Allianz optimistic about life insurance demand

Allianz, a global insurance firm that originated in Germany, expects higher demand for life insurance in the Philippines after it posted a 32 percent growth in new business annual premium equivalent (NBAPE) in the third quarter of the year.

Through its bancassurance partnership with the Philippine National Bank (PNB), Allianz registered NBAPE growth amounting to P3.34 billion in the first nine months.

NBAPE considers both lump sum payments for single premium accounts and regular payments for regular premium accounts.

Allianz-PNB also recorded a 29 percent growth in gross written premium amounting to P26.18 billion in the third quarter a year ago.

Apart from strong financial performance, Allianz also boasted of its inclusion in the Top 25 World’s Best Workplaces by Great Place to Work last year at 17th spot.

“These strong results and accolades highlight the strength of our business strategy and our deep-rooted expertise in Asia Pacific. We remain steadfast in delivering innovative and sustainable solutions for our customers, ensuring we continue to create value and strengthen trust across the region,” Allianz chief executive officer for Asia-Pacific Anusha Thavarajah said.

AI included

Allianz said it maximizes the use of artificial intelligence and human skills in delivering services to the global market.

The insurer reported investing 743 Euros or about P44,678 in training each employee last year and dedicating an average of 50 hours for learning sessions per employee, higher than the industry’s 43 hours.

“Digital and data literacy is critical to delivering our customer and growth ambitions, and it is relevant to every profession and function within the company. This is why we see our investment in our people’s learning and development as a competitive asset and strategic lever of value creation for Allianz,” Renate Wagner, Allianz member of Board and Management for People and Culture and Mergers & Acquisitions, said.

Allianz has been managing funds worth over 741 billion Euros from 125 million customers located in nearly 70 countries.

“Through sustained efforts in executing our Pinnacle strategy, we continue to strengthen our distribution channels, broaden our product and service offerings and leverage our established strengths to meet the evolving needs of customers in the region,” Thavarajah said.

According to the Insurance Commission, Allianz-PNB ranked third among insurers in the country with the highest gross written premium and NBAPE for the first two quarters of 2022.