Allianz Partners’ solid results in 2021 marks a return to growth with pre-Covid profitability levels, following a challenging 2020 due to the Covid-19 pandemic.
All of Allianz Partners’ lines of business performed better in 2021 compared to 2020, as the global economy recovered following some of the most severe restrictions of the Covid-19 pandemic. The travel segment demonstrated the biggest rebound, mainly due to the rapid recovery of the US travel market. The Assistance line of business also showed positive growth, mainly in the Home and Roadside Assistance (RSA) business.
Travel Insurance business increased by 55.2 per cent year-on-year in 2021, with €1.7 billion in revenues for 2021, driven by sales in North America and particularly in the US, thanks to the strong performance of e-commerce channels and despite the challenging situation in Asia-Pacific (APAC) mainly due to international travel restrictions.
Allianz Partners adapts to new travel landscape
Assistance grew by six per cent compared to 2020, reaching €2.172 billion in revenues and driven by the performance of the home and roadside assistance lines of business.
All regions except APAC showed better performance in 2021 compared to 2020. North America had the biggest increase, driven by the travel segment. Western Europe and Latin America, as well as North Central and Eastern Europe also had significant increases in business volumes.
With the pandemic increasing the need for travel protection solutions, Allianz Partners launched the Allyz digital platform, which offers travel services to travellers. Initially launched in Spain, Germany, and France, Allyz is being rolled out globally in 2022. The platform is powered by Amadeus' digital travel assistant and offers services from partners such as Collinson Group. Allyz includes a destination explorer, travel insurance, flight alerts, flight delay compensation, lounge access, telehealth services, 24/7 assistance and more. The service works according to a ‘Freemium’ membership model, with different features available depending on the type of account.
Allianz Partners also worked to redesign and simplify its travel products to ‘better meet the needs of today’s travellers’, particularly given the impact of the pandemic and the robust travel recovery expected this year. Allianz Partners has also worked to accelerate the global rollout of its travel claims portal, a digital claims solution live in 11 European countries where customers can make and manage a claim from any device.