Hong Kong is a key business center in the Asia Pacific region. With low taxes, modern infrastructure, business-friendly policies, international culture and high transit connectivity, it’s an attractive financial hub: both as a springboard to working with China for foreign companies, and as a source of international capital for Chinese firms. This strategic location is home to Allianz Trade’s regional headquarters in Asia Pacific. And 2024 marks a milestone for our Hong Kong office: its 25th anniversary!
A quarter century of history
When our Hong Kong office opened in 1999, trade credit insurance (TCI) was a little-used service locally. At the time, there was only one, state-owned insurer in town, and many companies simply didn’t know about this type of insurance at all.
However, over the past quarter century, Allianz Trade has worked hard to demonstrate the benefits of TCI for companies doing business in the Asia Pacific region. We have built lasting relationships, with our customers as well as with brokers and banks. A highlight of this time has been our partnership with a large multinational bank, for mutual referrals. Initiated in the UK, the partnership has been especially successful in Hong Kong, where at one point we were responsible for 35-40% of worldwide referrals thanks to our strong relationship with the bank’s office here. On the client side, we’ve also had great success with our offer for multinational customers working across multiple currencies and countries.
A reputation for customer service
The reputation of Allianz Trade in Hong Kong is founded on excellent customer service. To illustrate, here’s a story from not long after I joined the office:
One of our customers was a large supplier to a massive consumer goods retailer. Unfortunately, the retailer declared bankruptcy, defaulting on the payments it still owed—which amounted to millions of dollars. In the TCI business, claims of this size can sometimes take months to investigate and verify, leaving the policyholder in a precarious financial situation during this waiting period.
We paid out the claim to our customer within two weeks.
A two-week payout for large claims is nearly unheard-of in the industry. And we were able to deliver quickly and efficiently. As soon as our customer requested the claim, we worked with them to compile documentation and quickly verified their transactions.
Our strong customer relationship was also instrumental in facilitating our fast payout, and we pride ourselves on building trust over time. We believe transparency is key: we proactively share information and plainly explain the reasons behind our requests. In fact, almost 10 years later, they are still our customer!
A culture of respect and growth
Our focus on relationships starts with our own people. At Allianz Trade, all of our teams work closely together and contribute to an atmosphere of mutual respect. New joiners are warmly welcomed and guided by the entire office – even colleagues from different departments make sure to introduce themselves. We also encourage our people to grow and evolve within the organization, through promotions as well as postings in other departments or even countries. Opportunities for mobility are proactively discussed between managers and their teams – as long as you’re motivated, the sky’s the limit.
Our culture of respect and growth fosters high employee retention. Some of our team members have even been with us since the very beginning of the Hong Kong office, for nearly 25 years!
A trusted partner for companies of every size
Looking to the future, Allianz Trade in Hong Kong aims to work more with small and medium enterprises (SMEs), as they become aware of how TCI can protect their cash flow.
As an AA-rated insurer and the global leader in trade credit insurance, Allianz Trade is a reliable partner for SMEs and multinationals alike. Our global network and local expertise give companies the confidence to trade, grow their business and secure their cash flow.
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