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Global Affinity AFFINITY BANKING Finance Club AFFINITY INSURANCE QUARTER 3 2019 BANCASSURANCE Global Affinity AFFINITY BANKING Finance Club Finaccord’s newsletter about affinity financial services worldwide Welcome back to your Club! The world of affinity and corporate partnerships in financial services is in constant evolution and this has never been more apparent than in this latest edition of the Global Affinity Finance Club. In particular, a significant proportion of the latest initiatives concern partner organi- sations that did not even exist a few years ago and these are most apparent in the fields of alternative mobility, the sharing economy and e-commerce. New deals in alternative mobility include those of Europ Assistance with E-GAP for road assistance and NN Insurance Services with Cowboy for e-bicycle insurance. In respect of the sharing economy, which overlaps to some extent with alternative mobility, notable ventures comprise those of Allianz with MotoShare for motor cycle policies, AXA with Tier Mobility for e-scooter insurance, NTUC Income with Grab for critical illness cover, and Stride Bank with Lyft for a co-branded debit card. As for e-commerce, stand-out agreements concern those of AXA with Fintonic for health insurance, CareCredit with Lighthouse 360 for dental treatment finance, ICICI Bank with Goibibo for a multi- currency card, Klarna with BigCommerce for consumer finance, MAPFRE with Snau for pet insurance, Visa with Rappi for a prepaid card, and Wirecard with AUTO1 for vehicle finance. Hence, plainly it pays for those responsible for partnership develop- ment within banking, payments, insurance and assistance firms to think multi-dimensionally about the emerging opportunities. Alan Leach, Director [email protected] For our published reports, news and more please visit www.finaccord.com Global Affinity Finance Club Table of contents Affinity Insurance AXA teams up with Spain-based Covéa extends partnership with digital financial assistant for be- John Lewis for branded motor in- ASSISTANCE 5 spoke insurance policies 7 surance 8 Europ Assistance invests in Ger- MAPFRE unveils strategic alliance NICHE INSURANCE 9 man provider of assistance services with SANTALUCÍA for funeral for older customers… 5 protection insurance 7 MAPFRE divulges plans to work with provider of dog-related ser- … offers international assistance to Icatu Seguros is chosen as life insur- vices in Spain 9 NGO employees through Italian not ance partner by pension fund for -for-profit organisation… 5 Brazilian lawyers 7 ARAG co-operates for legal pro- tection cover with HDI Global … and grows road assistance offer- SSQ Insurance to sell mortgage- Specialty in Australia… 9 ing in Italy through new ties with E- related life insurance to customers GAP and Kia 5 of nesto.ca 7 … and with Aegon in the Nether- lands 9 AXA XL works with IPRS Health MOTOR INSURANCE 7 for occupational health assistance ROLAND Rechtsschutz ties with proposition 5 Allianz rolls outs comprehensive WR Berkley for legal protection insurance for users of P2P motor insurance in Germany 9 COMMERCIAL INSURANCE 6 cycle sharing platform 7 PRODUCT WARRANTIES / Aon and CoverWallet establish Defend Insurance works with INSURANCE 9 international partnership focused HAVEX-auto for branded motor on digital insurance for SMEs 6 insurance in the Czech Republic 7 MediaMarkt Saturn appoints Zur- ich as provider of its extended war- MAPFRE collaborates with Span- ERGO Mobility Solutions secures ranty and insurance policies 9 ish association representing pro- comparable deal with NRW- ducers of fruit and vegetables 6 Garage in Germany… 8 Assurant renews partnership with Lowe’s for product protection 10 AXA XL allies itself with US-based … and introduces digital motor insurtech firm to sell marine cargo insurance app in conjunction with AXA launches Europe-wide initia- insurance online 6 Volvo 8 tive for e-scooters with Tier Mobil- ity 10 LIFE, HEALTH AND CREDI- AXA inaugurates long-term strate- TOR INSURANCE 6 gic partnership with BMW Bank in NN Insurance Services wins un- Germany… 8 derwriting mandate with manufac- NTUC Income introduces micro- turer of e-bicycles 10 insurance plan for critical illness … and introduces supplementary targeted at Grab drivers 6 insurance for French users of ride- Mercedes-Benz develops tyre in- sharing network BlaBlaCar 8 surance with Real Garant 10 nib works with Amazon’s Alexa in Australia for health services and in- MAPFRE and Vodafone partner surance 6 up for ‘connected’ motor cycle in- surance in Spain 8 www.finaccord.com 2 Global Affinity Finance Club Table of contents RETIREMENT PRODUCTS 10 TRAVEL INSURANCE 12 Bank of America launches co- branded credit card with internation- Tryg links with Danske Bank subsid- ERV sells stand-alone travel cover al hotel group 13 iary for pensions 10 through FOREX Bank in the Nor- dic region 12 Stride Bank launches co-branded TRAVEL INSURANCE 10 debit card for Lyft drivers in North GENERAL 12 America 14 Allianz Global Assistance insures Grand Circle travellers in the US 10 Scotiabank forms Latin American U.S. Bank acquires BMW’s pay- alliance with BNP Paribas Cardif ment card portfolio in the US 14 ERV Denmark introduces digital 12 travel insurance with mobile net- Visa converts Brazilian retail work operator 3 11 MAPFRE earns non-life bancas- group’s portfolio of over 2 million surance mandate with WiZink 12 private-label cards… 14 Europ Assistance renews travel in- surance partnership with Costa Cro- R+V works with Friendsurance for … develops new prepaid card with ciere 11 digital bancassurance to be sold Rappi (an app-based food delivery through co-operative banks 12 firm)… 14 GENERAL 11 UnionPay agrees to cross-sell se- … and works with Itaú Unibanco Generali and ÖKK roll out cross- lected insurance products from and the Ayrton Senna Institute for a selling initiative in Switzerland 11 PICC 13 new co-branded card 14 MAPFRE targets the Chinese Affinity Banking News ICICI Bank ties with online travel community in Spain with dedicat- booking company for multicurren- ed services 11 AFFINITY AND CO- cy travel card 14 BRANDED CARDS 13 Allianz takes on underwriting re- Alliance Data develops new co- sponsibilities for ERGO portfolio Barclays seeks to drives fan en- branding program for worldwide in Slovenia 11 gagement by working with For- resort operator 14 tress 13 Tokio Marine creates non-life in- AFFINITY SAVINGS 15 surance joint venture with Myan- Barclaycard unveils co-branded mar-based insurer 11 Saga rolls out savings partnership card with agricultural equipment distributor 13 with online banking brand run by Bancassurance Goldman Sachs 15 Mastercard joins forces with Pay- MOTOR INSURANCE 12 Pal for business debit card pro- AUTOMOTIVE FINANCE 15 gram 13 Santander Consumer Bank en- Wirecard initiates financial services hances motor insurance tie with American Express extends Delta Air partnership with digital automo- Garanta 12 Lines co-branded card partnership tive platform 15 through to 2029 13 Crédit Agricole Consumer Finance renews agreement for its joint ven- ture with Fiat Chrysler 15 www.finaccord.com 3 Global Affinity Finance Club Table of contents ALD extends its distribution net- INTERNATIONAL PAY- PAYMENT CARD ISSUANCE work by acquiring the vehicle leas- MENTS / REMITTANCES 17 AND ACCEPTANCE 20 ing portfolio of BBVA Automer- cantil 15 Western Union implements Visa Visa helps PagSeguro to offer ac- Direct platform on global basis 17 count-linked payment cards in Brazil Arval distributes vehicle leasing 20 proposition through Generali’s … and ties with UK Post Office tied agent network in France 15 for international payment services UnionPay forges ahead with card 17 issuance partnerships around the UniCredit Bank works with Cadillac, world… 20 Chevrolet and JAC Motors for car Mastercard joins forces with Canadi- loans in Russia 16 an network for international pay- … including new deals in Cambodia, ments 17 Malaysia and Zimbabwe 21 Synchrony Financial extends fi- nance partnership with Suzuki Mo- MOBILE / ONLINE PAY- Discover Financial secures card ac- tor in the US 16 MENTS 18 ceptance deal with La Banque Post- ale… 21 COMMERCIAL BANKING 16 Mastercard rolls out new partner- ships for mobile payments across … and unveils similar partnerships Crédit Agricole provides banking multiple countries… 18 with payment firms in several other services to members of French countries 21 hospitality network 16 … including ones with Apple and Xiaomi… 18 JCB enters into relationships with French cycling federation picks Crédit Mutual Arkéa, Viva Wallet CIC as its official banking partner … and another with ZIVELO and and Network International 21 16 Sonic Drive-In for AI-powered food ordering system 18 RETAILER CARDS AND FI- CONSUMER FINANCE 16 NANCE 22 Visa follows suit with several initia- Divido and Mastercard help last- tives of its own… 19 Klarna rolls out finance solutions minute.com to establish instalment for multiple retailers including Al- payment options 16 … including notable ones designed iExpress and BigCommerce 22 to facilitate use of public transport Banco BPM and Crédit Agricole systems… 19 Alliance Data embarks on new reinforce consumer finance joint card programs with three US-based venture in Italy 16 … an area in which American Ex- retail groups 22 press is also engaged 19 CareCredit commences partnership Wirecard facilitates instalment pay- with patient communication plat- UnionPay unveils new initiatives in ments for Singapore-based e- form for dental practices 17 Japan, Laos and Malaysia 19 commerce platform 23 Klarna collaborates
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