AGCS launches new services including risk consulting, captive fronting and crisis management

Allianz Global Corporate & Specialty (AGCS) is launching a new business initiative, “AGCS Services” that includes risk consulting, captive fronting and crisis management.

The new suite of products will be available in two markets, Central and Eastern Europe (CEE) and the Mediterranean region.

Traditionally AGCS only offered risk consulting as part of insurance covers or programs, but the insurer says it is now going to offer ‘unbundled’ services on a complementary ‘pay as you go’ basis. 

“Corporate risk managers need much more than traditional risk transfer in today’s complex and fast-changing environment. By introducing a suite of value-added services we enhance our offering and allow our clients a broader choice as they can now opt for specific service solutions.

”We can support and protect businesses across all stages of risks helping them predicting, monitoring and mitigating risk to covering financial losses and enabling an effective crisis response when disaster strikes”, said Hartmut Mai, AGCS Board Member and responsible for AGCS’s regionals units CEE, Mediterranean and Africa, launching AGCS Services at the FERMA Forum 2019 in Berlin. 

The AGCS Services range will initially provide services focusing on risk mitigation, captive fronting and crisis management solutions through its separate entity, Allianz Risk Consulting GmbH.

AGCS is also developing services around Industrial IoT (Internet of Things) technologies and supporting clients to manage their supply chain risks.

All the services will be delivered by AGCS experts and engineers complemented by third-party providers. 

The Risk consulting services will include predictive risk analytics and monitoring, risk visualisation or risk mitigation and prevention.

Examples are remote risk assessment leveraged by a digital platform, bespoke natural catastrophe analysis, cyber security and resilience reviews, in-door 3-D mapping of facilities creating virtual factories, technical loss analysis or damage prevention through the Allianz Center for Technology, drone surveys and inspections for construction or loss sites.

Other services include ESG risk consulting, helping companies to better manage environmental, social and governance risks of their own operations or within their supply chains.

Managers of corporate self-insurance programs face a number of challenges in today’s market, from Solvency II regulations to ensuring that their financing and reinsurance can absorb an array of risks. 

The new dedicated captive risk fronting service is designed to reduce complexity, enhance control and compliance for captive insurance programs and improve cash flows and transactions.

Finally, the new crisis management solutions will help companies to respond effectively and quickly to any claims or crisis scenario thereby mitigating financial losses and reputational damage.

Solutions include geographical risk alerts for a broad range of events that can critically affect business operations – such as transportation or infrastructure incidents, natural catastrophes or terrorism attacks.

“First feedback from our clients is very encouraging and we welcome customers who are interested to explore or even co-create new services with us”, explained Tina Baacke, Global Head of AGCS Risk Consulting and project lead for AGCS Services.