For the survey, CFOs, Risk Managers and other direct buyers of insurance at large corporations were asked to give their opinion of the company from which they purchased their insurance, and to name their reasons. They were then asked to name first and second choices for insurance companies in the categories of price, product range, claims resolution and product innovation
During October to December 2008, 4,082 nominations were compiled from 400 of the world's top companies in nearly 60 countries. The results were very positive for Allianz; the company was named first choice in 24 different categories and countries, ranging from "Best Insurer" in several countries and regions, to "Best Insurer for Claims Resolution", "Best Product Range", "Best for Price", "Best Insurer for Innovation" and "Best Consultant for Insurance Risk Transfer".
Allianz insures large corporations and specialty areas like transport and construction predominantly through its unit Allianz Global Corporate & Specialty (AGCS). Worldwide, AGCS operates in over 70 countries through the Allianz Group network.
AGCS CEO Axel Theis: "Since its founding, AGCS has worked hard to become the leader in corporate and specialty insurance, bringing client focus into everything we do and offering customers our unique stability and risk expertise. These Euromoney awards tell us that our customers clearly perceive and appreciate our efforts."
Survey respondents also revealed key reasons for choosing to do business with a particular insurance provider. According to those polled, decisions are largely driven by price (34 percent), relationship (21 percent) and reputation (18 percent), followed by product range (12 percent), and broker recommendation (11 percent).
Partnerships important
Working closely with brokers as well as clients is key to the success of Allianz Global Corporate & Specialty. For example, last year AGCS and one of its key broker partners, Aon, launched a product called Double A Protect to offer clients unique security amid the turbulent financial markets. It is an add-on for existing Allianz Directors and Officers (D&O) and General Third Party Liability (GTPL) policies that offers additional cover beyond the original policy limit as well as cover in case a co-insurer becomes insolvent.
AGCS also makes innovation one of its core values. In 2008, it released "EAGLE", a product covering companies in the European Union in response to the new stricter EU environmental guidelines. This product received an innovation prize from the Allianz Group and has been well received by clients.
"Awards richly deserved"
Neil Osborn, Publisher of Euromoney: "In an increasingly challenging financial environment, the winners of the 2009 Euromoney Insurance Awards are those that exhibited the ability to innovate, respond to the increasingly complex demands of their clients and make best use of the inherent strengths of their organization. Through the insurance survey, the market has recognized the achievements of these institutions in the face of difficult market conditions, which is why the awards are so richly deserved."