The Asia-Pacific region accounted for 24 percent of total revenues in 2016
Allianz Worldwide Partners has confirmed their status as the leader in the areas of assistance, international health, automotive and travel insurance with their recently announced 2016 results.
The Group continues to push towards achieving its ambitious goal to reach 10 billion euros revenue and 500 million euros operating profit by 2020.
Rémi Grenier, President of Allianz Worldwide Partners says, “2016 was a critical year for us, markedby challenges that we were able to overcome, as demonstrated by the significant growth of our revenues and profit. This confirms the relevance of our operational strategy and of the new organisation structure implemented during last year. The internal efforts made to put the customer at the heart of the business have paid off. We are clearly on track to meet the goals set for 2020 and are thus strengthening our position as the world leader in the market.”
The success of customer-centric offerings
Allianz Worldwide Partners is much more than simply a service provider. It is a trusted partner with the ability to seamlessly integrate its solutions into the business partner’s value chain. In response to new consumer trends, such as the rise of the sharing economy and appetite for digitalisation and apps, Allianz Worldwide Partners is constantly evolving to provide unique solutions that combine technology, services and insurance, as well as worldwide protection and care.
“We are asserting ourselves as a global performer, able to adapt to each partners’ needs, anytime, anywhere, while supporting them in their growth and reinforcing their customers’ loyalty. We are heavily investing to extend our global IT platforms and thus delivery capabilities, and thanks to our
global presence we are well positioned to offer worldwide scalable solutions” adds Rémi Grenier.
The regional distribution of revenues remained largely similar to that of 2015 and reinforced the international presence of the Group, with Europe and the Middle East representing 62 percent of the total revenues, the Asia-specific region accounting for 24 percent of all activity and the Americas representing 14 percent.
Dynamic growth across all fields, driven by Assistance and Travel Insurance on the one hand and Automotive on the other. Continuing the momentum of 2015, Allianz Worldwide Partners’ activities showed strong growth in 2016.
The assistance and travel insurance business accounted for 44 percent of the Group’s revenues and grew by 10 percent compared to 2015 to reach 3.473 billion euros. Operating profit experienced an impressive increase of 22.6 percent compared to 2015, at 141 million euros.
The automotive business represented 39 percent of the Group’s revenues and reported a growth of 8.6 percent compared to 2015, which took this line of business for the first time above the 3 billion euro threshold to 3.061 billion euros. Operating profit more than doubled to 242 million euros.
The international health business, which reported revenues of 1.359 billion euros, up 3.9 percent from 2015, comprised 17 percent of the Group’s total revenues. Operating profit decreased by 32.5 percent to 43.7 million euros due to cancellations in the Dublin based portfolio which were not entirely compensated by new business in 2016.
2016 was a cornerstone year for direct channels which represented 264 million euros, up 17 percent. The foundations for the globalisation and acceleration of mobile channels were firmly established with the launch of approximately 20 new apps in areas such as Travel Insurance, Roadside Assistance and Health across 9 countries and 3 lines of business.
A year distinguished by the successful launch of 5 strategic initiatives
Allianz Worldwide Partners leveraged its 5 strategic initiatives to boost its leadership position and to become the benchmark in client-centered B2B2C:
- Connected Traveler – capturing growing potential of the Direct channels, offering seamless offers across countries and creating best-in-class travel protection experience: the Group established in 2016 new partnerships with additional airline companies and further developed its offers for ticket protection, signing a major contract with an Online Travel Agency in the United States. Online claims and digital payments solutions are planned for 2017.
- Connected Life – bringing a unique global approach for digital Assistance services and insurance products for the digital age (including e-reputation and data loss) for all market segments: the acquisition of Allianz Handwerker Services strengthened the assistance business in 2016 by enhancing the connected home services in Germany. Moreover, the signing of important deals with a renowned mobile OEM and an online retailer firmly established Allianz Worldwide Partners in the Mobile Devices and Digital Risk market.
- Health in a Box – providing full service in the area of ambulatory care, from digital and remote services (symptom checker, urgency assessment) to tele-advice for patients in need: many health customer-centric apps were launched in 2016. For example, Primary 3 Care Support allows customers to contact medical experts via their mobile app in order to receive medical advice 24/7, providing peace of mind. The symptom checker, a new feature within the MyHealth app, guides patients through an assessment to detect potential medical conditions and indicates the urgency of the subsequent treatment.
- Connected Car – catering for the needs of mobility service providers and new digital challenges in order to provide holistic motor insurance solutions: the entry into innovative markets was achieved by partnering with new mobility partners, such as car2go car sharing, and EasyMile autonomous vehicles. Advancements were made in digitalization and automation due to the integration of the vehicles’ telematics with Allianz Worldwide Partners systems and services.
- Allianz for Life – providing B2C offerings as well as B2B2C, to respond to the “on demand” needs of the customers and to offer innovative digital services: with a rate of 10,000 downloads per month, one of the most successful application developments was TravelSmart in the USA, the first iOS version having been launched in May 2016. Pechhulp on demand, a successful app in our digital Roadside Assistance program, was launched on the Dutch market in September 2016 and has achieved an average rating of 4.4 stars out of 5.
“We are confident that we will deliver on our 2017 targets and we are on track to meet our 2020 ambition (10 billion euros revenues and 500 million euros operating profit). Our solid organisation, clear understanding of our clients’ strategic objectives and challenges, and our wide-ranging digital solutions, not to mention the dedication of our employees, are all assets that will continue to make a difference in our market” concludes Rémi Grenier.
Note : AUD:EUR exchange rate at 31 December 2016 was 0.6872 (source: Reserve Bank of Australia).