German insurance giant Allianz is more than quadrupling its global advertising budget to £225m a year as it prepares a three-year marketing blitz.
Allianz, which this week dropped the Cornhill moniker from its UK operations, says it will spend €1bn (£680m) over three years on a global advertising campaign. A UK spokesman says the move will “undoubtedly increase overall brand awareness in the UK” where budgets have traditionally been very small.
The move to create a global awareness campaign mirrors the strategies of its competitors, such as Zurich which in 2005 launched the Publicis-created global strapline and campaign “Because change happenz”.
Allianz this week also signed a deal to be the exclusive sponsor of CNN show “The Spirit of…” across CNN International and banner advertising on CNN mobile and a dedicated website.
The increased budget puts Allianz almost on a par with global financial services giant HSBC, which spends about £300m a year. Allianz’s previous global spend was £60m.
The OMD network has been tasked with carrying out media planning and buying duties for the campaign. It has previously held planning and buying accounts for the insurance firm in various international markets.
It is not known who will create the ad campaign. Last year the company was understood to be seeking an international network agency to help strengthen its global presence. BBDO is Allianz’s agency of record, although Interpublic’s FCB – since rebranded as DraftFCB – won a $15m (£7.5m) chunk of the business in the Asia Pacific region.
Allianz, Germany’s second largest company, operates in property and casualty, and life and health insurance as well as banking and asset management.
UK operation Allianz Cornhill changed to Allianz Insurance. The move allows the business to align more closely with the global brand. This process began in 2003 when the company added the Allianz brand name to that of Cornhill.
However, consumer-facing brands Cornhill Direct and Petplan will remain because of “considerable levels of awareness and value among the UK public”.