ALLIANZ PNB Life is aiming for a bigger share of the Philippine insurance industry via an aggressive expansion plan.
Olaf Kliesow, president and chief executive officer of Allianz PNB Life, told reporters in a media briefing on
Tuesday the company’s short term goal is to “go back to the top 10” in the local market.
“[T]hat’s what we are going to achieve … 2017 is the best year for the company ever and if this continues we will rank up,” he said.
Last year, Germany’s Allianz completed the acquisition of 51 percent of PNB Life, which has 600 branches across the country, allowing the company to reach a wider market base.
Kliesow admitted that attaining their target would take time given the tight competition. “On the realistic side, there are companies here who have been present for a hundred years and we don’t expect to be in the top three in the next couple of years,” he said.
He said Allianz PNB planned to forge health, assistance, service and credit insurance partnerships.
“I’m talking to them and I’m optimistic we can expand our footprint. We’re very happy to take them to the Philippines. This is a good opportunity given the good macroeconomic environment,” Kliesow said.
“We also have a team in Singapore which is dedicated to data and analytics … and that’s really becoming more and more important for business as customization and personalization of insurance offerings are [becoming a trend],” he said.
Kliesow disclosed they plan to launch a microinsurance unit next year, adding that Allianz PNB is also growing the number of its agencies to roughly 300 this year and to 3,000 agents by 2020.