Allianz China Life (AZCL) is expanding its distribution channels in China. Besides bancassurance and tied agents, the company has now established Group Sales as its third major distribution channel. With the launch of Group Sales, Allianz China Life can reach a considerable number of potential corporate clients in the country.
"We are committed to our multi-distribution strategy to meet the need of every client," says Christian Molt, CEO of Allianz China Life. "The huge corporate insurance market in China is our next target market. With this step, we have established our third major sales channel, which will also give our distribution power an additional boost."
In 2007, Allianz China Life continued its rapid growth, achieving a gross premium income of 3 billion renminbi (approx. 273 million euros), and a year-on-year increase of over 150 percent compared to 2006.
China's corporate insurance market experienced a fast growth up to year-end 2007, with over a CAGR of 30 percent since 2005. In 2007, the growth premiums in this market reached 58 billion euros. "Allianz China Life aims to be one of the best insurance providers of employee benefits to more corporate clients, and to be their trustworthy partner," explains Yang Yongting, Chief Officer of Institutional Business.
Allianz China Life launches third major distribution channel
New health products and services for corporate clients
Allianz China Life has lately also introduced a range of new health products to cover in-patient, out-patient reimbursement and maternity, which makes AZCL one of the first foreign insurers in China to offer such services to group clients. Considering the needs of different employee situations, the company offers corporate clients flexibility in product packaging. Clients can decide on the deductible amount, the reimbursement proportion and the co-pay part of the payment.
Along with the new products, Allianz China Life established an independent operation team to provide along-the-way services, from underwriting to claims and even a premier client hotline service. "We want to provide our group customers not just products, but also with one-stop solutions including flexible choices and multi-services based on the various customer needs and requirements," says George Tan, Head of Group Business.
In addition, Allianz China Life plans to join forces with Allianz Worldwide Care, a leading global health insurer of the Allianz Group, to provide exclusive health packages to senior executives of corporate clients.
Continuous growth in multi-distribution
Allianz China Life's multi-channel distribution strategy has been one of the company's key factors to success. Today, Allianz China Life's products are mainly sold through 2000 bank outlets of the ICBC and ABC, and through a growing force of tied agents (10,000 at the end of 2007). AZCL ranks among the top 5 insurance joint ventures in China.
"We are very confident about the new channel Group Sales, as Allianz China Life's long-term target is to be the leading international player in this promising market," concludes Christian Molt.
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