Taking risk by the scruff of the neck and dragging it through troubled waters, is a known mandate of many a financial services company.
A major task made harsher with the current ongoing global financial crisis. It is not easy being a competitor in the financial sector and nor should it be. However there seems to be a growing understanding that through stability, trust and awareness, a safety harness in the financial sector can be created.
When watching a Formula One™ race or FC Bayern Munich stroll to another victory – the Allianz SE brand is brought to light by its bold yet subtle presence. More bolder is the stamping of its name on the Allianz Arena as well as the support of the ambitions of classical musicians and disabled athletes. A mishmash of sorts? Or a clever example of what it takes to manage and handle uncertain as well as challenging markets! There is a thought process behind this form of public awareness, which is more than just energetic sports cars and champion footballers. It is about trust – something that Allianz has smartly created by positioning itself as a trusting partner in an uneasy global economy. Surely a strategy that has helped redefine the financial sector as a whole.
It is therefore not surprising that Dow Jones Sustainability Indices (DJSI) ranked Allianz as the leader in the insurance industry for 2013 – an index that Allianz has been listed in since the year 2000.
According to Joe Kumar Gross, Head of Group Market Management for Allianz, “…the successful shaping of Allianz, came about by taking a risk and combining that with an analytical approach in order to make a change. It was almost a radical strategy in terms of the industry but the board under strong leadership from (its past and present) CEO’s created the freedom to transform the company into what it is today.”
Though foresight and trust played a great role in Allianz becoming a strong leader in the financial market, it was also the ability to adapt to new trends such as technology. So much so that when the financial sector was in its prime, it was of the thought that what holds as current technology standards were better suited for science fiction movies or novels! Rather than that of the rigid corporate settings of the financial sector. However no matter how many times people try and deny it, Spielberg type ideas do tend to catch up with the world. And if they can put a vehicle on Mars then traditional industries can surely meet the technological requirements of today!
“The digitalisation of Allianz was done to define a vision and drive a transformation into modern business practices” a simplified statement by Gross of what must be an extremely difficult transition. However it’s this simplification that outlines a strategy that is directed towards success.
Perhaps it takes not just a company but a group of like minded people involved in a company to help ensure a positive future. Whatever the case may be, with strong waves of ongoing challenges developing within these changing economic currents, it is awesome to see that businesses such as Allianz showing the resolve to remain secure. Thus developing a trusting awareness of itself in an unsure market. It is this creative approach to the business environment, which in years to come will be seen as a redefining factor that was much needed in the global financial sector.
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