RICHMOND, VA, APRIL 23, 2018 — Allianz Worldwide Partners USA, a leader in consumer specialty insurance and assistance, today announced impressive results for 2017 with $954 million in revenue, a 30% increase over the prior year. Significant growth was driven by new partnerships as well as strong growth of existing partnerships that span travel and event ticketing. Headquartered in Richmond, the U.S. business unit of Allianz Partners provided insurance to 35 million customers in 2017 through its travel insurance, event ticket, registration protection, tuition insurance and other specialty products. The company is best known for its travel protection and assistance offered to consumers through partnerships with leading travel providers, including airlines, online travel agencies and retail travel agents.
In 2017, Allianz Worldwide Partners USA focused on innovation and technology to improve processes that enhance its customers’ experience, earning the company 18 industry awards, including Travel Weekly’s Reader’s Choice Award for “Best Insurance Provider.” Its award-winning TravelSmart™ mobile app was redesigned with a more intuitive, user-friendly interface that makes it a valuable digital assistant for travelers. TravelSmart™ equips travelers with access to their travel insurance details, flight status, filing and checking claims status, geo-location services and more, all from the app’s home screen.
The company debuted for its partners a new, proprietary, third-generation ancillary revenue platform called Fusion CORE, which customizes insurance offers with protection products that best match customers’ specific needs and types of trips.
“We’re proud of the achievements of our associates to deliver these outstanding results in 2017,” said Mike Nelson, Global CEO of Travel Insurance and Regional CEO for Americas, who is also Member of the Board at Allianz Partners. “In addition to our outstanding revenue growth, we’re very pleased with the advances we’ve made in creating exceptional products and customer experiences while providing even more value to our partners.”
The Allianz Worldwide Partners Americas region, which includes business units in the U.S., Canada, Mexico and Brazil, also continued its rapid growth, led by broad-based revenue gains through new and existing partners in the travel industry.
“In 2017 we experienced tremendous growth in the America’s region, achieving revenue of 1.452 billion euros, which was 25% higher than the prior year,” continued Mike Nelson. “Beyond our strong numbers, we continued to deliver greater value, innovation and quality of service to our partners’ valued customers across the board.”
The business units in the US and Americas region are part of Allianz Partners, a global leader in insurance and assistance services, headquartered in Paris. Allianz Partners also today announced strong 2017 results with 8.461 billion euros in total revenue and an operating profit of more than 406 million euros. In an environment where the insurance market is constantly being challenged by technological revolutions, Allianz Partners, thanks to its unique combination of insurance, service and technology, is once again proving its capacity to innovate.
“Our 2017 growth confirms the importance of our innovation-driven strategy and our capability to rejuvenate ourselves in this competitive market by creating comprehensive offers. Once again, our capacity to deliver on a large scale and our customer-reach in assistance, travel, international health and automotive has paid off. At Allianz Partners, we are undertaking a profound transformation which will enable us to better anticipate the constantly evolving needs of our customers and to understand the next generations’ solutions in a transversal organization. This year’s results validate our ambition to build an agile, fast and efficient partnership with our clients,” stated Rémi Grenier, President of Allianz Partners.
A sustained growth driven by our core markets and solutions
Allianz Partners’ 2017 results are marked by a balanced contribution to revenue and profitability from all lines of business and strong growth driven by travel and assistance activities in core markets. Whilst remaining true to its core activities, Allianz Partners has also successfully powered up its growth engines.
Assistance grew by 16.5% compared to 2016 to reach 1.832 billion euros in revenue. The strong growth is boosted by the acquisition of Allianz Handwerker Service, which enhances our Connected Home services in Germany and will be extended to other markets in the future.
Travel insurance, thanks to exceptional growth in America and Europe, reported an increase of 22% to reach 2.024 billion euros revenues. This performance is due to major partnerships in all regions, including VISA in Europe and Westpac Bank in the Asia-Pacific region.
International health reported revenues of 1.715 billion euros, up by 9.9% from 2016. This line of business developed new international healthcare propositions for specific regions and customers segments including group and individual healthcare plans for Singapore and Dubai, flexible solutions for SMEs and for small to medium sized IGO’s worldwide.
The Automotive line of business, despite regulatory impacts and selective underwriting, continued to be the biggest contributor to the group’s revenues: 2.895 billion euros (-7.2% compared to 2016) with major wins in classic manufacturers in China, Australia and Korea, but also in the “fleet” segment with Scania.
Our direct channels continue to profit from a two-digit growth this year in terms of revenues, reaching 293 million euros, up 11% compared to 2016.
Reinventing ourselves: utilizing emerging technologies, growing opportunities and enhancing customer satisfaction
More than ever in 2018, our goal is both customer satisfaction and an optimized user experience for all global customers whilst simultaneously delivering our usual high standard of quality and assurance. Because the client is at the center of all innovation and transformation at Allianz Partners, we want to be on hand in a mobile, simple and helpful way in all the aspects of their lives.
In the digital financial services, Allianz Partners, in partnership with VISA, developed an innovative new payment solution, Allianz Prime. This virtual payment card enables fast, simple and safe payments with a mobile device, online or in stores. Allianz Partners Digital Payments Protection is included, mobile transactions are secured and all purchases made with Allianz Prime are accompanied by a loyalty program. Allianz Prime was launched in February 2018 in Italy and will be soon available in other countries.
During 2017, Allianz Partners partnered with fast growing fintech actors in Europe, such as N26, with assistance services either embedded “in the card” or optional add-ons, covering travel, medical assistance, appliance protection as well as digital risk.
Allianz Partners continues to explore new mobility trends with its major partners in the Automotive sector and offers usage-based insurance solutions for connected cars, either based on the “pay-as-you-drive’ option or on the smart and responsible “pay-how-you-drive” solution.
“Bringing help to life” is our motivation for creating new solutions. Our customer-focused approach is demonstrated in the net increase of our Net Promoter Score* (NPS) which rose 6 points to 77% in 2017. This would not be possible without our employees’ engagement and efforts to serve our clients. In addition, our Inclusive Meritocracy Index (IMIX) measuring performance and corporate culture increased 2 points to reach 69%.
Last but not least, Allianz Partners as a global organization has become more agile in its processes and ways of working. The agility enables us to deliver high-quality standard solutions and new features across the world, in a reduced time to market. This profound transformation positions the Group on the right path to meet our 2020 ambition of 10 billion euros revenues and 500 million euros of operating profit.
“We are harmonizing and rejuvenating our distribution model to offer worldwide scalable solutions, enabling innovation-for-all and achieving the next step towards our objective of “one Allianz Partners. This transformation is the prerequisite for Allianz Partners to maintain its leadership position and to create the insurance and assistance services of tomorrow,” adds Rémi Grenier.
*The net promoter score (NPS) shows customer loyalty and satisfaction.
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About Allianz Partners
Dedicated to bringing global protection and care, Allianz Partners is the B2B2C leader in assistance and insurance solutions in the following areas of expertise: assistance, international health, automotive and travel insurance. These solutions, which are a unique combination of insurance, service and technology, are available to business partners or via direct and digital channels under four commercial brands: Allianz Assistance, Allianz Care, Allianz Travel and Allianz Automotive.
This global family of over 19,000 employees is present in 78 countries, speaks 70 languages and handles 54 million cases per year, protecting customers and employees on all continents. For more information, please visit: www.allianz-partners.com
Allianz Worldwide Partners USA
Allianz Worldwide Partners is a leading consumer specialty insurance and assistance provider* with operation centers in 34 countries. In the United States, Allianz Worldwide Partners USA (AGA Service Company) provides insurance to 35 million customers and is best known for its Allianz Travel Insurance plans. In addition to travel insurance, Allianz Worldwide Partners USA offers tuition insurance, race registration protection, event ticket protection and unique assistance services such as international medical assistance and concierge services. The company also serves as an outsource provider for in-bound call center services and claims administration for property and casualty insurers and credit card companies. Terms, conditions, and exclusions apply to all plans. Not all plans are available in all jurisdictions. Insurance coverage is underwritten by Jefferson Insurance Company, BCS Insurance Company, or Nationwide Mutual Insurance Company or affiliated companies.