Jörg Richtsfeld has been at Germany-based insurer Allianz Group since 2013 “contributing to performance management, innovation and digitalisation”, according to the company, but perhaps his greatest work has been in building up Allianz Ventures.
Allianz Ventures invests in and partners with “promising digital companies to gain access to new business models, innovative products and services and emerging technologies,” Richtsfeld said.
It is a natural fit for someone who has focused his career on strategy, innovation and corporate development and spent the past 20 years working for large multinational organisations in financial services, telecoms, media, technology and electronics, including broadcaster Sky, industrial group Siemens, consultancy Capgemini, and the investment trust of the Bavarian Royal Family, House of Wittelsbach.
Allianz Ventures’ first seven investments include Argus, Quantemplate, two rounds in Berlin-based Simplesurance, driving aid Nauto, Moneyfarm and roadside assistance mobile app Urgently. Last month Lemonade, a US-based insurance company powered by artificial intelligence and behavioural economics, was also backed by Allianz.
With many of these deals, such as Urgently, Nauto and Moneyfarm, Allianz and its subsidiaries have partnered the portfolio companies.
Richtsfeld, who completed his PhD at the University St Gallen in banking and finance after working as an assistant to the Swiss institute’s president, said Allianz has also sought to build partnerships with startups outside of equity deals. Earlier this year, Allianz partnered Startup Health, while other deals include Snappcar, Drivy and Move24.
The next development stage of Allianz venture activities will cover company building, minority-owned venture investments and funds of funds, particularly where they will help Allianz gain “even better entry and insights into the highly competitive US venture market and potentially other markets”.
The ventures activities will be put under a new fund structure AllianzX with an initial fund size of €430m ($450m) to last its first four years. The fund structure is planned to be ready by the third quarter of this year.
Regarding company building, Richtsfeld said it would “ideate and pair innovative business models with driven entrepreneurs” in “strategically relevant areas”.
The entrepreneurs-in-residence program provides the people and environment to build businesses from scratch and so give Allianz Group “access to a highly valuable talent pool,” and the “reputation as an active driver of innovation”, he added.
Solmaz Altin, chief digital officer at Allianz Group, said: “Jörg and his team have been instrumental in developing Allianz’s venture strategy and building the foundation as a trusted player in the startup and venture ecosystem.”
