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German insurance giant Allianz is boosting its digital capabilities in products and distribution and is planning to apply them to enter new markets, Allianz SE’s first chief digital officer Solmaz Altin told Intelligent Insurer.
Allianz is working on simplifying products and processes and on developing technologies and platforms to fully digitalize the business. Altin has headed up the new unit ‘Digital Transformation’ since January 1 to foster the digitalization of the group.
Through a number of digital initiatives the insurer hopes to reach a sustained increase in productivity of at least €1 billion per year by 2018 while positioning itself as a ‘digital leader’, as revealed in the group’s three-year plan presented in November 2018.
The advantages offered by digitalization will be used to optimize Allianz’s risk-adequate pricing and to streamline and speed up claims processing. The company also seeks to increase growth and effectiveness in its business with medium-sized enterprises and commercial firms, according to its 2015 annual report.
Allianz, Europe, Solmaz Altin, Digitization,