|
CEO aims to take Allianz to the top
By Wang Lan (China Daily)
Updated: 2006-07-25 10:40 It is commonly known in the insurance industry that there is a strong demand
for what Molt describes as "provisional protection" by Chinese customers. At the
same time, "our potential customers have more money in their pockets, so there
is an increasing demand for investment protection," said Molt.
AZCL and
its many competitors are each fighting for a bigger share of the market by
offering a vast variety of insurance products to suit the increasingly diverse
customer needs for education, accident, health, pensions, investment and
overseas travel coverage.
What sets AZCL apart from its competitors,
according to Molt, is its multiple distribution channels, including agency
teams, banks, brokers, and direct sales. "We are very much investing and
developing our own agency force which we consider to be the backbone of our
business," he said.
So far, sales through banks continue to be the single
biggest contributor to the joint venture's premium income. In the first quarter
of 2006, about half of AZCL's 200 million yuan (US$25 million) in premium income
was derived from its partner banks. "The close relationship we have developed
with banks has been AZCL's most rewarding strategy," said Molt.
Allianz
China Life has entered into arrangements with six banks to sell its insurance
products. They are the Industrial and Commercial Bank of China, the Agricultural
Bank of China, the Bank of Communications, the Shanghai Pudong Development Bank,
the Guangzhou Commercial Bank and the Shanghai Post Office. The extensive branch
networks of banks give the foreign insurance company a market reach they could
never hope to achieve on their own.
For a foreign insurance company that
is relatively new to China, brand building is the key to future success,
especially for AZCL which has ambitions to venture into secondary cities and
inland regions.
"Our brand is recognized in some main cities like
Shanghai and Guangzhou but not by most Chinese people. In the coming years, we
are aiming to build Allianz China Life into a household insurance brand in
China. And Chengdu of Sichuan Province in western China will be the next step in
our branch-out plan," said Molt.
Sport sponsorship is an important tool
to increase brand awareness for Allianz. The building of a Mini Arena by Allianz
China Life for display in Shanghai was part of this branding
strategy.
"The exhibition underscored our commitment to being a trusted
partner who is there for our customers in all their moments of
truth.
"Showcasing the innovative design and technologies of the Allianz
Arena reflects Allianz China Life's goals of providing innovative products that
meet customers' needs today and in the future," said Molt.
Despite a
steady growth in foreign market share, Molt believes that the potential of AZCL,
as well as other foreign insurance companies in China, has been hobbled by petty
rules and regulations that reflect the immature marketplace.
(For more biz stories, please visit Industry Updates)
|
| |
|
| |
|
|
|
| Most Popular Stories in 48 Hours |
|
|
|
|
