Explaining insurance to the common Filipino can be difficult. The paper work and the mathematics behind it, and they might give you a puzzled stare and a few friendly nods. But the Allianz PNB Life president and CEO might just be able to convince you with his clarity and conviction.
Think about where your money goes. A cup of coffee a day, a new smartphone—seemingly frivolous things such as these bear consequences in the long run. “But the question is, Allianz PNB Life president and CEO Alexander Grenz asks, “what is more important?”
In a country where the insurance penetration ratio is at 1.3 percent, which pales in comparison with much more mature markets in the west, the Philippines can be tough to crack. Alex, however, sees things differently.
“There’s always this discussion between mature markets and what some call emerging markets,” he muses. “We call it growth markets because we believe in the potential of the country.”
He adds: “We strongly believe in the Philippines as a market.”
A man like Alex, who previously held positions as chief integration officer of Allianz SE, Singapore and as a regional distribution for bancassurance and Partnerships, Asia-Pacific (APAC), as well as stints with Allianz Russia Life, Moscow, and other Allianz entities around the world, has seen the global market. And he’s bringing that wealth of knowledge and experience here.
To him, it all starts with simplicity and transparency.
“You should have a simple proposition, which would give customers a clear promise. And you can rely on the fact that we are going to keep this promise,” Alex says.
Raising awareness about financial literacy is only one solution to it. It’s also about making sure the Allianz PNB Life has suitable products and to personalize these products based on the customer.
Nobody wants to read 90 pages of small print to find out what events they’re covered for. Discussion is key, and Allianz PNB Life is not just here to gain people’s trust, but also to provide them with the reassurance that they’re taken care of.
Insurance in the digital age
Alex emphasizes digitalization when it comes to offering simplified solutions. With information easily available for customers to access, services can be easily had.
It will provide immediate access to people, anywhere, anytime. “The experience itself will be much better,” he adds.
“Imagine I have insured my life, and I have an accident. Do you think I have my paper policy in hand when I’m in the hospital? No,” he quips.
Sustainability and inclusivity
One of Alex’s key talking points is sustainability. Allianz, for its part, globally, has stopped its coal and mining investments a long time ago. The company, which was ranked the number one insurer in the Dow Jones Sustainability Index, has incorporated a global Climate Change Strategy into its Corporate Social Responsibility since 2005.
“You’re doing something with a purpose. You’re trying to make up for some things,” he shares.
It also partnered with the local government of Enrique B. Magalona in Negros Occidental for the launch of the Mangrove Plantation Project, a conservation initiative for its 10-hectare site. The municipality of E.B. Magalona has nine coastal barangays that are prone to rising sea levels. The mangrove’s plantations have been protecting the coastal communities from typhoons and the rise of sea levels.
Allianz PNB Life, likewise, supports electronic mobility in achieving a low-carbon economy. The company has a soon-to-be rolled out project with a leading e-jeepney operator to encourage commuters to choose this eco-friendly alternative by providing them insurance coverage.
Alex also strongly advocates paperless transactions, as they move from print to digital. “You have a choice, you can have the paper contract or you can have the digital policy,” he points out. “If you do the paper policy, you kill one tree. If you take the digital, we plant a tree.”
He also advocates social inclusion. Allianz has been a long-time supporter of the International Paralympic Committee (IPC). As Allianz joins the Worldwide Olympic Partner Programme, the global insurer will also become a “Worldwide Paralympic Partner” from 2021.
As a “sporty” fellow, Alex has participated in the Allianz’s Conquer Challenge, a 10-kilometer “obstacle course race” (OCR), with the Aeta youth. OCR articulates Allianz’s brand belief. The Aetas were students of Villa Maria Integrated School, an adopted public school of Allianz PNB Life.
It’s also worth mentioning that Alex is a “competitive” person. It carries over to his job, as well. For the next 12 years (the 15-year bancassurance partnership with PNB started in 2016), PNB will be exclusively distributing Allianz life products. With a man like him at the helm, Allianz will continue to educate people of all socioeconomic demographics about financial literacy. That one cup of coffee a day can spell a difference in your life in the future.
“So when you get the chance,” he says. “Question yourself, ‘do I really need it?’”
