Insurance Technology Industry News
[November 26, 2012]
Allianz improves its personal lines COR and extends profitable partnerships
Nov 26, 2012 (Datamonitor via COMTEX) -- Allianz has signed a three-year deal with EE to underwrite mobile phone insurance. With EE's 27 million-customer base this partnership will provide an opportunity for further growth, supporting the positive performance in Allianz's personal lines business in 2012.
Allianz reported an improvement of 2.6 percentage points to 94.2% for its personal lines combined operating ratio (COR) during the first nine months of 2012, together with an 8.5% increase in gross written premiums (GWP). The recent extended deal to underwrite mobile phone insurance for Everything Everywhere (EE) provides an even stronger basis for the company's growth in personal lines insurance in 2013.
This month Allianz extended its partnership with Orange and signed a three-year deal with EE to act as an underwriter to Lifestyle Services Group, the UK's largest single book of mobile device insurance policies, including Orange and T-Mobile brands. The fact that EE has over 27 million customers - over half of the UK adult population - highlights the size of this opportunity for Allianz, with a potential to cross-sell other insurance products to EE customers in the future.
This deal further emphasizes Allianz's growth in personal lines insurance. The strength of Allianz's personal lines offering has helped to counteract the significant increase in commercial lines COR. With commercial insurance currently facing tough times, exploring opportunities in personal lines by finding niche areas where there is still significant scale to grow GWP is a way to achieve growth.
For more information, please contact Irina Petre at email@example.com or consult Datamonitor's upcoming UK General Insurance Competitor Tracker Q3 2012 (December 2012, CM00192-015).
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