Allianz : Africa poised to become digital insurance leader, says Allianz CEO Oliver Bäte

To transform Allianz into a truly customer-centric, 'digital by default' company, the Group established a Single Digital Agenda. Allianz is spending over 700 million euros ($800 million) annually on shaping and orchestrating the digitalization of its 127-year-old business.

The 'Single Digital Agenda' is a portfolio of change initiatives built on five pillars, the cornerstone being the Allianz 'Global Digital Factory ', a place where experts from all parts of the company rethink customer journeys from our various business segments and make them globally scalable. The second is 'Global Digital Partnerships' to foster collaboration with tech and sharing economy companies. The third is 'Digital Pure Play', the conception of 100 percent digital insurance and assistance offerings. The fourth is 'Advanced Business Analytics' with the aim to increase customer satisfaction and the effectiveness of the business. And the fifth is 'Allianz X', a fund and incubator, for which the company has set aside 430 million euros ($500 million) over the next four years. The fund invests in promising start-ups that are part of ecosystems relevant to the business, such as connected property, connected mobility, health, asset and wealth management.

In Africa, where the Group is already present in 16 countries , Allianz will focus its digital activities on increasing customer reach in key growing markets, where insurance penetration is still low, and efficiency in markets with higher penetration.

'Insurance companies have much to offer to the African economy. Digitalization allows us to gain considerably better insights into our individual and institutional customers and thereby to better serve their needs. We believe deeply in Africa's huge long-term growth potential and we will leverage our global footprint and extensive expertise to strengthen our market position and to attract African talent,' Bäte said in closing.