Digital Reboot

Allianz Seeks Insurance for the Internet Age

Looking for Viola. Source: DPA
Looking for Viola.
  • Why it matters

    Why it matters

    Allianz Germany has been reliant on a large network of branches and representatives to sell its insurance products. But as more and more customers go online, it is having to adapt its business model and is losing ground to other firms in the meantime.

  • Facts

    Facts

    • Allianz Germany is spending €80 million on digitalizing its insurance business.
    • The company plans to offer all of its insurance products online.
    • Currently only 15 percent of Germans buy car insurance online.
  • Audio

    Audio

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For Allianz, customers like Viola are the future of the insurance industry.

The 30-year-old medical student from Munich is currently preparing for her state exams. When the future physician was looking for household insurance coverage she did an Internet search and signed a contract online. But if she wants to file a claim, Viola would like to talk to a representative on the phone about it. “That is practical and convenient,” she said.

That’s at least how the medical student describes it in a video that Allianz is using to advertise its new specially designed products for Internet-savvy customers. Because Markus Riess, the 48-year-old chief executive of Allianz Germany, has recognized that the firm needs to develop more attractive offers for Viola’s generation. That is why, after four years at the helm of Allianz’s German division, he wants – and must – speed up the digitalization of sales and claims settlement.

Michael Diekmann, chief executive of global parent company Allianz, expects the digital revolution to permanently change the insurance business.

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