The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
Allianz SE joins AI Pact for a better AI for everyone
The EU AI Act is a groundbreaking legislative framework that regulates AI based on risks associated with its use. The Act classifies AI systems into three categories: prohibited, high- risk and other AI systems not falling in one of those two categories. It seeks to reduce risks such as bias, techniques that manipulate behavior, facial recognition compiling and social scoring while ensuring transparency, human oversight and ethical considerations. AI should benefit society without compromising individual rights or safety. The goal is to foster trust in AI technologies, promoting their safe and ethical use across sectors, including insurance and financial services.
The AI Pact in turn represents a collaborative effort joined by many industry leaders to proactively align with the EU AI Act's requirements without delay. A pledge made by more and more companies inside and outside the EU, it focuses on three main areas: developing an AI governance strategy, mapping high-risk AI systems and promoting AI literacy and awareness among staff. By adopting the EU AI Act core commitments early, Allianz and other participating companies are setting a benchmark for ethical AI implementation, emphasizing accountability and transparency. This initiative not only prepares us for future regulatory landscapes but also enhances our ability to innovate responsibly, offering tailored solutions that meet our customers' evolving needs.
Delivering responsible and ethical AI for customers
For our customers, AI offers the promise of faster service and cost efficiencies. At Allianz, we also want to ensure their data is secure and they are in control of how it is used. Our AI systems are designed to respect customer autonomy and decision-making, ensuring that human oversight remains central to all AI-driven processes.
This focus on responsible AI aligns with the core tenets of the EU AI Act: transparency, privacy, and human agency. By joining the AI Pact, we are not only adhering to these principles but also reinforcing our longstanding commitment to ethical AI development. We see the EU AI Act as an encouragement to develop AI that benefits humans first, foremost, and always.
Empowering employees through AI
Our workforce enables our AI strategy. Allianz recognizes that the success of AI projects hinges on the active involvement of employees in their development and implementation. By engaging our staff in these processes, we ensure that AI solutions are seen as beneficial tools that enhance their work experience.
We are committed to providing our employees with the resources and training necessary to thrive in an AI-enhanced environment. This includes offering learning opportunities that build foundational AI knowledge and reduce any reservations about new technologies while developing the necessary risk awareness and responsible practices for dealing with AI. By fostering a culture of continuous learning, we empower our employees to harness AI's potential responsibly and creatively.
Leading the way
Allianz SE's participation in the AI Pact is a testament to our dedication to responsible AI, customer centricity and employee empowerment, all driven by an intense desire to build trust in this emerging technology. By integrating AI thoughtfully and ethically into our business, we aim to enhance customer satisfaction, improve the quality of work and secure our future as a leader in the insurance industry and as a force for stability and unity in society. Together with our employees and customers we are shaping a future where AI serves humanity with integrity and respect..
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About Allianz
* Including non-consolidated entities with Allianz customers.
** As of September 30, 2024.
** As of September 30, 2024.
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