The company, which spends an estimated £60 million globally, is developing a new global brand direction.
The Allianz brand is fragmented across the 70 countries it operates in. While it is Allianz in its German home market, it has diverse brands including Cornhill in the UK and Elvia in Switzerland.
BBDO is the global incumbent on the Allianz account. However, in June its hold was threatened when Foote Cone & Belding picked up the $15 million Asia-Pacific account.
FCB's Singapore office won this chunk of the business following a pitch against BBDO. Fallon and DDB were also involved. FCB also holds the Allianz account in Austria.
Allianz offers a range of insurance products and services through 100 subsidiaries and affiliates. These include life, health, property and casualty.
A spokesman at Allianz's headquarters in Munich insisted: "We are happy working with BBDO and are not pitching our global account."