Reinsurance News

Allianz AGCS announces launch of new value-added services

19th November 2019 - Author: Luke Gallin

Allianz Global Corporate & Specialty (AGCS), insurance giant Allianz’s corporate insurance arm, has announced the establishment of AGCS Services, a new business initiative designed to provide value-added services to its corporate clients.

agcs-logoAGCS explains that the offering includes risk consulting, captive fronting and crisis management solutions, and will initially be launched in two core markets, Central & Eastern Europe (CEE) and the Mediterranean region.

Today, explains AGCS, risk consulting and insurance services are typically only available as part of insurance covers or programs. However, the new business initiative seeks to meet client demand by moving into offering ‘unbundled’ services on a complementary ‘pay as you go’ basis.

The insurer states that dependent on specific requirements, customers are able to access a comprehensive and growing portfolio of risk services to optimise their firms’ Enterprise Risk Management strategy and ultimately become more resilient.

Hartmut Mai, AGCS Board Member and responsible for the firm’s regionals units CEE, Mediterranean and Africa, commented: “Corporate risk managers need much more than traditional risk transfer in today’s complex and fast-changing environment. By introducing a suite of value-added services we enhance our offering and allow our clients a broader choice as they can now opt for specific service solutions.

“We can support and protect businesses across all stages of risks helping them predicting, monitoring and mitigating risk to covering financial losses and enabling an effective crisis response when disaster strikes.”

Initially, the AGCS Services range will offer services that focus on risk mitigation, captive fronting and crisis management solutions via its separate entity, Allianz Risk Consulting GmbH. The new services are to be delivered through AGCS experts and engineers complemented by third-party providers. At the same time, the firm has revealed that it also developing services around Industrial IoT Technologies.

Tina Baacke, Global Head of AGCS Risk Consulting and project lead for AGCS Services, commented: “We are able to provide a holistic services suite, from traditional to innovative offerings, and we are launching them in an agile way – working closely with clients to explore and develop new initiatives. First feedback from our clients is very encouraging and we welcome customers who are interested to explore or even co-create new services with us.”

AGCS provides a breakdown of these services, which again will be piloted in the CEE region and the Mediterranean region.

Risk Consulting Services will include predictive risk analytics and monitoring, risk visualisation or risk mitigation and prevention.

With the AGCS dedicated Captive Fronting service, the firm’s alternative risk transfer experts can lower complexity, enhance controls and compliance for captive insurance programs.

The new Crisis Risk Management solutions enable firms to respond effectively and quickly to any claims or crisis scenario, thereby mitigating financial losses and reputational damage.

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