Allianz makes gains in Australia via US$535m Westpac deal
Facilitating a significant expansion into the Australian market, the agreement builds on a relationship developed over the course of five years. In addition to travel and auto insurance, Allianz will be able to distribute a range of personal cover (such as home and contents insurance) under the Westpac brand name.
The transaction itself is expected to be finalised in mid-2021.
Combining insurance and digital
“Westpac has been a long-term business partner for Allianz and we are very pleased to enter into this new agreement,” commented Richard Feledy, Managing Director of Allianz Australia.
“Both companies share aligned values, particularly in relation to a customer-first approach to design and distribution, and using innovation and technology as key enablers to delivering customer satisfaction, so we see this as a fantastic opportunity.
“Allianz is a proven bancassurance partner, both globally and locally, and we are committed to further investing in this channel. By combining our insurance and digital expertise we are able to provide valuable protection to Westpac’s customers.”
Recently named the top global insurance brand by , Allianz has had a strong year in 2020. With over 100 million retail and corporate customers spread across 70 countries and approximately €774bn (US$933bn) in managed assets, it is proving itself to be among the world’s leading financial services providers.
Weathering the COVID crisis
In response to the company’s for Q3 in November 2020 (€2.9bn profit - $3.5bn), Oliver Bäte, CEO, commended Allianz’s efforts globally and concluded that COVID-19 has not been able to weaken the company.
"We have delivered solid results in an environment that will remain challenging. Not just our financial performance has been resilient, but we have also enjoyed strong support from our fantastic staff around the world.
"Therefore, we remain confident to not just weather the COVID-19 crisis well, but to build an even stronger Allianz for the benefit of all stakeholders."
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.