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Securing Indonesians’ future through innovation, teamwork
PT Asuransi Allianz Life Indonesia has recently appointed Alexander Grenz as Country Manager and President Director of Allianz Life Indonesia. After obtaining a permit from the Financial Services Authority (OJK), he took the role on April 7, where he will be managing Allianz's operational activities
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T Asuransi Allianz Life Indonesia has recently appointed Alexander Grenz as Country Manager and President Director of Allianz Life Indonesia. After obtaining a permit from the Financial Services Authority (OJK), he took the role on April 7, where he will be managing Allianz's operational activities in Indonesia and overseeing the business’ sustainable growth.
Hailing from Germany, Alex, as he prefers to be called, has been working for the past two decades in insurance and asset management for Allianz. With extensive experience under his wing, he previously served as president and CEO of Allianz PNB Life Insurance (AZPNB Life) in the Philippines.
“Allianz Life Indonesia is number one for market share in Indonesia based on an annualized premium equivalent (APE) of Rp 3.8 trillion in 2022. We provide a wide range of solutions not only for life and health insurance, but also for general insurance. This puts us in a very strong and unique position in the market,” he explained.
In addition, Allianz Life Indonesia offers a sharia option for life and health insurance, banking on Indonesia’s status as the largest Muslim population in the world while also supported by an ever-growing sharia ecosystem.
To better meet this need, Allianz Life Indonesia is preparing to spin off its sharia unit in the near future, not only to follow OJK regulation, but also as a way to meet market demand and tap into its potential.
OJK data shows that sharia insurance penetration in Indonesia is currently only around 0.2 percent. Allianz Life Indonesia seeks to increase this rate by targeting the middle segment, aiming to become the fastest growing sharia insurance in the market.
As of the first quarter of 2023, Allianz Life Syariah had recorded a breakthrough result by becoming the market leader for APE for the first time, with 50 percent year-on-year (yoy) growth.
“We call this the ONE Allianz approach, where we leverage our business lines to provide A to Z solutions. We see this as a huge opportunity to expand our business by providing holistic, best-in-class and sustainable insurance solutions to secure the future of more Indonesians,” he said.
Alex’s new role at Allianz Life Indonesia comes after his leadership at AZPNB Life, which grew to become the third largest life insurer in terms of gross written premiums and annualized new business premiums, up from 11th in 2019.
Asked about his role in AZPNB Life’s rise, Alex pointed out that great achievements could only come from great teamwork. With this approach, he continued, Allianz could further advance its achievements in Indonesia.
“By giving responsibility and ownership of our actions along with fully empowering our colleagues, we will foster a high-performer culture where we always strive to do our very best and encourage others to do the same,” he said.
Alex is also very optimistic for the future of Allianz Life Indonesia, noting that in the past five years, Allianz Life Indonesia, based on APE, has recorded a growth of 38.7 percent. However, he also acknowledged the challenges in the market, where based on compound annual growth rate (CAGR) APE from 2018 to 2022, the total market growth is only at -6.9 percent.
Nevertheless, Allianz Life Indonesia itself managed to grow consistently in the last four years, based on a CAGR APE 2018 to 2022 of 8.53 percent with a market share of 10.1 percent in 2022.
Alex also cited OJK data on Indonesia’s “very low” insurance penetration rate, which was recorded at 3.18 percent at the end of 2021. He believes that the company needs to address more segments and organize itself accordingly.
“True customer growth and premium will be an essential part of our strategy going forward, and as such we will use technical excellence to bring new product propositions to the market and continuously improve further our high level of service to our customers.”
Aside from continuous innovation and commitment to protecting its customers, Allianz Life Indonesia also encourages a healthy lifestyle through educational content and articles as well as health-focused talk shows and sports events.
“We also encourage the public to care about the planet we live on. One way is by providing a convenient digital ecosystem for our customers, from submitting life insurance application, choosing an e-policy, to submitting claims online,” he explained, adding that the approach contributes to carbon emissions reduction.
“I believe that with great teams and good collaboration, we can achieve any goal using the ONE Allianz approach. Allianz Indonesia will continue to work together and empower each other in order to provide the best service to our customers and stay true to our purpose: ‘Secure Your Future’.”
