Allianz in Cooperation Agreement With Cisco

German insurance giant, Allianz AG, will team up with leading network provider Cisco Systems to create new e-Business initiatives for the Allianz Group, which includes U.S. subsidiaries, Fireman’s Fund, Allianz Life, Jefferson Insurance, and recently acquired fund manager Pimco.

Cisco is expected to provide its expertise and technology to Allianz to increase customer contacts, launch e-commerce initiatives and improve internal processes. It will advise on eBusiness initiatives and become Allianz’ “technology partner for its data/voice/video network.”

In a press release, which expressed their mutual admiration, senior managers of both companies praised the other’s knowledge and experience in their chosen fields, and expressed their delight at the prospects of working together.

“In today’s global Internet Economy, businesses are working together to redefine competitive advantage and create value for customers, shareholders and partners. Working together in win-win situations is a key element of success,” said the announcement.