Innovation at Allianz Partners

Allianz Partners is nominated in the Global Innovator category at the Qorus Innovation in Insurance Awards 2024. We asked the bank to present its strategy and actions in terms of innovation.

Why do you consider your company a Global Innovator?

We, at Allianz Partners stand out as a global innovator for our relentless focus on understanding market developments, leveraging cutting-edge technologies and driving forward customer-centric solutions. Our commitment to innovation fosters growth by enhancing product offerings, streamlining processes, and improving customer experiences with the ultimate objective to constantly bring peace of mind to our customers and partners, just a click away. We have developed a strong innovation culture aiming at serving our corporate vision and our global ecosystem strategy. This culture prioritizes creativity, collaboration, and agility, empowering teams to develop value-added solutions and swiftly adapt to ever evolving customer needs. Whether based on a business challenge, an idea, a new value proposition to test, our everlasting dedication to innovation enables the organization to make the best ideas come true, while staying ahead in a rapidly changing landscape, driving sustainable growth, and maintaining a competitive edge in the global insurance and assistance industry.

How is a culture of innovation achieved across your company?

We, at Allianz Partners, cultivate a culture of innovation fostering open communication, encouraging experimentation, and recognizing rewarding innovative initiatives. We put customer centricity at the core of our corporate strategy and do our best to establish the conditions for creative thinking to flourish. We help our people find the inspiration to generate, develop and implement innovative ideas, being it across value chain, customer experience, processes, products and solutions... We provide resources and support to empower employees to think creatively and explore new ideas. We organize regular forums, such as innovation challenges, and facilitate collaboration and idea-sharing across departments and regions, while setting up clear objectives and aligning our innovation efforts with the company's long-term vision. By promoting a supportive environment where risk-taking is encouraged and failures are seen as learning opportunities, we ensure that innovation becomes ingrained in the company's DNA, driving sustainable growth and competitive advantage and making sure each of us is a catalyst for value creation.

What are the major goals and results obtained from your ongoing innovation strategy?

Our sustained commitment to innovation has yielded significant results, including enhanced customer satisfaction through tailored digital solutions, streamlined operations via automation and integration of cutting-edge technologies, and increased market competitiveness through the development of groundbreaking insurance products, combined with technology and value-added services. This constant dedication to innovation has not only opened new monetization strategies and driven additional revenue growth, but it also improved our operational efficiency and teams’ agility, enabling the organization to adapt swiftly to industry disruptions and emerging trends. Additionally, our innovation strategy has strengthened our partnerships and commercial collaborations and positioned Allianz Partners as a strong and innovative global leader in the global insurance landscape. Through our ever-evolving ecosystem strategy and groundbreaking digital platforms, we act as a partner of choice and become a true ally of our customers, fostering customer satisfaction and brand loyalty, while bringing peace of mind, just a click-away.

How does your company manage the overall innovation process?

From exploration and idea generation, maturation and testing, piloting and scaling, we have developed a detailed innovation process organized across 6 main dimensions, which encompasses latest collaborative methodologies and tools. Our innovation community has access to market intelligence and customer insights, knowledge platforms and data, to facilitate the creative process by understanding market trends, considering evolving customer needs, designing new concepts, setting-up rapid prototypes while always fostering agile ways of working and collective intelligence. At each step of the innovation journey, we create the best conditions for cross-functional collaboration and continuously engage with business units and external stakeholders. We test our innovation against real market conditions to continue learning and enriching our concepts. These insights help us determine the right approach to scale innovation. Once approved, implementation involves agile project teams in charge of ensuring seamless development, integration and rollout. To ensure iterative improvement and prepare scaling, we leverage user feedback and continuous performance monitoring.