Allianz Global Corporate & Specialty (AGCS), the industrial insurer of Allianz Group, has set out on a “comprehensive transformation” program to turn around its business by 2024.

AGCS CEO Joachim Mueller says the plan is aimed at regaining its market leadership and profitability in the corporate and specialty insurance segments.

He says the business will achieve the goals through improved technical capabilities across its core underwriting and claims functions, streamlining of processes and enhancing of current distribution and sales function.

It will also invest in digitalisation to strengthen its core business and customer offerings.

“We will now focus our entire business under a new strategic direction,” AGCS CEO Joachim Mueller said.

“We will put technical excellence in underwriting before growth, simplify and strengthen our global model to ensure that we think and act as one team, and become more efficient, leaner and faster, benefitting us and our clients.

“Our joint ambition is set high. The ‘New AGCS’ will be the market leader in our target segments. We expect to see significant profitability improvements of our underwriting results from 2021 onwards and aim to achieve the full turnaround and transformation of our company by 2024.”