Each year, the European Risk Management Awards recognizes the highest achievers within the European risk management community. AGCS won top place in the categories “Technology Innovation of the Year“ for its supply chain analytics tool “B.I. Prepared” and “Captive Management Solution of the Year” for a blockchain-based prototype for captive management. The results were announced at a ceremony in Brussels on November 21.
The awards are led by the Federation of European Risk Management Associations (FERMA) in conjunction with Commercial Risk Europe (CRE), the publication for the European corporate risk and insurance management community. FERMA brings together 22 member associations from 21 countries across Europe. Together the associations represent more than 4,700 risk and insurance managers.
“It is an honor for us to be recognized for two major awards by Europe’s leading risk management body. These wins and also our other two nominations reflect our commitment to developing innovative solutions that enable us to deliver faster, simpler and more transparent services for our clients”, said AGCS CEO Chris Fischer Hirs.
In his key note speech at the award ceremony, Mr. Fischer Hirs encouraged all parties to embrace new technologies that are changing the risk landscape as well as entire organizations and sectors. He called for a new mindset of collaboration and exploration, of trial and error: ”We must ourselves take risks by experimenting and investigating options that may fly…or may sink. Many ideas will fail, but far worse than failure is to not explore and to fail to keep pace with the changes in our industries and beyond. We need to continue to explore the new challenges in an agile way.“
The award ‘Captive Management Solution of the Year’ was given to the AGCS blockchain-solution for a captive insurance program which was launched in November 2017. The prototype showed that with blockchain, international insurance transactions and money transfers can be significantly accelerated and simplified. The innovation looked at three common process flows in the captive insurance cycle – annual policy renewals, premium payments and claims submission and settlement. It translates these processes into the distributed ledger environment, decreasing the time from initiation to policy, policy to premium and claim to settlement.
AGCS is currently further exploring the captive blockchain prototype as well as other blockchain applications and opportunities for the wider business such as a financial token for money transfers. “We had good feedback from our clients and we’re continuing to explore the captive prototype as well as blockchain applications and opportunities for our wider business in current projects”, says Michele Williams, who oversees AGCS digital initiatives as Global Head of Cross-functional Smart Evolution at AGCS.
The supply chain analytic tool “BI.Prepared” won the award catagory “Technology Innovation of the Year”. This prototype app helps clients and AGCS manage business interruption exposures, and was developed by Allianz Switzerland and AGCS in Munich. Using the client’s geo-coded location data for both insured properties and those of its suppliers, the tool can map interdependencies between locations in a company’s supply chain and even considers actual production steps at specific plants. With an overview of a client’s supply chain network, scenarios for different risks and loss events can be run to evaluate vulnerabilities and then develop operational mitigation measures.
Ralf Dumke, Head of Risk Consulting Property in Central & Eastern Europe, is leading this project: “With BI Prepared, we are able to directly link financial impact with interdependent production processes. Any BI scenario at a chosen location can be modelled and loss estimates can be calculated. We envision a client cooperation platform with interaction and synergies for the benefit of both, the client risk management and the insurers’ risk assessment.”
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About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. AGCS provides risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film actors. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
We constantly strive to deliver the best for our customers through our global team of around 4,400 employees from over 70 nationalities in 34 countries worldwide. As the one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial strength ratings and a global network in over 200 countries and territories. In 2018, AGCS generated a total of €8.2 billion gross premium worldwide.
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