When we hear of ‘social inclusion’, most of us think about eradicating poverty, granting education and employment opportunities and addressing gender diversity. However, one of the most important steps towards social inclusion is encouraging the development of economies and businesses.
An overview of how Allianz has been doing its part...
“Financial service providers act as the lubricating oil in the economy,” said John Bruton, the former Prime Minister of Ireland.
And yet, an estimated 2 billion adults worldwide do not have access to formal financial services.
Last year, Allianz rebranded its ‘Microinsurance’ business as ‘Emerging Consumers’, ensuring greater flexibility to meet the different needs of customers in emerging markets. This emphasis on customer needs instead of products means that we can offer diverse and tailored services beyond microinsurance to low-income customers in Asia, Africa and Latin America. Micro-savings and micro-equity are two examples of such solutions that we have recently added to our Emerging Consumers offerings.
In 2016, Allianz reached 55-million mid- to low-income customers in emerging markets, resulting in over 302 million euros in revenues.
Technology is a double-edged sword. Even as cybersecurity dominates the minds of risk experts globally, digitalization offers a chance to reach a larger audience and remote segments, which is especially important in emerging economies.
In a recent report, McKinsey estimated that emerging economies could get a combined boost of $3.7 trillion over the next decade if they harness the full potential of digital finance.
Under its ‘Single Digital Agenda’, Allianz focuses on developing web- and mobile-based solutions and interaction tools.
Last year, Allianz CEO Oliver Baete became a member of ‘The B Team’, a global non-profit organization that brings together a group of global leaders from business, civil society and the government to catalyze better ways of doing business that prioritizes the well-being of people and the planet.
Co-founded by Richard Branson, Jochen Zeitz and Nobel Prize winner Muhammad Yunus, The B Team has 19 other global leaders. “I am delighted to be able to contribute our expertise to The B Team’s initiatives,” says Baete. “Business has an important role to play alongside other actors in devising innovative solutions to urgent problems, and I’m happy to join The B Team in its efforts to bring these topics to the forefront of the business agenda.”
The team focuses on identifying climate initiatives, implementing transparency procedures and forming networks that protect employees.
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