Hicham Raissi leads Allianz Insurance Singapore in charting new growth in the EV space

The motor insurance he piloted is the first of its kind with EV-related coverage not seen in traditional vehicle policies.

Allianz Insurance Singapore (Allianz) CEO Hicham Raissi has spearheaded the motor insurance industry in the electric vehicle (EV) market through its Allianz Electric Motor Protect policy. This motor insurance is the first of its kind with specific cover for EV-related items not seen in policies covering traditional internal combustion engine vehicles, such as covering electric and electronic components, private charging stations, loss or damage caused by malicious cyber acts and during operation under Advanced Driver Assistance Systems. This initiative is also aligned with the Allianz Group’s commitment to its sustainability agenda.

In 2020, Allianz was incorporated as a greenfield insurer. Raissi has steered Allianz through the uncertainty brought about by the pandemic to become one of the fastest-growing insurance companies in Singapore.

In a short span of time, Allianz rose 10 spots to place 25th in the ranking of general insurance companies by market share. Evidenced by a stellar 350% growth in GWP and a robust increase in its distributor network, it also broke through into the top 5 list for motor insurance providers and the top 10 list for travel insurance providers.

Raissi also continues to be a champion for the company’s culture of innovation, entrepreneurship, and ownership with open communication. This has inspired local and offshore teams to take the lead in overcoming challenges when scaling the business. This successful collaboration also reduced turnaround times for both intermediaries and customers.

Furthermore, the innovative use of digital technologies resulted in paperless workflows such as policy applications and policy issuance. With this culture in place, teams within Allianz are constantly exploring new ways to increase efficacy and make processes seamless for customers and intermediaries.

These achievements showcase the qualities of Raissi as an exemplary leader. The culture he has instilled and the projects he has launched have been recognised by the SBR Management Excellence Awards 2022, as he wins the Executive of the Year - General Insurance category.

This prestigious awards programme honours individuals and/or teams that have made a huge contribution to the companies’ success and Singapore’s growth. At the same time, the programme will also honour employee engagements and COVID management initiatives that made a positive impact on its workforce or customers.

The SBR Management Excellence Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2023 awards programme and be acclaimed for your company's employee engagements and management initiatives, please contact Julie Anne Nuñez at [email protected].