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AFFINITY INSURANCE
QUARTER 2 2018
BANCASSURANCE
Global Affinity
AFFINITY BANKING
Finance Club
Finaccord’s newsletter about affinity financial services worldwide
Welcome back to your Club!
If there has been a prevailing theme in the world of affinity financial
services in the most recent quarter and, indeed, more recent years, it
has surely been that of partnerships based around digital marketing.
In respect of insurance, these have included new initiatives involving
both Allstate and AXA with Uber, and Chubb with Grab, in the
field of taxi hailing apps, plus AXA with BlaBlaCar in the ride-
sharing space. Agreements oriented to development of digital health
services have also been to the fore as epitomised by those involving
Allianz and American Well, Bupa and HealthTap, and SSQ Insur-
ance and Dialogue. Zurich, too, has created notable deals for digital
insurance such as that with CoverWallet for small business cover.
The automotive finance market has also seen a number of innova-
tive partnerships, especially in the US. For example, Ally Financial is
collaborating in this context with both Drive Motors and mobiliti
with the former a provider of e-commerce services to vehicle dealer-
ships and the latter an app-based monthly subscription service for
vehicle buyers.
Meanwhile, as ever, digital innovation is also evident in the banking
and payments market. Significant new initiatives in this respect in-
clude those of Kreditech with PayU for online consumer finance in
India and Bank of China with Tencent for student banking services
in China. Furthermore, global payment brands such as Mastercard
and Visa are increasingly forging links with manufacturers of wear-
ables such as Fitbit and Garmin for integrated payment services.
Alan Leach, Director
aleach@finaccord.com
For our published reports,
news and more please visit
www.finaccord.com
Global Affinity Finance Club
Table of contents
Affinity Insurance … and Chubb links with Grab for … and launches motor insurance for
similar initiative 6 BlaBlaCar vehicle owners in France 8
ASSISTANCE 5
Geo Underwriting works with Allianz delivers digital healthcare so- Europ Assistance launches insurance
DAS for high net worth assistance lutions in conjunction with American for Italian peer-to-peer car sharing
service 5 Well… 6 platform 8
Generali Global Assistance links … Bupa works in same field with Zurich insures electric vehicles
with Deposits.com for identity pro- HealthTap… 7 belonging to Spanish car club 8
tection 5
… and SSQ Insurance rolls out a Allianz Global Assistance offers
Europ Assistance extends assis- comparable scheme with Dialogue 7 insurance for hired cars with US-
tance partnership with UNICRE based insurtech firm 9
through to 2020 5 Aetna takes over Aviva’s interna-
tional private health insurance busi- Uber selects Allstate for commercial
COMMERCIAL INSURANCE 5 ness 7 motor insurance in three US states 9
Aon works with Allianz, Apple and Colombian insurer ties with two part- NICHE INSURANCE 9
Cisco for cyber risk management ners for international health insur-
solution 5 ance 7 APRIL markets boat insurance
through manufacturer’s online
The Hanover commences profes- APRIL Group works more closely platform 9
sional liability insurance program with Malakoff Médéric in several
with USI Affinity 5 fields 7 AXA and Gothaer reconfigure legal
protection joint venture in Germany
Euler Hermes and MAPFRE use BNP Paribas Cardif promotes credi- 9
Solunion joint venture to enter surety tor insurance through French prop-
bond market 5 erty listing website 7 PRODUCT WARRANTIES /
INSURANCE 9
Zurich seals tie with CoverWallet for Spanish basketball federation selects
digital sales platform offering com- AXA for affinity insurance schemes CarGarantie creates pan-European
mercial insurance 6 8 joint venture with Car Care Plan… 9
APRIL offers discount on commer- Talanx and Zurich unveil joint ven- … and works with Mazda for car
cial insurance to chemists in pharma- ture plan for new occupational pen- maintenance package in Germany 10
ceutical network 6 sion products 8
simplesurance collaborates with
LIFE, HEALTH AND MOTOR INSURANCE 8 digital platform for insurance for
CREDITOR INSURANCE 6 second-hand tyres 10
AXA underwrites pay-by-the-mile
AXA works with Uber for protec- cover for UK-based insurtech Brightstar renews partnership with
tion and savings policies for driv- pioneer… 8 Cellcom for mobile device protection
ers… 6 10
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Global Affinity Finance Club
TRAVEL INSURANCE 10 Bancassurance Crédit Agricole Consumer Finance
prolongs partnership with Mazda for
Aon Affinity sets up global travel insur- HOUSEHOLD INSURANCE 12 five more years 14
ance program with AIG and Expedia
10 Deutsche Bank works with Friendsur- Carfinco links with LGM for automo-
ance to strengthen household insur- tive finance and insurance solutions in
Interhome selects ERV for travel ance offering 12 Canada 14
cover 10
MOTOR INSURANCE 12 Orient Corporation provides backing
Collinson Group wins travel insurance for JA Bank’s new vehicle finance
mandate with Saga 10 BNP Paribas Cardif extends global product 14
partnership with Volkswagen Financial
Allianz Global Assistance secures affin- Services 12 COMMERCIAL BANKING 14
ity scheme with My Online Camp 10
GENERAL 12 Wesleyan wins mandate from the Law
HanseMerkur wins ticket and travel Society of England and Wales 14
insurance deal with tourVERS… 11 Banco de Brasil reconfigures bancas-
surance joint venture with MAPFRE CONSUMER FINANCE 14
… and works with HolidayCheck for 12
comprehensive travel cover 11 Crédit Agricole Consumer Finance
The Co-operators takes over full con- engages with Bankia for joint
GENERAL 11 trol of Cumis insurance subsidiaries 12 venture in Spain 14
MAPFRE rolls out affinity programs Affinity Banking PayU ties with Kreditech for online
with two professional associations in consumer finance in India 14
Spain 11 AUTOMOTIVE FINANCE 13 Bank of China collaborates with
Zurich allows Miles & More members Tencent for digital financial services
Ally Financial unveils new digital distri- for students 15
to earn miles by buying insurance… bution partnerships 13
11
MOBILE / ONLINE PAYMENTS
Audi Financial Services forges agree- 15
… and combines with insurtech start- ment with AutoGravity for vehicle
up to improve customer experience in purchases 13
Australian personal lines 11 Mastercard unveils multiple new initia-
tives in digital payments… 15
Joint venture co-owned by BNP
Groupama and Gras Savoye earn af- Paribas and PSA group articulates
finity mandate with French golfing … spanning all global regions… 15
European ambitions 13
federation 12
… and Visa follows suit through new
BNP Paribas Personal Finance con-
Allianz and LV= define further their launches in Italy and Switzerland 16
firmed as the sole partner for Hyundai
general insurance joint venture 12 in France 13
Both global payment brands seek to
encourage payments via wearable de-
vices… 16
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Global Affinity Finance Club
Table of contents
… as do other providers targeting this Synchrony Financial works with Crate Consumer Automotive Financial
fast-growing field 17 & Barrel for private-label and co- Services in Canada
branded cards 19
Facebook works with several payment Consumer Automotive Financial
partners through its Messenger func- Mattress1One selects TD Bank for Services in South Africa
tion 17 multi-year store card program 19
Creditor and Lifestyle Protection
Wirecard discloses new initiatives with Finaccord country reports Insurance in Europe
Crédit Agricole and Allianz… 17
Finaccord publishes a variety of Extended Warranties for New
… plus others with Qatar Airways, reports about the following coun- and Used Cars in the Asia-Pacific
Villeroy & Boch and two English foot- tries: Australia; Austria; Belgium; Region
ball clubs 18 Brazil; Canada; Chile; China; Co-
lombia; France; Germany; India; Extended Warranties for New
UnionPay seeks to roll out Huawei Pay Indonesia; Italy; Japan; Malaysia; and Used Cars in Latin America
mobile payments outside of China 18 Mexico; Netherlands; Peru; Po-
land; Romania; Russia; South Af- Global Bancassurance: Product
Alipay works with Millennium BCP to rica; Spain; Switzerland; Turkey; and Partnership Strategies in In-
help Chinese travellers in Portugal 18 the UK; and the US. vestment-Related Life Insurance
and Retirement Savings of the
PAYMENT CARD ISSUANCE Alternatively, to see our full list World's Top 500 Retail Banking
AND ACCEPTANCE 18 of reports organised by country, Groups
with more than 60 countries cov-
JCB expands card issuing capabilities in ered in total, please visit the Global Expatriates: Size, Segmen-
Belarus, the Philippines and Vietnam search-by-country page of our tation and Forecasts for the
18 website at www.finaccord.com/ Worldwide Market
search-by-country.htm.
UnionPay forges several alliances to Home Emergency Insurance and
expand its global footprint 18 Recently published reports Assistance in Europe
Discover strengthens presence in Hong Automotive Finance and Leasing Manufacturer-Branded and
Kong market by working with First for Consumers in the Asia-Pacific Dealer-Intermediated Motor In-
Data and JCB 19 Region surance and Road Assistance in
the Asia-Pacific Region
RETAILER CARDS 19 Commercial Non-Life Insurance
in China: Size, Segmentation and Mobile Metrics: Consumer Ap-
Forecast to 2021 proaches to Mobile Gadget and
Klarna teams up with Dutch e-
Phone Insurance in Selected
commerce platform to offer consumer
Commercial Non-Life Insurance Global Markets
finance via smaller retailers 19
in the USA: Size, Segmentation
and Forecast to 2021 Prepaid Service Contracts for
Bass Pro Shops switches Cabela’s re-
New and Used Vehicles in the
tailer card scheme to Bank of America
Consumer Automotive Financial Asia-Pacific Region
and Mastercard 19
Services in Brazil
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4Global Affinity Finance Club
Affinity Insurance
Affinity Insurance News tools, as well as educational re- cialty (AGCS) is acting as under-
sources concerning best practice writer of enhanced cyber insurance
ASSISTANCE in identity protection, privacy coverage. Apple and Cisco have
protection software and credit agreed to the involvement of sev-
Geo Underwriting works with monitoring. eral of their products in the scheme,
DAS for high net worth assis- which means that corporate cus-
tance service Europ Assistance extends as- tomers who use iPad, iPhone, and
sistance partnership with Mac devices, as well as Cisco’s
In the UK, Geo Underwriting UNICRE through to 2020 ‘Ransomware Defense’ product,
(formerly Towergate Underwrit- can qualify for the cover. Organisa-
ing) has partnered as administra- In Portugal, Europ Assistance tions using the cover will have ac-
tor with DAS, as underwriter, to has renewed its partnership with cess to the incident response teams
launch an assistance product for credit card issuer UNICRE of Aon and Cisco in the event of a
high net worth individuals through which it provides vari- malware attack.
which includes a combination of ous automatically-bundled assis-
cyber, home emergency and le- tance services to holders of Uni- The Hanover commences pro-
gal protection cover. The prod- banco cards, including medical, fessional liability insurance pro-
uct includes access to a cyber road and travel assistance. The gram with USI Affinity
risk analysis software platform new arrangement will continue
provided by Dynarisk, a cyber through to 2020. Also in the US, The Hanover has
security company, which as- announced a partnership with bro-
____________________________
sesses individual and family be- ker USI Affinity to offer profes-
haviour online to assign a ‘risk sional liability insurance to attorneys
score’. This score can be used COMMERCIAL INSURANCE and law firms through the USI Af-
both by policyholders, who are finity Lawyers Liability Risk Pur-
advised on how to mitigate Aon works with Allianz, Apple chasing Group. The product will be
risks, and by brokers selling the and Cisco for cyber risk manage- known as the ‘USI Affinity
product. ment solution “Attorney’s Preferred” Insurance
Program’, and comprises insurance
Generali Global Assistance In the US, Aon has announced a solutions for individual lawyers and
links with Deposits.com for new cyber risk management solu- law firms of all sizes in the states of
identity protection tion for businesses in conjunction
Connecticut, Maryland, Massachu-
with Allianz, Apple and Cisco. The
setts, New Jersey, Virginia and West
In the US, Generali Global As- new proposition is designed to help
Virginia.
sistance has secured a contract a wider range of organisations to
for the provision of identity better manage and protect them- Euler Hermes and MAPFRE
protection assistance services to selves from the growing cyber risk use Solunion joint venture to en-
the customers of Deposits.com, associated with ransomware and
ter surety bond market
a company in the process of be- other malware-related threats.
ing launched that intends to as- In Spain, Solunion, the joint venture
sist consumers with choosing In this context, Aon is providing
in trade credit insurance that is co-
which banking products to take cyber resilience evaluation services owned by Euler Hermes and MAP-
out. The range of services in through a dedicated team of profes- FRE, has announced that it will
scope includes prevention, sionals specialising in this field, and
diversify into underwriting surety
monitoring, alerts and resolution Allianz Global Corporate & Spe-
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5Global Affinity Finance Club
Affinity Insurance
bonds. The company was launched chemists in Sterling Pharma’s net- drivers and couriers. These could
originally in 2013 and has since ex- work to receive prescriptions online include injury protection, income
panded outside of Spain into a and to prepare customers’ orders in protection, family protection,
number of Spanish-speaking coun- advance so that they can be made health, and retirement and savings
tries in Latin America including available through a click-and-collect policies.
Argentina, Chile, Colombia and system, and also facilitates the dis-
Mexico. patch of promotions and personal- … and Chubb links with Grab
ised health advice to smartphone for similar initiative
Zurich seals tie with CoverWallet users. As a part of the arrangement,
for digital sales platform offering APRIL will also offer a 10% dis- In a comparable initiative in south-
commercial insurance count on multi-risk and profes- east Asia, Grab, an on-demand
sional indemnity insurance for em- transportation and fintech platform,
Also in Spain, Zurich has begun ployees of Sterling Pharma, as well has appointed Chubb to offer insur-
working with the US-based insur- as six months’ free use of ‘Conseil ance solutions for its drivers. Initial
tech pioneer CoverWallet to launch Santé’. products include accident, hospitali-
a nose-to-tail digital sales platform ____________________________ sation and income protection poli-
for commercial insurance. The plat- cies, all of which are accessible to
form will be hosted on LIFE, HEALTH AND Grab's 2.6 million self-employed
www.zurichempresas.es, and allows CREDITOR INSURANCE drivers. Furthermore, telematics and
small and medium-sized enterprises other data harvested from Grab’s
to identify and fulfil their insurance AXA works with Uber for protec- platform will be used for develop-
needs in rapid time and entirely tion and savings policies for driv- ment of further insurance products.
online. Once a policy has been ers… The partnership was announced as
bought, it is managed either part of the launch of Grab Finan-
through the ‘MiZurich’ mobile app As part of a regional initiative, AXA cial, a fintech platform available to
or the insurer’s website. The has announced the launch of the drivers registered on the Grab sys-
scheme will be rolled out in Spain in ‘Partner Protection’ product, which tem that focuses on payment and
its initial stages, although the two makes available a range of covers loyalty services. Grab has also stated
partners intend to introduce it to including accident, injury, illness and that the agreement with Chubb is
other European countries in future, paternity benefits for Uber drivers an extension of its long-term com-
working together in this field on an and couriers based in Europe. The mitment to improve driver welfare.
exclusive basis. policy is funded by Uber at no cost
to all eligible drivers and couriers, Allianz delivers digital healthcare
APRIL offers discount on com- and is valid regardless of whether solutions in conjunction with
mercial insurance to chemists in the driver or courier is using the American Well…
pharmaceutical network Uber app.
Across the globe, a number of in-
In France, APRIL Enterprise Solu- At the same time, AXA has also surers have been exploring initia-
tions, a subsidiary of the APRIL signed a memorandum of under- tives within the field of digital and
Group, has begun working with the standing with Uber to develop fur- mobile healthcare. Firstly, in the US,
pharmaceutical firm Sterling ther protection policies for the lat- Allianz has partnered with Ameri-
Pharma to improve the latter’s e- ter’s workers. The aim is to develop can Well, a tele-health platform, to
commerce services through its an online platform that will make create healthcare products for
‘Conseil Santé’ app. The app allows additional covers available for Uber American Well’s customers. As part
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6Global Affinity Finance Club
Affinity Insurance
of this arrangement, Allianz has … and SSQ Insurance rolls out a therapy, emergency evacuation, or-
invested USD 59.2 million in comparable scheme with Dia- gan transplants and rehabilitation, as
American Well, and the two com- logue well as treatment for cancer and
panies will work with local health- other critical illnesses.
care stakeholders to develop digi- In Canada, SSQ Insurance has cho-
tally-driven health services such as sen Dialogue, a virtual platform APRIL Group works more
the use of wearable sensors, remote specialising in employee healthcare closely with Malakoff Médéric in
monitoring and virtual visits on a services, to provide its staff mem- several fields
global level. bers and policyholders with instant
access to professional healthcare In France, APRIL Group and
… Bupa works in same field services including video consulta- Malakoff Médéric have ratified a
with HealthTap… tions with doctors and online con- mutually beneficial agreement that
sultation with nurses, as well as re- will allow them to capitalise on their
In an analogous agreement, Bupa ferrals to specialists and prescription respective distribution networks.
has announced a strategic partner- services. Malakoff Médéric will offer its
ship with HealthTap, a digital creditor and personal accident in-
healthcare provider, through which Aetna takes over Aviva’s interna- surance through APRIL’s online
the two companies will combine for tional private health insurance sales platforms, and will employ
digital healthcare provision on a business APRIL’s subsidiary CETIM to
global basis. The two partners have manage certain health and group
already been co-operating by mak- Aetna has announced that it will protection schemes. In return,
ing use of HealthTap’s apps and take over Aviva’s international pri- APRIL will use Malakoff Médéric’s
systems to allow Bupa customers to vate medical insurance (IPMI) busi- subsidiary VIAMEDIS as a third-
find Bupa-accredited local doctors, ness, allowing the latter to focus on party payer for its own insurance
to schedule appointments and to its domestic UK health insurance customers. The agreement will see
connect with medical professionals business. Aviva has stopped provid- Malakoff Médéric reinforcing its
by video chat. ing new international policies and position as a reinsurer for APRIL.
existing customers whose policies
At a more local level, HealthTap are due for renewal will be offered BNP Paribas Cardif promotes
has also agreed to work with Qual- Aetna’s international policies in- creditor insurance through
ity Healthcare, a private healthcare stead. French property listing website
service in Hong Kong, to jointly
promulgate the companies’ services Colombian insurer ties with two Also in France, BNP Paribas Cardif
within the territory. The partnership partners for international health has agreed to distribute its creditor
initially involves the introduction of insurance insurance products via SeLoger, a
a mobile app that enables insured property listing website that reports
users to book appointments online, In Colombia, local insurer Seguros over 30 million visits per month.
in addition to providing health in- Bolívar has begun selling a range of The partnership means that users of
formation and services. Further international health insurance poli- SeLoger can identify the mortgage-
plans to develop electronic payment cies in partnership with both Blue related creditor cover that is best
systems and digital records of per- Cross Blue Shield Global and Bupa suited to their needs while browsing
sonalised medical information are in Global. The available coverage in- the site and can proceed to either
the pipeline. cludes both in-hospital and out- call an advisor for further informa-
patient care, mental and holistic tion or subscribe online.
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7Global Affinity Finance Club
Affinity Insurance
Spanish basketball federation Occupational Pensions Act with different cover options
selects AXA for affinity insurance ('Betriebsrentenstärkungsgesetz') at available. It is intended that this
schemes the start of 2018, paving the way for insurance will be made available to
collective bargaining partners – BlaBlaCar members in other
In Spain, AXA has agreed to con- namely trade unions and employers' European countries in the future.
tinue working with the Federación organizations – to provide employ-
Española de Baloncesto (the coun- ees with new pension solutions. Europ Assistance launches
try’s professional basketball federa- ____________________________ insurance for Italian peer-to-peer
tion) to provide its members with car sharing platform
protection life insurance in case of MOTOR INSURANCE
death or incapacity, plus a range of In a comparable initiative in Italy,
health and dental insurance policies. AXA underwrites pay-by-the- Europ Assistance has begun
Other policies offered through this mile cover for UK-based offering insurance to customers of
scheme include savings and invest- insurtech pioneer… GetMyCar, a company owned by
ment contracts to help professional car parking network ParkinGO that
basketball players to prepare for the In the UK, AXA has tied with By operates a peer-to-peer car sharing
end of their professional career. Miles, an insurtech company, to platform. The policies cover the
launch a motor insurance product whole period for which the car is
Talanx and Zurich unveil joint that is aimed at motorists who drive shared and include comprehensive
venture plan for new occupa- infrequently and under 7,000 miles protection, cover for both theft and
tional pension products a year. The policy features a fixed damage due to natural events and
annual cost to cover the car when it vandalism, plus legal assistance.
In Germany, insurance groups Ta- is parked, plus a payment for any
lanx and Zurich have announced miles driven each month. All Zurich insures electric vehicles
that they intend to co-operate in the policies include no claims bonus belonging to Spanish car club
field of company pensions by form- protection at no extra cost, with
ing a consortium provisionally access to driving and car care tools In Spain, Zurich has announced
named Die Deutsche Betriebsrente. via the company’s app. Journeys are that it has begun insuring a fleet of
Both companies believe that they measured using a black box device around 500 telematics-enabled
possess substantial and comple- and drivers are able to access the electric vehicles belonging to the
mentary expertise in selling and cost of each trip made through a ZITY car club which is co-owned
managing occupational pension smartphone app. by Ferrovial Servicios and Renault.
products, thereby meaning that they The telematics features make it
can combine to good effect in this … and launches motor possible to not only generate data
space. Die Deutsche Betriebsrente, insurance for BlaBlaCar vehicle pertaining to how the vehicle is
which is pending regulatory ap- owners in France being driven, but also about its
proval, will focus on pension prod- location and the driver in the event
ucts linked to the performance of Meanwhile, in France, AXA has of accident or theft. ZITY cars can
security markets so that customers launched ‘BlaBlaSure’ as a new be rented by the minute via an app
benefit from returns that are poten- annual car insurance policy for available from both Apple Store
tially higher than those usually avail- members of BlaBlaCar, a ride- and Google Play.
able from traditional pension prod- sharing service, who own a vehicle
ucts. The initiative is inspired in part registered in France. This online At the time of launch, the cars may
by the entry into law of Germany’s policy can be taken out rapidly and be used only in the city and suburbs
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8Global Affinity Finance Club
Affinity Insurance
of Madrid, although expansion to passengers by providing owned by two. The minority
other parts of Spain is possible in commercial motor (auto) coverage shareholders being bought out are
future. The partnership is driven by in the states of Illinois, New Jersey Barmenia Kranken, Basler,
Zurich’s belief that car clubs and and Wisconsin. Coverage begins B r a u n s c h w e i g
other forms of car sharing will grow from when a driver turns on the Beteiligungsgesellschaft and
rapidly in future years to the point Uber app to begin accepting rides Feuersozietät Berlin Brandenburg
that by 2030, one in every three to the point that he or she drops off Versicherung albeit the former two
kilometres driven in Europe will be customers at their destination. entities will continue to act as
via such means, with 55% of trips ____________________________ distribution partners for
taken using electric vehicles. ROLAND. With a market share of
NICHE INSURANCE more than 10% of the German
Allianz Global Assistance offers legal protection insurance market,
insurance for hired cars with US- APRIL markets boat insurance ROLAND Rechtsschutz is the
based insurtech firm through manufacturer’s online third-ranked competitor in this
platform sector with gross premiums of
In the US, Allianz Global EUR 428.6 million in 2016.
Assistance has partnered with In France, APRIL Marine, a ____________________________
Pablow, an insurtech company subsidiary of APRIL Group
focused on providing insurance to specialising in yacht insurance, has PRODUCT WARRANTIES /
drivers of rented cars, thereby been chosen as insurance provider INSURANCE
allowing them to avoid having to for customers of motor boat and
take out car rental firms’ own sail manufacturer Bénéteau. CarGarantie creates pan-
insurance cover. These damage and APRIL’s policies will be made European joint venture with Car
theft protection policies are sold available through Band of Boats, Care Plan…
through P’teet, a dedicated online Bénéteau’s new online brand for
brand operated by Pablow. This the purchase, sale and hire of boats. As part of a pan-European venture,
partnership follows an existing Users of the site can obtain an vehicle warranty specialists
partnership between the two insurance quotation from APRIL CarGarantie and Car Care Plan
entities in Australia, where Pablow Marine for any of the boats sold on have announced the creation of a
operates both a car rental the platform, and acquisition of joint venture named International
comparison site and car rental cover can be completed online. Warranty Solutions (IWS). It is
insurance site. Allianz believes that intended that IWS will focus on
the value of the car rental insurance AXA and Gothaer reconfigure distributors that operate
market in the US is in the region of legal protection joint venture in internationally, such as car
USD 28 billion, with around 70 Germany manufacturers, and will involve the
million customers making around companies pooling their combined
110 million reservations in 2016. In Germany, AXA and Gothaer networks of over 24,000 dealers and
have bought out the four minority 48 manufacturer brands across 27
Uber selects Allstate for shareholders that formerly held countries in Europe.
commercial motor insurance in stakes in ROLAND Rechtsschutz,
three US states a company which specialises in legal
protection cover, thereby
Also in the US, Allstate has agreed converting it from a joint venture
to insure Uber drivers and co-owned by six entities to one co-
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9Global Affinity Finance Club
Affinity Insurance
… and works with Mazda for car addition, the service also comprises Interhome selects ERV for travel
maintenance package in an online claims reporting facility. cover
Germany
Brightstar renews partnership In a new partnership initially set to last
In Germany, and in another with Cellcom for mobile device three years, the Germany-based
initiative involving Car Garantie, protection branch of insurer ERV will provide
Mazda has started offering its travel insurance products to custom-
customers a new maintenance In the US, Brightstar has reported a ers of Interhome, an international
package called ’Mazda Care’. multi-year extension of its company that manages holiday apart-
Administered by Car Garantie, the partnership with mobile network ments and houses across over 30
plan includes all scheduled operator Cellcom for device countries.
maintenance work and applies to protection insurance. The renewal
new cars, demonstration cars, day means that Brightstar will continue Collinson Group wins travel insur-
registrations and used cars until the offering a full range of device ance mandate with Saga
first scheduled maintenance. protection services to Cellcom’s
Runtime and mileage can be flexibly customers that includes cover for In the UK, Saga, a travel and financial
adapted to customers’ needs, with loss, theft and accidental damage to services group for people aged over
terms of one to five years and handsets, as well as warranty cover 50, has chosen Collinson Group as its
annual mileages of up to 70,000 for technical failure. partner for travel insurance. By means
kilometres. Original Mazda parts are ____________________________ of this arrangement, Collinson will
being used for all work involved. provide both stand-alone policies and
TRAVEL INSURANCE cover packaged with Saga holidays, in
simplesurance collaborates with addition to managing insurance for
digital platform for insurance for Aon Affinity sets up global travel Saga’s luxury travel subsidiary, Titan
second-hand tyres insurance program with AIG and Travel.
Expedia
Also in Germany, online product Allianz Global Assistance secures
insurance specialist simplesurance AIG has announced a global partner- affinity scheme with My Online
has agreed to begin working with ship with Expedia whereby it will of- Camp
Orbix, an online marketing fer travel insurance to customers of its
platform for used wheels and tyres, partner’s Cheaptickets, Expedia.com, In the US, Allianz Global Assistance
to sell insurance for second-hand Orbitz and Travelocity brands. Al- has unveiled a partnership with My
tyres. Insured tyres can be covered ready launched in the US, the partner- Online Camp, an event provider that
for up to four years from the date ship will be expanded to the same serves coaches, athletic departments
of their manufacture and up to a brands globally and will also include and camp operators by providing
residual tread depth of more than ebookers.com, lastminute.com.au, marketing and registration services for
four millimetres. Customers will be lastminute.co.nz, Wotif.com and sports camps and other youth-
given the option of purchasing the Wotif.co.nz. Aon Affinity, which has targeted events. Through this arrange-
policy when they are checking out worked with Expedia for travel insur- ment, Allianz Global Assistance will
their shopping cart on the Orbix ance services for 15 years, is acting as offer insurance to cover registration
website. The online shop intermediary and administrator of this fees in the event of cancellation, illness
automatically recognises the price of program. and lost or delayed baggage. Policy-
the tyres and offers an insurance holders can also opt for an add-on
premium that is pegged to it. In that will qualify them for assistance
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10Global Affinity Finance Club
Affinity Insurance
services, such as locating appropriate nomics, human resources and the sonal liability insurance policies under-
healthcare facilities in the event of a prevention of occupational hazards. written by Zurich. As with miles
medical emergency. The companies By means of this tie, members of the earned through other program part-
reported that My Online Camp man- association will be able to access both ners, which number over 300 in total,
ages registration for over 17,500 personal and commercial insurance these can then be redeemed in multi-
events in the US each year. policies underwritten by MAPFRE ple ways worldwide to obtain dis-
on preferential terms. In total, the as- counted products and services.
HanseMerkur wins ticket and sociation has more than 22,000 indi-
travel insurance deal with vidual members who belong to 43 … and combines with insurtech
tourVERS... regional colleges that fall under the start-up to improve customer ex-
purview of the association. perience in Australian personal
In Germany, HanseMerkur has lines
agreed to underwrite ticket and travel Also in Spain, Zurich has disclosed
insurance products for attendees of that it is linking with the Federación Outside of Europe, Zurich has joined
the Oberammergauer Passion Play Nacional de Trabajadores Autóno- forces with the Australia-based insur-
2020 via its trading agent tourVERS. mos (a trade association representing tech start-up Blue Zebra to launch a
Policies on offer include cover for around 200,000 self-employed indi- digitally-enabled, end-to-end personal
inability to attend and baggage protec- viduals) in order to obtain personal- lines insurance platform targeted at
tion as well as repatriation and health ised advice and preferential conditions brokers with a focus on home, land-
insurance for non-German visitors. at a nationwide level for various types lord and motor policies. The initiative
of insurance including accident, com- has been inspired in part by the two
… and works with HolidayCheck mercial, general liability and motor partners’ belief that there is a gap in
for comprehensive travel cover policies. This follows on from a simi- the Australian personal lines sector for
lar agreement that Zurich concluded a proposition based around personal-
Moreover, HanseMerkur has also in 2017 with the association’s branch ised advice, a concept that has re-
announced a new three-year partner- in the province of Andalusia and that treated in recent years in the wake of
ship with online travel booking spe- has produced positive results. In total, growth in direct sales.
cialist HolidayCheck offering compre- Zurich has a portfolio of around
hensive travel cover to its customers 84,000 small and medium-sized busi- Blue Zebra, which is an underwriting
in Austria, Germany and Switzerland. ness customers in Spain. agency, considers that it will be able to
____________________________ compete effectively against traditional
Zurich allows Miles & More insurers that are burdened by legacy
GENERAL members to earn miles by buying product-based models and systems
insurance… that have significant limitations when
MAPFRE rolls out affinity pro- it comes to optimising customer ser-
grams with two professional asso- Meanwhile, in Germany, Zurich has vice. Its platform includes an ad-
ciations in Spain announced that it has begun co- vanced technology-enabled claims
operating with the Miles & More fre- experience that ensures that claims are
In Spain, MAPFRE has concluded an quent flyer loyalty scheme. As a con- paid quickly, with clear and timely
affinity agreement with the Consejo sequence of the partnership, members communication to brokers and their
General de Graduados Sociales, a of the Miles & More program can customers.
professional association representing earn additional miles through the plat-
legal and economic advisers specialis- form when purchasing accident,
ing in labour relations, business eco- household, legal protection and per-
www.finaccord.com
11Global Affinity Finance Club
Bancassurance
Groupama and Gras Savoye earn insurance specialist Friendsurance, GENERAL
affinity mandate with French golf- with the aim of strengthening its
ing federation household insurance offering. The Banco de Brasil reconfigures ban-
agreement will see the development cassurance joint venture with
In France, Groupama and Gras of a digital ‘insurance manager’ func- MAPFRE
Savoye have been appointed respec- tion to complement traditional bank
tively as underwriter and broker for an services offering clients a convenient In Brazil, Banco do Brasil and MAP-
insurance scheme for the Fédération way to manage their property insur- FRE have communicated further
Française de Golf. By means of this ance needs. This function enables information in respect of the future
arrangement, all golfers who are clients to learn about and take out development of their BB MAPFRE
members of the federation are being new policies both quickly and se- insurance joint venture that was set up
offered liability and individual accident curely, also allowing them to see all in 2011 and that secured premiums of
insurance, plus discounts on a range their insurance policies together with around EUR 4 billion (equivalent to a
of other insurance products. key details such as notice periods, cov- market share of 16.6%) in 2017. Spe-
erage and claims history. It will also be cifically, MAPFRE will become the
Allianz and LV= define further possible for clients to manage their legal owner of 100% of total business
their general insurance joint ven- insurance policies online, to compare produced by the agency network and
ture policies and conditions and, if neces- of motor and large commercial risk
sary, to change insurer or take out a business generated by the banking
As part of a strategic partnership, Al- new policy. channel. Previously, its share had been
lianz and LV= have announced up- ____________________________ 50%. However, its share of agricul-
dated plans to transfer their respective tural business and life insurance will
personal and commercial portfolios. MOTOR INSURANCE remain 25% and its share will also stay
Allianz’s personal home and motor at that level for household policies
portfolios will be transferred to BNP Paribas Cardif extends sold through the banking channel.
LV=GI, a joint venture in which Al- global partnership with Volks- Moreover, for the types of business
lianz has a 49% stake while LV=’s wagen Financial Services underwritten by the joint venture, the
commercial insurance portfolio will be bank will remain an exclusive agent.
transferred entirely to Allianz. It is BNP Paribas Cardif and Volkswagen
anticipated that the transfers will start Financial Services have announced The Co-operators takes over full
in the second half of 2018. the signing of a global partnership to control of Cumis insurance sub-
____________________________ extend a relationship that was estab- sidiaries
lished originally in 2001. This partner-
Bancassurance ship already covers 2 million creditor In Canada, The Co-operators has
and GAP insurance contracts related announced a change in its partnership
to vehicle finance and, with the re- with the Central 1 Credit Union,
HOUSEHOLD INSURANCE newal, will come into force across 16 whereby the latter will remove its
countries in Europe and Latin Amer- ownership interest in the insurance
Deutsche Bank works with ica. group CUMIS which it has co-owned
Friendsurance to strengthen ____________________________ with The Co-operators since 2009.
household insurance offering The change means that both the life
and non-life insurance subsidiaries of
In Germany, Deutsche Bank has be- Cumis will become fully-owned sub-
gun building a strategic partnership sidiaries of The Co-operators.
with the Berlin-based peer-to-peer
www.finaccord.com
12Global Affinity Finance Club
Affinity Banking
Affinity Banking tailing group in the US, to provide The partners have stated subsequently
extended warranties and GAP cover that the joint venture, known as Opel
AUTOMOTIVE FINANCE for the group’s pre-owned vehicle Vauxhall Finance, aims to finance a
dealerships in Colorado and Texas, third of Opel vehicles by 2020, and to
Ally Financial unveils new digital which trade under the EchoPark drive up to 25% growth in sales of
distribution partnerships name. Opel LCVs by the same year. To en-
courage sales, Opel Vauxhall Finance
In the US, Ally Financial has entered Audi Financial Services forges will offer full-service leasing for fleet
into two new relationships with online agreement with AutoGravity for customers in Germany through Opel
providers of automotive finance. First, vehicle purchases Bank, and will develop B2B finance in
it has agreed to work with Mobiliti on countries including Austria, France,
a suite of financing options for both Still in the realm of online and mobile Italy and the UK. It will also expand
consumers and dealers. Mobiliti is an partnerships for the distribution of its geographical presence, notably in
app-based monthly subscription ser- automotive finance, Audi Financial Spain, with the long-term goal of be-
vice that connects drivers who want Services has agreed to work with ing active in 90% of European mar-
flexible financing with dealers, and AutoGravity, a US-based vehicle pur- kets in which Opel and Vauxhall vehi-
includes a vehicle complete with chasing app. The AutoGravity plat- cles are sold.
maintenance, warranty, insurance and form, which connects users to dealers
roadside assistance. For consumers and lenders for the purpose of acquir- Another priority for the company will
who wish to purchase or lease the ing vehicles, is including Audi Finan- be to introduce packages that com-
vehicle at the end of the subscription cial Services among its financing op- bine leasing, insurance and service
period, Mobiliti will offer them the tions. Consumers will be able to products, with the goal of increasing
opportunity to connect with finance choose from loan and lease contracts customer loyalty. While such packages
providers through Ally's digital financ- provided by Audi Financial Services, are already available in some countries,
ing platform Clearlane. In addition, and will also be able to consider new the objective is to launch them across
Ally fleet financing will be made avail- and used Audi models for purchase. It all markets served by Opel Vauxhall
able to qualified dealers who use Mo- is intended that the partnership will Finance.
biliti's vehicle subscription services, help Audi dealerships to broaden
along with an option to re-market both their customer base and distribu- BNP Paribas Personal Finance
returned vehicles using Ally's whole- tion network. confirmed as the sole partner for
sale digital auction site, SmartAuction. Hyundai in France
Joint venture co-owned by BNP
Secondly, Ally has also become the Paribas and PSA group articulates In France, BNP Paribas Personal
preferred finance company for Drive European ambitions Finance has announced that it will
Motors, which provides e-commerce become the exclusive automotive
services to vehicle dealerships and As reported in an earlier edition of this finance provider for Hyundai’s cus-
claims to facilitate over 1,000 vehicle newsletter, PSA group (the owner of tomers and dealers. In particular, deal-
sales per month nationwide. Dealers the Citroën, Opel, Peugeot and Vaux- ers will be able to manage their inven-
using Drive Motors can now submit hall vehicle brands) and BNP Paribas tory via wholesale financing solutions
consumer finance applications directly had come together to acquire the developed by BNP Paribas Personal
to Ally Financial. Meanwhile, aside automotive finance operations of Finance.
from its new digital distribution links, Opel (in Europe) and Vauxhall (in the
Ally has also signed an agreement UK).
with Sonic Automotive, a vehicle re-
www.finaccord.com
13Global Affinity Finance Club
Affinity Banking
product created by JA Bank, a com- buy-outs.
munity-based financial institution for
Crédit Agricole Consumer Fi- farmers in the Iwate prefecture. The CONSUMER FINANCE
nance prolongs partnership with loan, which is capped at JPY 10 mil-
Mazda for five more years lion and has a maximum term of ten Crédit Agricole Consumer
years, can be used to finance new and Finance engages with Bankia for
Also in France, Crédit Agricole Con- used cars and motorcycles, as well as joint venture in Spain
sumer Finance has announced an other vehicles including snowmobiles,
extension of its agreement to provide water bikes, leisure boats and camper In Spain, Crédit Agricole Consumer
financing for customers of Mazda vans. Finance has entered into exclusive
through its Viaxel label until 2022. ____________________________ negotiations with Bankia that are
The agreement, which was first signed aimed at establishing a joint venture
in 2009, covers financing solutions for COMMERCIAL BANKING in the consumer finance business.
Mazda’s stock of new and demonstra- Crédit Agricole Consumer Finance
tion vehicles, plus loans and operating Wesleyan wins mandate from the has stated that it hopes to increase
leases for consumers sold under the Law Society of England and Wales its visibility in Spain and that the
Mazda Finance brand. proposed joint venture could be
In an initiative that is similarly aimed at beneficial in this respect.
Carfinco links with LGM for auto- legal practitioners, this time in the UK,
motive finance and insurance solu- the Law Society of England and PayU ties with Kreditech for
tions in Canada Wales has appointed Wesleyan to be online consumer finance in India
the exclusive provider to its members
In Canada, Carfinco, a subsidiary of of both commercial and personal In India, PayU, an online payment
Santander, has begun working with financial solutions. Law Society mem- service provider that belongs to the
automotive finance provider LGM bers are now able to access a broad Naspers group, has begun working
Financial Services in the non-prime portfolio of commercial, personal with Kreditech, a digital consumer
financing market. The agreement al- finance and protection products from lending firm, to offer both banked
lows Carfinco to promote more Wesleyan, which are tailored to sup- and unbanked customers access to
broadly its financing options that en- port them at every stage of their ca- a monthly credit facility, branded as
able dealers to offer a diverse array of reers. ‘PayU Monedo’ for use on popular
credit solutions to consumers and e-commerce sites. This initiative
should help LGM to increase sales of Wesleyan's commercial finance solu- follows the original creation of a
its insurance and protection products. tions include flexible short-term ex- strategic partnership by the
LGM’s nationwide network of dealer penditure funding for the acquisition companies in May 2017 with a
development managers will provide of practising certificates as well as tax focus on this field. The partnership
sales support for the non-prime lend- and VAT purposes. Other products saw an investment of EUR 110
ing solution. include professional indemnity insur- million made by PayU in Kreditech,
ance for lawyers, medium-term loans which was the largest-ever equity
Orient Corporation provides back- covering investment in technology investment in a German fintech
ing for JA Bank’s new vehicle fi- and associated IT services including company.
nance product cyber and data security, and long-term
financial solutions to facilitate business The scheme allows PayU’s
In Japan, Orient Corporation has mergers and acquisitions, commercial customers to make use of the credit
agreed to back a new vehicle finance mortgages and partner buy-ins and facility in less than two minutes for
www.finaccord.com
14Global Affinity Finance Club
Affinity Banking
online purchases at a cost that is learning. Hosted on WeChat, the conjunction with ferry and light rail
comparable to local banks. Loan service includes an automatic services in Sydney.
amounts are granted at up to INR overdraft facility in the event that
100,000 (approximately USD 1,500) the customer spends more than the Meanwhile, in the Middle East,
with the duration and interest rate balance in their account. Mastercard has also cemented new
for the loan set in accordance with ____________________________ partnerships with the aim of promul-
the perceived likelihood of the gating use of its MasterPass app. In
customer to repay the loan on time. MOBILE / ONLINE PAY- Bahrain, it has begun working with
After goods have been added to the MENTS CrediMax, a credit card issuer, to inte-
cart, the consumer is offered an grate MasterPass payments into the
option to select the credit facility as Mastercard unveils multiple new company’s ‘MaxWallet’ app. It has
the payment method at checkout. initiatives in digital payments… also joined up with Arab Financial
Services, an electronic payments com-
A broader objective of the initiative In keeping with previous quarters, pany, to enable MasterPass digital
is to make goods and services Mastercard has rolled out a number of payments through ‘bwallet,’ a mobile
affordable for Indian consumers partnerships in the area of mobile and wallet that is operated by Batelco, a
with lower purchasing power, online payments. For instance, across telecoms firm. Concerning this initia-
enabling merchants to expand their the Asia-Pacific region, it has estab- tive, the companies reported that
business to new market segments lished several links with transport pro- around 65 retail brands with a com-
with the chance of significantly viders to make digital payments avail- bined total of more than 300 outlets
higher sales and lower cart able through them. In Singapore, it had signed up to ‘bwallet’, and that
abandonment rates. In fact, has started working with the taxi op- MasterPass was allowing access to an
Kreditech plans to become a erator ComfortDelGro to allow cus- extra 7 million merchant locations
licensed non-banking financial tomers to make payments using the worldwide. Moreover, in Qatar,
company (NBFC) in India in the MasterPass app for street-hailed rides Mastercard has partnered with Oore-
near future and has filed an as well as for pre-booked ones. The doo, another telecoms company, to
application with the Reserve Bank scheme follows an earlier one with allow the latter’s customers to pay for
of India to that end. Singapore’s Land Transport Authority its services through its mobile app by
that allows contactless payments on using MasterPass.
Bank of China collaborates with buses and trains.
Tencent for digital financial … spanning all global regions…
services for students In respect of this initiative, Mastercard
reported that, since the launch of this Turning to Europe, Mastercard has
In China, the Bank of China has program, over 100,000 commuters introduced several new initiatives that
disclosed that it has begun working were using the cards bearing the will allow its cardholders to pay their
with Tencent, a multinational e- Mastercard marque to pay for an aver- restaurant bills digitally. In the UK, it is
commerce group, to create a digital age of more than 60,000 daily trips. working with Pizza Hut and Waga-
platform, known as ‘BOC Furthermore, in Hong Kong, users of mama, collaborating specifically with
Microservices’, that provides the taxi-hailing app HKTaxi can now the latter to develop a Wagamama-
university and college students and make payments for their journey branded app. In Italy, it has formed an
employees with access to its through the app using Mastercard, alliance with food hall chain Eataly to
products and services, which and following a trial period, Master- allow customers to make payments
include loans for campus-related card has also announced the launch of via MasterPass. Aside from these din-
activities such as training and contactless payments in Australia in ing-oriented schemes, Mastercard has
www.finaccord.com
15Global Affinity Finance Club
Affinity Banking
also commenced a partnership with online business listing service, which is
MegaFon, a Russia-based mobile net- to be rolled out first in Nigeria. In
work operator, that allows its sub- keeping with the aforementioned ini- Both global payment brands seek
scribers to link their mobile phone tiative with Selcom, the aim is to pro- to encourage payments via wear-
accounts to Apple Pay or Samsung vide micro-enterprises and SMEs able devices…
Pay using a virtual Mastercard, and to with access to MasterPass. At the time
make contactless payments of up to of the announcement, Vconnect re- Otherwise, as wearable payment de-
RUB 100,000 each month. This an- ported that its database included over vices continue to gain popularity,
nouncement follows MegaFon’s in- 1 million such businesses. Mastercard Mastercard has introduced a number
troduction of a co-branded Master- also stated that over 85% of retail of schemes to meet the demand. In
card product in 2016 that is issued by transactions in Africa are currently France, it has partnered with Crédit
Round Bank. MegaFon reported that carried out in cash, and that it hopes Mutuel Arkéa to launch a virtual credit
by the end of 2017 over 1.2 million of to encourage more people to make card which can be used to make digi-
these cards had been issued. the switch to mobile banking. tal payments using wearable devices.
At the time of the launch, payments
In North America, Mastercard is col- … and Visa follows suit through were possible using connected
laborating with HERE Technologies, new launches in Italy and Switzer- watches produced by both FitBit and
a mapping and location data services land Garmin.
company, on digital payment capabili-
ties that can be activated from within a Like Mastercard, Visa has also been Likewise, Visa has set up several new
user’s vehicle while it is in motion. It very active in growing its presence in arrangements for the promotion of
has also teamed up with Dream Pay- the mobile payments sector. For ex- payments via wearable devices. For
ments, a payment solutions company, ample, in Italy, it has anounced that its instance, it has joined forces with the
to facilitate claims payments from credit and debit cards can be added to National Bank of Greece to develop
insurance companies to their policy- Samsung Pay, allowing cardholders to payment-enabled jewellery, working
holders, with one of its first partners use Samsung mobile phones to make specifically with jewellery manufactur-
being Northbridge Financial, a Can- contactless payments at any location ers Folli Follie and Links of London.
ada-based insurer. that accepts Visa cards. At the time of The companies plan to produce rings
launch, the service was available for and bracelets using contactless pay-
Lastly, in Africa, Mastercard has be- Intesa Sanpaolo, Nexi and UniCredit ment technology in the second half of
gun working with Selcom, an East cardholders. 2018. It has also announced a similar
African fintech company, which is partnership in Spain with CaixaBank
aiming to promote mobile payments In Switzerland, Visa is collaborating and Garmin whereby it will be possi-
in Tanzania. Through this arrange- with BonusCard to allow cardholders ble to make payments using Garmin
ment, Mastercard will gain access to to make mobile payments using any watches linked to Visa cards that are
Selcom’s network of merchants, al- NFC-enabled Android phone. The issued by CaixaBank.
lowing Selcom to accept digital pay- mobile app also allows access to the
ments through MasterPass. The part- user’s credit card account to check on Additionally, in a new initiative that is
nership also enables banks, other fi- balances and transactions, to locate relevant to cardholders with both
nancial institutions, mobile network cash dispensers and to activate and de Mastercard and Visa products, Nor-
operators and SMEs to offer Master- -activate associated cards whenever dea has launched a contactless pay-
Pass to their customers. Furthermore, necessary. ment solution that can be activated by
Mastercard has also formed a partner- users of Fitbit and Garmin wearable
ship with Vconnect, an Africa-based devices who also hold a Mastercard or
www.finaccord.com
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