After eight years in surety, Peer Lafferenz, Senior Account Manager, has one standout message: be the best for your customer. Here, he speaks on the importance of strong client relationships and why he never turns down a challenge.
How did you find yourself at Allianz Trade?
After apprenticing as a freight forwarder with a German transportation company, I completed my studies in business law and later worked as a consultant. Once the 2009 banking crisis struck, losing my consultant job led me to join Allianz Trade as a temporary worker for half a year in the claims department. This trajectory may sound a bit unconventional, but that’s one of the things I love about Allianz Trade: there are so many diverse ways to get your foot in the door!
I would then go on to remain at Allianz Trade as a credit risk manager for the next four years before looking for another role within the group due to internal restructuring. At this point my former boss, who was then Head of Surety, suggested that I join the department. One week later, I was part of her team! It’s gratifying to now feel well-connected within the organization and confident in my understanding of business processes end-to-end.
What are your responsibilities in your role?
My main responsibility is to be a point of contact for our customers within surety. I make it my utmost priority to manage client relationships and present people with good solutions – customer focus is definitely my most important driver. I’ve found that I thrive on being able to show clients, ‘hey, we’re strong and we can help you!’
This relationship factor is critical, because the more my clients trust me, the more I can help them. After all, their success is our success. If they fail, we fail. This direct relationship hinges on transparency, which I think makes things more straightforward and interesting. I therefore make a concerted effort to maintain strong client relationships, which in some cases can last longer than 50 years!
What challenges have you encountered in surety?
One challenge is keeping up with the digital evolution of the field in order to remain competitive in the future. In surety, digital systems are emerging, but they are still new to the field. To this point, Allianz Trade has implemented a new computer system which has the capacity to connect to other tools and external platforms via the modern web framework FastAPI.
Another difficulty is that although surety players are trying to standardize digital processes, there are increasing demands from large clients for individual solutions tailored to their business. There’s therefore a growing gap between standards, digital systems and calls for higher individual service that make digital innovations difficult to standardize.
What are your greatest tools for success?
Regardless of the product, solid customer focus is key. While the capacity to understand whole economic situations is important, without a vested sense of responsibility for your customer, you’re lost. You also need to be flexible, as we’re in a field that is privy to ongoing change and unpredictable economic waves.
I personally make a point of building upon my skillset by saying yes to difficult projects. For example, last year I accepted a project in syndicated loans, which are jointly comprised of funds from multiple institutions to finance a revolving facility. This a very complex product with hard deadlines and few contracts. I’m now able to advise colleagues from around the world who are dealing with syndicated loans for the first time, adding to group know-how.
This transfer of knowledge is a two-way street at Allianz Trade – you’re never alone and in fact are surrounded by people with expertise in different specialties. There’s a true spirit of collaboration with the team. This extends to making decisions regarding different business processes; I always feel that there’s room for discussion among my colleagues, regardless of their position in the company. That makes for a very positive and constructive environment.
What are your goals for the future?
I am currently taking part in the group’s three-month management program, as I like the thought of possibly moving into a leadership role or branching out to different departments. I’m now in my eighth year in surety – and while it’s very interesting and fun, I want to remain flexible and to keep developing professionally. That being said, even if I ever move to another department, I ultimately see myself returning to surety – for me, this is the place to be.
