Allianz pursues a multi-distribution strategy in many markets. Since multi-channel sales have been successful and effective throughout Asia, bancassurance is set to play an increasingly significant role for Allianz in this market.
Today Allianz cooperates with 88 bancassurance partners in seven Asian countries. The growing bancassurance contribution to new business correlates with the rising numbers of partnerships. It has increased significantly from three percent in 2001 to more than 25 percent in 2006.
The next step for Allianz is to open an Allianz Bancassurance Academy in each of its seven Asian bancassurance markets. Bank agents and managerial staff will be trained to excel in advising customers about insurance products over bank counters.
Shanghai sees launch of first Allianz Bancassurance Academy
As bancassurance is becoming more important throughout Asia, the first Allianz Bancassurance Academy was opened by Allianz in China. The goal is to provide a high quality of training for employees and managers active in this sales channel. The opening of more academies is planned for the near future.
First Academy opened in Shanghai
The premier took place in China. After one year of preparation Allianz China Life and Shanghai University of Finance and Economics jointly launched the first Chinese Allianz Bancassurance Academy on April 27.
Although bancassurance has grown rapidly in China during recent years, the shortage of professional talent is a challenge to the development of this still-new distribution channel. Both employees of cooperating banks and Allianz will benefit from Allianz's 30 plus years of international bancassurance experience by attending the Allianz Bancassurance Academy.
Although bancassurance has grown rapidly in China during recent years, the shortage of professional talent is a challenge to the development of this still-new distribution channel. Both employees of cooperating banks and Allianz will benefit from Allianz's 30 plus years of international bancassurance experience by attending the Allianz Bancassurance Academy.
Yang Yongting, COO of Allianz China Life, and Vice President of the Shanghai University Zhou Zhongfei
Global resource, innovative cooperation
The renowned Shanghai University of Finance and Economics, supports the Academy with theoretical guidance and localization of training materials. Both parties ensure that the curriculum and final examinations reflect high standards.
During the opening year 2007, approximately 300 junior staff, middle managers and executives are anticipated to enroll for different certificate programs. The curriculum offers a selection of 20 courses encompassing 180 subjects. The first group of graduates is expected to finish their classes by the end of August. Starting from Shanghai, Allianz China Life plans to found academies in all provinces where it has bancassurance partners.
During the opening year 2007, approximately 300 junior staff, middle managers and executives are anticipated to enroll for different certificate programs. The curriculum offers a selection of 20 courses encompassing 180 subjects. The first group of graduates is expected to finish their classes by the end of August. Starting from Shanghai, Allianz China Life plans to found academies in all provinces where it has bancassurance partners.
Long-term commitment and leading channel
"The launch of Allianz Bancassurance Academy demonstrates again our long-term commitment and faith in the Chinese market," says Christian Molt, CEO of Allianz China Life. "Allianz China Life is dedicated to bringing Allianz's best practice from its global operations to China and enabling all our bank partners to benefit from Allianz's over 100 years experience in the insurance industry."
Zhou Zhongfei, Vice President of the Shanghai University of Finance and Economics, commented: "The cooperation is the first attempt of its kind to create an innovative model in insurance education. The Allianz Bancassurance Academy provides the best combination of theory, practical knowledge and skill and will be especially helpful to sales staff. I believe it will have great impact on insurance education in universities."
Zhou Zhongfei, Vice President of the Shanghai University of Finance and Economics, commented: "The cooperation is the first attempt of its kind to create an innovative model in insurance education. The Allianz Bancassurance Academy provides the best combination of theory, practical knowledge and skill and will be especially helpful to sales staff. I believe it will have great impact on insurance education in universities."
Remarkable performance in China
Allianz China Life's business performance in 2006 was remarkable. Gross written premiums reached 1.2 billion renminbi yuan or approximately 114 million euros. This represents an increase of more than 300 percent compared to the previous year. Allianz China Life ranks fourth in terms of market share for foreign joint ventures. Bancassurance, which is practiced at more than 1000 banks across the country, is its leading sales channel. It produced turnover of 880 million renminbi yuan (approximately 84 million euros), making Allianz China Life the second ranking foreign insurer in the country.
Other countries to follow
The concept of the Bancassurance Academy will be rolled out to the other Asian markets where Allianz is active in life insurance: India, Indonesia, Malaysia, South Korea, Taiwan, and Thailand. Local experts will adapt the concept for each individual market and culture.
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