Allianz, which had tied up with Alpic to enter general insurance sector, has also recently floated a risk management venture -- Allianz Alpic Industrial Risk Manangment Services -- to undertake risk management consultancy. Both the companies hold 50 per cent stake each in the new venture.

Speaking to the Financial Express, Allianz Alpic Industrial Risk Management chairman Erik Hartkoren said that the company's product range will go beyond industrial insurance requirements to meet the clients' overall needs and enhance shareholder's value.

"We treat insurance as a part of the risk management and not vice-versa," said Hartkoren adding that the modern concept of risk management is not just auditing the project for risks but it also includes other sensitive risks affecting the profile of thecompany on account of new products and market image.

"I should be in a position to advise my client in advance about the action plan if his new products fail or his company's market image takes a beating affecting its share value," said Hartkoren.

According him, the mindset of Indian corporate should be changed to recognise the need for new kind of risk managements which can add to the strength of the company both in terms of its market share as well as the financial strength.

Globally the directors of the companies are getting sensitive about the new objectives of the risk management, he said.

The risk management venture is in the process of creating a data bank in the country which will include the local conditions to be used to develop a risk rating model for different clients. The company has a research and development centre in Germany for evaluating the risks of the high-tech products like telecome, satellite and genetec engineering and its impact on food and pharmaceutical industries.

"We doconduct parallel research for identifing the shortcomings of any new high-tech product before it is launched in the market," said Hartkoren adding the increase in business volume is not the primary aim and the institution is more interested in attaining the status of preferred stretegic partner for industrial risk and commercial business.

The global insurance major will traget all kinds of domestic companies along with the foreign outfits which are setting up their shops in the country. Allianz is also in the process of creating a kind of consortium along with other domestic companies to enter life insurance business after the industry opens up.

The company has achieved a position of leading insurer or leading co-insurer with 20 per cent of the Fortune 500 companies in recent times.