Allianz has been named the “world’s best” insurance brand in 2023.

Interbrand’s 2023 Best Global Insurance Brands index put the Munich-headquartered company in first place for the fifth year running as it surpassed $20 billion in brand value for the first time.

Allianz reached a $20.85 billion valuation in 2023 after it saw double-digit growth of 11.5 per cent and a year-on-year value increase of $2.15 billion.

The value rise also moved the insurer up three positions to rank 31 in Interbrand’s overall ranking of the top 100 global brands.

“Being the number one insurer is just the beginning,” commented Bernd Heinemann, group strategy, marketing and distribution officer at Allianz SE. “Allianz is looking beyond the industry and aspires to compete with the world’s most valuable brands.”

Allianz said it had set out on this aim by making its brand more tangible and building trust through dedicated global customer experience initiatives and by taking action on customer feedback.

One initiative it cited was targeted interaction between customers and call centre agents with the aim to improve clarity on coverage, claims and renewals.

Allianz also supported customers in the German market with preventative measures to help them better prepare for severe weather events through an AI-based severe weather warning alert.

A wide range of well-established partnerships and sponsoring activities continue to create real-life touchpoints and strong brand-experience moments between Allianz and its major stakeholders, it added.

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