Allianz: A German Financial Service Company in a Technological and Globalized World

Currently, financial services are fundamental for multiple actors, – from single consumers to multinational companies – that need a way to finance their projects. Financial services intermediate and facilitate financial transactions for individuals and institutional investors (Gomez, 2008) and have the purpose of improving businesses and making individuals and companies more competitive in a world that demands them to be innovative. Institutions around the world provide stakeholders with means to achieve success, that is why integrating financial services is key to lead us “straightaway to a brave new financial world in which operational and marketing efficiencies and innovation ensure ever greater consumer value and choice and a safer financial system” (Skipper, 2000).

In Germany, companies have an important role, they represent 95% of its economy. Financial services give them the possibility at the beginning to invest and face globalization. At the same time, Germany has become a quality reference in terms of its participation and importance worldwide because “financial services and insurance providers contributed around EUR 118 billion to GDP in 2018” (GTAI, 2018).  German companies, along with Chinese companies, are even recognized “as the winners of globalization”. Such success defies a strong Euro, which is making ‘Made in Germany’ expensive on world markets (Venohr & Meyer, 2007).

For that reason, Germany is highlighted worldwide in the financial sector, which is the one that provides more employment. Financial services and insurance employ a workforce – characterized by its excellency and quality workmanship – of around 1.2 million people (Germany Trade and Invest, 2019). 

Germany counts with some of the most important companies around the world. One of those companies is dedicated specially to offer financial services: Allianz. The Allianz Group is one of the leading integrated financial services providers worldwide. “With over 150,000 employees, the Allianz Group serves approximately 75 million customers in about 70 countries in three lines of business – insurance, asset management and banking” (Leadley, Müller, & Servatius, 2010). Allianz is key for Germany to open  new markets and explore globalization reaching almost every corner of the world.

Allianz has had a huge impact in the industry due to its development of new technologies aimed at making companies more efficient and innovative. Proof of this is its Allianz Center for Technology (AZT), which counts with more that 80 years of functioning. Its focus is on research for industrial damage and loss prevention. “The Accident Database of the Allianz Technology Center (AZT) is comprised of the claim files of the Allianz insurance” (Niewöhner, y otros, 2011).

Allianz is complying with the new needs brought about by globalization to connect with its worldwide clients. Through technology Allianz Life agents are able to advise customers via webcam, for example  (Rosebaugh, 2019) or, in cases where they have insurance claims related to automobiles, Allianz has methods in place to attend these situations wherever they may occur . The Allianz Center for Technology (AZT) and the Allianz Automotive Innovation Center (AIC) have created an accident database containing 5,000 property damage cases using insurance claim files. Evaluating insurance data enables the centers to analyze the holistic image of traffic accidents retrospectively” (Schatz et al., 2017).

Additionally, the IT Allianz Life Insurance department counts with application developers that look for technological ways to improve all areas of the company. “As one of the earliest users and innovators of IT Technology, Allianz Life has a long and very successful tradition of developing commercial software mainly in the area of online-transaction applications with very large databases” (Freimut, Klein, Laitenberger, & Ruhe, 2000). For that reason, Allianz is constantly trying to find innovative paths wherever it operates due to globalization. That is why this company “provides a global vision for innovation programs and has innovation managers in respective countries” (Benbya & Leidner , 2017).

In conclusion, Allianz is a clear example of a financial service company that, due to globalization, has boosted improvement and innovation in all areas of its enterprise. Allianz has taken advantage of technology to play an excellent role, not only in its country, but all around the world, bringing solutions and a quality service, guiding its path more and more into success.