Allianz Malaysia stays resilient with RM2 billion in GWP in Q2 of 2017
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Allianz Malaysia Berhad (AMB) Group announced its results for the first six months of 2017. A total of RM2.20 billion was recorded in Group’s Gross Written Premiums (GWP) from January to June this year as compared to RM2.11 billion last year; a 3.9 percent increase. The Group’s Total Assets grew 10.5 percent to RM15.86 billion in the first six months of 2017 as compared to RM14.36 billion last year while Profit Before Tax stood at RM213.7 million from January to June this year as compared to RM224.3 million in the same corresponding period of 2016.
AMB Chief Executive Officer, Zakri Khir said: “Business and consumer sentiments have improved for the second quarter of 2017, given how Malaysia’s economy is currently on a growth trajectory driven by domestic demand and strengthening exports. Allianz Malaysia achieved RM2.20 billion in GWP in the first six months of 2017, owing to our varied product options, flexibility, and strong strategic partners in the digital space that has enable us to continously deliver the best value for our customers.”
Allianz General continues to put customers first
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad’s (Allianz General) GWP registered in RM1.11 billion in the second quarter of 2017, a 2.3 percent increase as from RM1.09 billion in 2016. Profit Before Tax was at RM148.8 million in the first six months of 2017 as compared to RM172.7 million in the previous year mainly from lower underwriting results. Total Assets rose 2.3 percent to RM5.89 billion in the second quarter of 2017 from RM5.76 billion in the previous year. Combined Ratio stood at 92.3 percent in 2017 as compared to 89.1 percent in 2016.
“Customers want solutions that work for them and these should be a solution that is fuss-free, relevant to their needs, ready when they need them and most importantly, it has to be good value for money. Prioritising our customer’s needs, we promise and deliver personalised products and service as part of our customer experience. One such example is our recently launched modular home insurance Smart Home Cover. It has customisable components - HouseOwner, HouseHolder, Mortgage Loan Installment Protection, HomeFix and Landlord Insurance – to ensure that customers can tailor their home insurance to suit their every need,” said Zakri Khir, who is also the Chief Executive Officer of Allianz General.
Allianz Life maintains positive growth
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to grow, recording a 5.7 percent increase in GWP to RM1.08 billion in the first six months of 2017 from RM1.03 billion in 2016. Its New Business Premiums (ANP) also improved by 27.4 percent to a total of RM222.5 million in the second quarter of 2017 from RM174.7million in 2016. Profit Before Tax saw a 23.0 percent increase to RM66.9 million from January to June this year as compared to RM54.4 million achieved in 2016 while Total Assets rose by 16.4 percent to RM9.56 billion in the first six months of 2017 as compared to RM8.22 billion in 2016. Allianz Life holds the fifth position among the life insurance segment, registering a 7.6 percent market share based on Life Insurance Association of Malaysia (LIAM) statistics for January to June 2017.
“Today, customers own your brand and with that we must, evolve and change how we engage and service our customers. We must move from difficult, complex and slow interactions to making insurance easy, simple and convenient. For example, filing medical claims can be a hassle. Our A to Z app allows customers to submit their medical claims via the e-claims feature, request for a Guarantee Letter, check their medical insurance policy details and use it as an e-Medical Card. Further, we have introduced a new underwriting system that has significantly simplified and accelerated our customers’ policy application,” said Joseph Gross, Chief Executive Officer of Allianz Life.
Meeting customer demands
In today's competitive insurance market, customer satisfaction and a positive customer experience goes beyond just being able to offer customers a "service with a smile". Digital-dependent customers demand for products and services that are simple, readily available, relevant, and value-for-money along with personalised service that gives them the “feel good factor”.
“This is the new normal and customers will come to expect more products and services that tick these boxes. From Smart Home Cover to tools such as the Allianz A-to-Z app, we are able to affirm that good service is about having to do next to nothing and we are able to tailor-make our products and services to deliver easy solutions through digital platforms to provide breezy, personalised customer experience,” added Zakri.