Responding to the market needs for a truly flexible and holistic set of solutions for global employee benefits programs, Allianz Global Benefits has taken a further step towards a more customer centric product and servicing offering in the international protection area.
The current business model was stepped up by integrating all our international protection solutions - Multinational Pooling, Global Underwriting and Captive Reinsurance - into a single overarching reinsurance platform and streamlining the processes across all our global programs.
While this has the greatest impact on the pooling program, it also allows for improvement of the captive and global underwriting offering and the new possibility for multinational clients to transition between the programs with no disruption. Our internal reinsurance partner at Allianz Group not only reinsures and consolidates the business but also functions as our central risk management gatekeeper for each cession.
In concrete this means:
- A new reinsurance model and increased scope of countries for Multinational Pooling
- Easier switches between programs
- Possible combinations of programs
Key benefits are:
- Reduced complexity in the product offering
- Cost control through streamlined pricing and UW decision-making
- Greater transparency and oversight of local plans and global portfolio through advanced digital reporting and analytics
- Global control and governance for local plans due to central reinsurance
- Harmonized global parameters (e.g. aligned and improved Free Cover Limits)
- An existing legal framework that respects local and global compliance
This enhances the employee benefits offering by a new global approach to our comprehensive suite of international protection solutions for Life, Accident, Disability and Health. It brings together our solutions in a more simple, digital and scalable way, making them easily adaptable to multinational companies’ specific needs.