, there is a definite feeling that insurers across the whole industry have dropped the ball a little when it comes to service, and that it is mainly the case for those insurers who are still primarily working from home.
“Insurance has always been a complex industry, and it continues to get more complicated. Following on from Covid-19 we’re now dealing with claims inflation, cost of living increases, and more recently the war in Ukraine and the impacts surrounding that.
“We feel that more face to face engagement with brokers gives us the best chance to navigate these new risks and complexities. We want responsiveness to our brokers to be our superpower, for it to be a differentiator for us against the rest of the market”
Recently, Allianz has announced new investment in its office space, such as a new engineering hub at its Guildford head office, moving to a new sustainable office in Manchester’s Landmark Building, and most recently announcing that all UK Allianz offices source their electricity from 100% renewable sources.
Tom Leonard added: “We are regularly adapting our regional work-spaces to be ready for future trading. While we realise that the use of office space is changing, we need to provide the best facilities for our workforce and brokers so they are encouraged to come in and collaborate.
“We want our brokers to know that they can have open, progressive and transparent conversations with us, as well as quick access to experts and decision makers.”
ENDS
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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 including Allianz Insurance plc.
About Allianz Group
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.
