World’s top insurer looks to grow in Australia

A global insurance giant has just been named the world’s most valuable insurance brand for the third year running, but it’s not content with its standing in Australia.

Allianz is the only insurer to be included in the Top 50 of the Brand Finance Global 500 ranking in 2016, with its value increasing by 8.1% from $AU25.7bn to $AU27.8bn.

Allianz Australia Chief General Manager of Market Management John Myler says the ranking shows that the company’s focus on customers is resonating around the globe, but that Allianz has strong aspirations to improve its position in the Australian insurance market, where the company sits fourth behind Suncorp, IAG and QBE.

“We’re not content to be the fourth player in the Australian market. We want to continue to grow and make Allianz a household name. The global success certainly gives us that ambition,” Myler says.

Allianz first came into Australia around 2000, making it a comparatively new player in the local scene.

“Number one [in Australia] might be a long term goal. But certainly we want to increase and make sure we’re in that number three spot in the Australian market by 2020,” Myler adds.

“If we continue to provide great service and make healthy returns, look after our staff, shareholders and customers, we’ll continue to experience success.”

Myler says that service includes continuing to work closely with brokers.

“We’re a business in Australia that is primarily distributed through insurance partners – brokers and agents and other intermediaries,” Myler says.

“That’s probably been critical to our success. Putting a focus on our partners, and their customers, is what has allowed us to be successful in the Australian market.”

Coming in at 43rd on the list, the company improved its position by one spot from the 2015 ranking.

Other insurance companies featuring in the top 100 include Axa (61st), China Life (82nd) and Ping An (100th).

Brand Finance recognised Allianz’s resilience in a challenging environment and the group’s strong financial performance driven by its flagship brand, ‘customer centricity’ and ‘digital by default’ approach.