Congratulations on your new role with Allianz Partners; what does it entail, and what are you most looking forward to about it?
Thank you, I will be looking to ensure the existing portfolio within Allianz Partners travel line of business is profitable by applying my own knowledge of the market to the analysis of data. Additionally, I will be responsible for the pricing of tenders for new business, and growth is also an important objective.
How is technology and big data changing underwriting processes and information assessment?
I think most UK insurers are now collecting the relevant data, but the key is how accessible and understandable that data is. Access to data and the ability to manipulate data to make it relevant for underwriting decisions is essential to be a leading insurer.
Access to data and the ability to manipulate data to make it relevant for underwriting decisions is essential to be a leading insurer
What investments is Allianz Partners making in insurtech to improve systems and processes in the delivery of travel insurance benefits?
Allianz Partners have a number of key departments – digital and innovations teams who focus on developing new tools and platforms improve the customer journey for both sales and claims. We are forever evolving and bringing new initiatives to our partners.
How does Allianz Partners tailor underwriting benefits for each affinity partner and ensure that value is still being delivered to customers when pressure remains on pricing and premiums?
Each affinity partner has an account manager to understand their needs to ensure the Allianz Partners travel insurance products remain valuable.
How difficult was it to add Covid-19 coverage into the UK travel insurance policies you offer?
What was the process in risk profile assessment given the lack of data on the virus in its initial stages? Given the limited understanding we had on the extent and longevity of Covid it was a considerable achievement for our underwriting team to introduce Covid cover as quickly as we did (July 2020). We had to make a number of assumptions based on previous viruses such as SARS and extrapolate this data.
Working in the UK travel insurance marketplace can be crowded, and competition is fierce. What do you think companies can do to stand out from the rest of the market?
Consistency. Whilst competition is fierce, many insurers have entered and left the market. Consistently providing a quality product/service for a price that offers customers value I think is the best approach.
Consistency. Whilst competition is fierce, many insurers have entered and left the market
In terms of trends you are seeing in the UK travel insurance market, what has Allianz Partners identified as a trend that will have great impact on provision of travel insurance and the benefits of the policies?
Allianz Partners is looking to bring a structured and consistent approach to partner reviews and new business tenders. As many insurers have entered and left the market, Allianz Partners are implementing an approach whereby affinity partners and clients have transparency with the approach and certainty on what Allianz Partners will deliver. Providing clients and partners with access to quality products on a truly global basis, not just within country or on a regional basis.