Allianz1 – Insurance customisation in real time in Italy

Allianz1 is a new initiative from Allianz Italy. The platform essentially allows consumers to design and tailor policies based on “building blocks” from P&C, life and health insurance lines. In total, elements from thirteen insurance lines, including home, employment disability and telematics-enabled car insurance can be amalgamated into a single policy with the exact breakdown of coverage levels and premium allocations displayed to the user. This user experience is accentuated by feedback about premiums in real time during the Alianz1 customisation process. Although some may dismiss this initiative as a simple UX adjustment, the complexity of insurance policies in Italy is responsible for a relatively low penetration rate of 2% for non-life insurance in Italy compared to the rest of Europe.

With Allianz1, a tailor-made policy can be put together from 13 individual building blocks from P&C, life and health insurance lines, while the customer can see in real time what they will get for their money

Allianz is trying to make the process of purchasing insurance more transparent. Now, two years after launch, more than 300,000 Italian customers have used Allianz1 to tailor insurance products to their specific risk profile. Although Italian aggregators already exist, they cannot provide the granularity that Allianz1 delivers through its tailored product assembly process.

How Allianz1 Works?

Allianz1 generates a tailor-made product from 13 individual “risk blocks” across P&C, life and health insurance lines. Additionally, potential policy holders can adjust the coverage limits and policy terms in real time. From home insurance, occupational disability insurance and telematics enabled car insurance, Allianz1 offers comprehensive protection for the entire family in a few minutes.

Benefit to Customers

• Personalised policies that provide transparency throughout the buying process.
• Simple, quick purchasing process.

Benefit to the Insurer

• A customer experience that builds trust and confidence as opposed to confusion about policy terms and coverage levels.
• Growth in average premiums, improved sales productivity, better cross-sales opportunities.

Allianz has decided to defer the customisation of products to the customer whilst also extending to the agency for advice and support. Ultimately, this combination of self service, personalisation and real time feedback is lifting a veil of ambiguity that previously existed for Italian policyholders, thus forging a new trust between policyholders and Allianz in Italy.

Allianz1

Allianz has found a way to overcome customers reluctance

Insuring for the future