Allianz named top global insurance brand by Interbrand
The annual index assesses the power of the world’s leading brands, evaluating them on profit that can be attributed to branded sales, the extent to which a brand influences buying decisions, and a variety of internal and external metrics measuring its overall strength. Interbrand holds an ISO 10668 certification.
Allianz climbed four places from last year to be listed at 39th place in Interbrand’s overall top 100, which covers a broad spectrum of sectors, from financial services and consumer technology, to retail, alcohol and luxury goods.
The insurer has consistently moved up the rankings over the past 10 years, when it sat at 67th place. This year it is the third highest-placed financial services brand, behind only JP Morgan (22) and American Express (23).
"On the right track"
Oliver Bäte, Chief Executive Officer of Allianz SE, said the ranking “confirms that we are on the right track”.
But the firm has set it sights on a higher target in the coming years.
“While half the brands in the Top 100 failed to grow this year, Allianz’s brand valuation increased by 7% despite the crisis, taking it to $12.935 billion,” revealed Christian Deuringer, Head of Brand & Partnerships at Allianz SE. “We have set ourselves a goal to become a Top 25 brand by 2025.”
The best of the rest
In the financial sector, VISA (45), AXA (48) and Goldman Sachs (49) all secured their position in the top half of the table.
Interbrand’s overall top five is dominated by the world’s biggest technology multinationals. Apple leads the listings, followed closely by Amazon, Microsoft, Google and Samsung - all of which showed significant growth, other than Google (-1%).
Zoom, the video conference platform which rose to prominence from relative obscurity throughout the COVID-19 pandemic, snuck in at 100th place as a new entrant. Instagram (19), YouTube (30), and Elon Musk’s EV manufacturer Tesla (40) also made their debut to the index.
image credit: allianz.com
TrueMotion insurtech acquired by Cambridge Mobile Telematics
One of the world’s leading telematics insurtechs, Cambridge Mobile Telematics, was launched in 2010 and powers 65 enterprise programmes in 28 countries.
Meanwhile, TrueMotion, which launched in 2012, has enjoyed significant success as a telematics operator, raising US$10mn in its seed funding round in 2010, and then partnering with the motor insurtech Noblr in 2019.
TrueMotion has also entered the European market, collaborating with LB Forsikring to promote safe driving in Denmark.
The joining of the companies means TrueMotion’s 150-strong workforce will join Cambridge Mobile Telematic’s already established team, along with their client list, which includes Travelers, Farmers, and Progressive.
The new company will focus on increased interest in using telematics for crash reconstruction in personal lines claims and more innovation in the telematics space.
Speaking about the acquisition, William Powers, CEO, and co-founder of Cambridge Mobile Telematics, described the move as an opportunity to explore new markets, expand throughout the US and bring telematics to a much wider customer base.
"With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” he added.
Ryan McMahon, VP of insurance and customer affairs for Cambridge Mobile Telematics, explained that expanding the company with additional talent and customers would help meet the demands of a growing telematics market. He also quoted data from a study by J.D. Power which revealed that personal auto telematics users have doubled in five years to 16% of policyholders.
McMahon told the press, “This market is rapidly expanding, and building more capabilities is more important than ever,” McMahon says. “Both companies follow similar philosophies and grew up in similar ecosystems, and now we’re bringing those cultures together.”
He continued, “Telematics is absolutely the future of commercial auto and rideshare, and it’s kind of a step up beyond the normal telematics."
McMahon added, “We will not only widen our lead in smartphone telematics, but also use our combined talent to invent new products for risk measurement, contextual telematics, and crash mitigation across emerging mobile, IoT, connected-car, video, and sensing technologies.”
Five reasons why telematics is in demand
- It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel
- The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales, and speeds of vehicles.
- It improves driving standards and monitors driver behaviour, reducing detours and ensuring responsible driving.
- It helps fleet health and maintenance by monitoring the health of operational vehicles.
- It increases corporate social responsibility in terms of care for the driver, the vehicle, the impact of driving in terms of emissions, and also the security of the vehicle itself.
Image credit: Getty