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Allianz and Volkswagen Extend Old Partnership and Target BRIC

Posted on Aug 12, 2010 by Sergio Ulloa ()  | Tags: Automotive Industry, Brazil, BRIC, India, Russia, Volkswagen Group

Allianz Global Automotive and Volkswagen Financial Services have recently signed a letter of intent which will see the two companies agree to continue collaborating and strategically expand their 60 year old successful partnership. The newly signed letter of intend pays particular attention to the expansion of the business model from a qualitative perspective, focusing on growth, as well as increasing their combined efforts towards achieving increased profitability. The target markets for this renewed partnership agreement go beyond Germany, aiming particularly to the emerging economies of the BRIC countries, comprising Brazil, Russia, India and China. Worldwide, the car insurance market is fiercely competitive and all the major insurers want a piece of it. Allianz sees the business done with automotive manufacturers as key to achieve growth in the highly contested global auto insurance market. Through the global strategic positioning brought by the renewed agreement, Allianz intends to offer their automotive partners and their customers improved services in the future. The biggest market for Volkswagen used to be Germany, and it has now been overtaken by China, whilst Brazil remains their third largest market, with continuing aggressive expansion in both India and Russia. Both Allianz and Volkswagen see their partnership as a win-win situation. Allianz is able to offer tailored products and multi-channel sales, significantly adding value to the proposition offered to their insurance customers, whilst Volkswagen can continue living up to the promise behind their brand name delivering the quality and service expected by their customers. For both companies, the objective remains to "forge closer links between sales channels to secure profitable growth in the long term", according to a joint statement released after the signing of their agreement. Companies mentioned: Allianz Allianz LogoAllianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence. Volkswagen The Volkswagen Group with its headquarters in Wolfsburg is one of the world's leading automobile manufacturers and the largest carmaker in Europe. The Group operates 61 production plants in fifteen European countries and a further six countries in the Americas, Asia and Africa. Around the world, nearly 370,000 employees produce about 26,000 vehicles or are involved in vehicle-related services each working day. The Volkswagen Group sells its vehicles in more than 153 countries.
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