Last year, the acquisition of new Dresdner Bank customers through Allianz insurance agencies again was very successful: Allianz agents acquired 330,000 new customers for Dresdner Bank and 40,000 for Allianz Global Investors. In total, Allianz agents have so far won more than 700,000 new customers for Dresdner Bank.
Allianz and Dresdner Bank have now taken a decisive next step in their cooperation. Together, they have launched three banking agencies, in Offenbach, Duisburg and Knittlingen, with a new sales concept unique to Germany: Selected Allianz agencies will have a permanent Dresdner Bank adviser on site, offering customers a wide range of old-age provision and investment products, together with the Allianz agents.
During the next few months, in a pilot phase, plans are to add a permanent Dresdner Bank adviser to the team in 100 Allianz agencies throughout Germany.
Michael and Peter Schmidt, owners of the general agency Schmidt and Schmidt in Offenbach, and Dresdner Bank advisor Katrin Schnurrbusch, talk about what has motivated them to try this new concept.
Allianz banking agencies launched
Peter und Michael Schmidt in front of their agency in Offenbach (Photos: Stefan Krutsch)
Allianz.com News: Mr. Schmidt, there are over 11,000 Allianz agencies. Why were you one of the first to want to become a bank agency?
Michael Schmidt: Because it is the future. Any advice in financial matters benefits my customers and thus my agency. My customers are after all also approached by their house banks about insurance products. Having a bank adviser permanently in the agency allows us to compete and to win new customers.
We can now offer them everything: Advice by an insurance and financial planning expert as well as a bank expert. This is the next step of Allianz's business model in Germany as an integrated financial services provider, and we want to be part of it.
You already offered one-stop advice before. What is different now for the customer?
Peter Schmidt: That is correct. We have been able to offer our customers the advice of Dresdner Bank experts working with several agencies, but the big advantage for our customers is now that they are sure to find a bank expert in our agency at any time, not only after making an appointment. This makes us unique in the insurance industry. This is a big advantage that the customer can clearly see.
The advantage for the customer is one thing, but what do you gain from becoming a banking agency? Doesn’t the bank adviser take also a commission on product sales to your customers?
Michael Schmidt: The commission stays in our agency.
Peter Schmidt: ….also, don’t forget that we are independent entrepreneurs with our Allianz agency. Our motivation to become a banking agency lies in the fact that we have had a very good experience in working with the Dresdner Bank advisers in the last few years. Our customers are looking more and more for solutions in financial planning and investment. And naturally we also want to acquire new customers.
We therefore now want to set this consulting offer on a firm basis. To that extent we consider our new team member, in our case Katrin Schnurrbusch of Dresdner Bank, as an important factor of strength. Together we can offer our customers optimum advice. Only happy customers are good customers and will recommend us. That is our goal.
Concretely speaking again, what precisely is the difference between a "normal” Allianz agency and a banking agency?
Michael Schmidt: First of all, the bank know-how is available on site. From the opening of an account to loans to investment advice, the Dresdner Bank colleague covers all customer requests about banking. In addition, we have a self-service terminal for bank transfers and account statements.
Ms. Schnurrbusch, last week you were still a senior financial advisor in a Dresdner Bank branch, today you are the "boss" of a branch in the agency. Isn’t that quite a change?
Katrin Schnurrbusch: Not really. I love change and new challenges. This is the reason why I applied for this position in the pilot project. I am quite convinced that my new job will become a model for success for the customer, the Allianz agency and also for Dresdner Bank.
All I actually did was change location. This has already worked very well the other way around during the last few years when VVB, i.e. Allianz sales people, moved permanently into the branch banks.
So you didn't hesitate at all before taking that next step?
Schnurrbusch: I heard so many positive things about this from my colleagues that I did not hesitate one moment to join. I continue to be a Dresdner Bank employee and continue to benefit from the training offered by the Bank.
What particularly excites me about this job is to show new customers the kind of overarching advice that is possible for all life phases. This can only be done if insurance agents and bank advisers work together on a solution. We are, as it were, thinking outside the box. A wonderful challenge!
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