Allianz Global Corporate & Specialty (AGCS), the industrial insurer of Allianz Group, has launched a transformation programme called New AGCS, which aims to regain profitability and market leadership in the corporate and speciality insurance segment.
The company had made several new leadership appointments as the company aims to strengthen its technical capabilities across its core underwriting and claims functions, streamline its organisation and processes, enhance its current distribution and sales function and invest in digitalisation to further evolve its core business and customer offering
AGCS said it will simplify its regional organisation reducing the number of regional units from seven to six and moving from a country-centric to a more global set-up with regional delivery, which reflects the set-up of many clients and global broking partners.
The current regions North America, Asia Pacific, Central and Eastern Europe, regional unit London (including Nordics) will remain unchanged.
The future Mediterranean and Africa region will consist of France, Benelux, Italy and Africa (which now brings the whole of Africa under one AGCS unit). Spain and Portugal and South America will be merged into one new ‘Ibero/LatAm’ regional unit, reflecting market links between across these countries.
As part of regional leadership changes, Nuno Antunes will join AGCS from AIG to lead the Ibero/LatAm region and Alfredo Alonso, who joins from Argo Global, will be responsible for the regional unit London.
Corinne Cipière, currently country CEO for France, will be the new regional managing director for the Mediterranean and Africa region.
The regional leadership for the Asia Pacific is Mark Mitchell, Central and Eastern Europe is Hans-Joerg Mauthe and North America is Scaldaferri, which will all remain unchanged.
AGCS said it aims to significantly invest in expanding technical capabilities and skills in its core insurance business to ensure long-term sustainable underwriting performance. This includes strengthening capabilities and tools in pricing, portfolio management, loss trend analysis, volatility management and actuarial modelling, with over 30 new additional roles identified.
“We have already significantly reduced our exposures in our portfolio and will continue to apply corrective actions and adjustments where needed. Underwriting is the engine of profitability and we must truly regain our position as a technical underwriting company leveraging our talents as well as new technology and analytic tools”, stressed CEO Joachim Mueller.
In its new set-up AGCS will provide its brokers and clients improved service delivery and also strengthen its business development approach by establishing a dedicated global sales and distribution function, consisting of around 35 employees.
This new team will be led by Patrick Thiels, who is currently AGCS’ regional CEO for the Mediterranean region.
Overseeing AGCS’ global insurance programme offering for multinational companies and further expanding digital customer services in this area, Nigel Leppitt has been appointed global head of multinational, he was previously AGCS’ chief transformation officer.
Other new functions will drive AGCS’ global model and reduce cost and complexity for both the company and its customers: global product management, led by Guy Money who joins from AXA Group, will own product harmonisation and simplification globally based on one core global product range.
Global Process Management will be responsible for end-to-end process improvement to drive efficiency and customer service delivery through one globally coordinated approach.
This new function will be led by Erika Cubova who moves from her current role as global head of claims portfolio intelligence and coordination into this position.
In summary, Mueller says: “Building the ‘New AGCS’ is not business as usual, but the opportunity has never been greater. It means a big leap forward through the comprehensive transformation of our company. With the new leadership team and a clear focus on our target clients in the right segments and markets, we will drive for market leadership, putting AGCS back on top of our industry for our customers, employees, and Allianz Group.”