A South Korean financial daily has named Allianz Life the "Innovative Financial Services Provider of the Year" in the life insurance sector, beating out the other "Big Three" players Samsung, Kyobo, and Korea Life. After a stringent evaluation by an expert panel, Allianz Life's annuity product, Power Dex Annuity, was recognized for its originality and market precedence.The star product had contributed significantly to Allianz Life's profit increase in 2006, with 195 billion South Korean Won (150 million euros) in premium income earned by the end of March 2007.
The Allianz Power Dex Annuity, which was launched in June 2006, is unique to the Korean market. It is the first to operate a dual return structure (with both an equity-indexed account and official interest rate account), for which the Korea Life Insurance Association has granted Allianz Life an exclusive license right. The product also offers a lock-in system and an accumulated principal-based interest payment scheme. In fact, Allianz Life was first in Korea to bundle all these features together into a single product.
The annual "Financial Innovation Award" is sponsored by the daily newspaper, "Money Today", and was introduced in 2005 to award financial institutions in Korea which have been successful in encouraging innovation to the benefit of consumers, while also tangibly advancing industry. Adding to the award's prestige are endorsements by the Ministry of Finance & Economy, the Financial Supervisory Service, as well as various associations representing the Life, Non-Life, and Banking industries. The awards ceremony will take place on October 30 in Seoul.
Allianz Life Korea named "Innovative Services Provider"
Encouraging innovation
This kind of innovation has become a major focus at Allianz Life, according to the company's CEO Munkuk Cheong. "Allianz Life envisions becoming the best life insurance company in Korea with the highest customer loyalty, and based on profitable and sustainable growth by 2011. To achieve this, we are implementing the Group's +One Initiatives vigorously."
Munkuk Cheong added, "Innovation is one of the key supporting factors. The ability to think innovatively will bring the company the flexibility to adapt to this fast changing market environment, while also staying customer-focused at all times."
Allianz Life's innovative approach to product development has also won recognition from within the Allianz Group. In 2006, the company won "Best Innovation from Cross-Unit Collaboration" at Allianz Group's Global i2s Innovation Awards.
Allianz Power Dex Annuity was developed in close collaboration with Allianz Life of North America, the leading provider of annuities in the United States. Allianz Life Korea customized the US product to address the local needs of Korean clients.
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