Global Affinity Finance Club Winter 2015
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AFFINITY INSURANCE WINTER 2015 BANCASSURANCE Global Affinity AFFINITY BANKING Finance Club Finaccord’s newsletter about affinity financial services worldwide Welcome back to your Club! The first three months of 2015 have seen a number of innovative new initiatives in the world of affinity financial services. Google has created headlines by unveiling the launch of a motor insurance comparison facility in the US (’Google Compare for Auto Insurance’), co-operating for this purpose with CompareNow, CoverHound and other partners. Distinctive new deals in the assistance sector include a link between MAPFRE Assistance and Unitywater in the nascent market for home assistance services in Australia, RAC’s agreement with ta- chometer provider Tachodisc for truck assistance, insurance and warranties in the UK, and the partnership of AXA Assistance with the developer of the SKI360 app in France for travel cover. In the US, American Express has joined forces with BBVA Com- pass (as issuer) and the National Basketball Association (as affinity partner) for an eye-catching new affinity credit card. Moreover, the impending launch of the Plenti coalition loyalty program in the US, which is being developed by American Express and several major commercial partners, could well give rise to a significant new co- branding program in future. Meanwhile, in the world of mobile payments, MasterCard and Visa have announced that they will work with Samsung for ‘Samsung Pay’, a mobile payment service that allows cardholders to use a Sam- sung Galaxy S6 phone for everyday purchases. 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 News Lloyd’s of London underwriters 6 travel cover with Russian insurer 8 ASSISTANCE 5 MOTOR INSURANCE 6 AXA Assistance provides embed- ded insurance for Miles & More MAPFRE Assistance secures pio- Google unveils motor insurance cardholders… 8 neering deal with Australian wa- comparison facility in the US 6 ter company 5 … and works with SKI 360 app MetLife develops motor insur- for travel cover in France 9 Collinson Group provides se- ance product for US transporta- cures home assistance link with tion network company 7 Sun Life chooses AXA Assis- EDF Energy 5 Specialist in UK manufacturer- tance as assistance provider for COMMERCIAL INSURANCE branded motor insurance selects Chinese travel insurance policies 5 Allianz as underwriting partner 7 9 ERV and Deutsche Bahn renew Hollard partners with Tokio Ma- PET INSURANCE 7 travel insurance distribution part- rine to service Japanese custom- nership 9 ers in sub-Saharan Africa… 5 Sterling Pet Solutions ties with CoverCloud for pet insurance … and teams up with broker net- product to be sold through GENERAL 9 work Steadfast to launch new Costco 7 underwriting agency in Sydney 5 Ageas secures household and PRODUCT WARRANTIES / motor insurance partnership with LIFE, ACCIDENT AND INSURANCE 7 Virgin Money 9 HEALTH INSURANCE 5 MAPFRE Warranty seals affinity Hollard signs five-year joint ven- Teachers Assurance to offer LV= deal with Portuguese optician ture agreement with Botswana’s flexible savings plan and financial chain 7 largest trade union 9 advice service 5 Solid Försäkringar bolsters Swed- Gras Savoye wins affinity tie with CNP Assurances commences ish bicycle insurance business 8 association of French music writ- CAPVITA joint venture with ers and composers 9 Alptis Assurances 6 TRAVEL INSURANCE 8 ARAG earns legal protection and Cigna Insurance Services wins AA selects Cigna Insurance Ser- home emergency mandate with Horizon underwriting agency 9 personal accident mandate with vices as provider for revamped Chaucer Direct 6 travel cover 8 Tachodisc selects RAC for truck Friends Life enhances ‘Protect+’ MAPFRE Asistencia bolsters po- insurance, assistance and war- ranty cover 10 range with Best Doctors module sition as distributor to Belgian 6 travel trade… 8 Generali buys out remaining 24% Columbus Direct launches in- … and enters into partnership for stake of PPF Group in former come protection cover with joint venture 10 www.finaccord.com 2 Global Affinity Finance Club Bancassurance AUTOMOTIVE FINANCE 12 INTERNATIONAL PAY- MENTS / REMITTANCES CREDITOR INSURANCE 10 BNP Paribas Personal Finance and Geely receive regulatory ICICI Bank links with UAE Ex- Genworth Financial secures green light for finance joint ven- change for remittances for Indian mortgage insurance deals with ture 12 beneficiaries 14 UK building societies 10 GM subsidiaries acquire stake in MOBILE / ONLINE PAY- LIFE INSURANCE 10 Chinese automotive finance joint MENTS 14 venture from Ally Financial 12 Helvetia renews distribution Samsung works with major card agreement with Raiffeisen bank- Fiat Chrysler and Crédit Agricole networks for mobile payments in ing group for five more years 10 convert joint venture finance the US and other markets 14 company to fully-licensed bank Tata AIA Life and Citibank co- 12 MasterCard ties with eTranzact operate for life insurance prod- International for Nigerian remit- ucts in India 10 CONSUMER FINANCE 12 tances… 14 Société Générale converts BNP Paribas Personal Finance … and with Steward Bank in Antarius from a joint venture to forms new joint venture with Zimbabwe in a similar context 14 a captive insurer 10 Spanish banking group 12 MasterCard works with four US TRAVEL INSURANCE 11 CO-BRANDED CARDS 13 banks for mobile payment op- tions through Apple Pay 15 Sparbankernas Kort chooses Alliance Data rolls out co- Solid Försäkringar as provider of branded credit card program MasterCard combines Master- card-related travel cover 11 with Red Roof Inn hotel chain Pass digital payment service with 13 mobile ticketing system 15 GENERAL 11 Capital One introduces co- MasterCard introduces payment Groupe BPCE reconfigures ban- branded business card in partner- app for Wagamama customers in cassurance partnership with CNP ship with GM 13 the UK 15 11 American Express links with ma- Visa collaborates with Airtel for Howden Broking Group acquires jor partners for launch of new mobile money across seven Afri- management control of bank- US-based coalition loyalty pro- can countries 15 owned broker in Malaysia 11 gram 13 Visa Europe expands Visa Direct Affinity Banking Indian online marketplace opera- peer-to-peer payments service… tor selects HDFC for new co- 15 AFFINITY CARDS 12 branded credit card 13 … aided by new partnership with BBVA Compass rolls out NBA Russian Standard Bank develops fastacash allowing payments via affinity card with American Ex- new range of Visa cards with social networks 15 press 12 Miles & More 14 www.finaccord.com 3 Global Affinity Finance Club Table of contents Ecobank forms pan-African mo- Finaccord country reports bile payment partnerships with MTN and Orange 16 Finaccord publishes a variety of reports about the following coun- Synchrony Bank allows cardhold- tries: ers to use ‘Samsung Pay’ mobile wallet app 16 Australia Austria 3 extends direct carrier billing Belgium service with Boku in Hong Kong Brazil 16 Canada China Maybank launches portable point France -of-sale payment device in con- Germany junction with Maxis Berhad 16 India Indonesia BGL BNP Paribas launches mo- Italy bile payment solution in partner- Japan ship with Digicash Payments 16 Malaysia Mexico PayPoint works with UNIQA to Netherlands facilitate payments of insurance Poland premiums in Romania 17 Romania Russia Drillisch prepares to launch Wire- South Africa card mobile payment service 17 South Korea Spain PAYMENT CARD ISSUANCE Switzerland AND ACCEPTANCE 17 Turkey UK JCB links with Asia Commercial USA Bank for new debit and credit cards in Vietnam 17 Alternatively, to see our full list of reports organised by country, RETAILER CARDS 17 with more than 60 countries cov- ered in total, please visit our web- Alliance Data renews private- site at www.finaccord.com and / label credit card partnership with or use the search-by-country FULLBEAUTY Brands 17 function at www.finaccord.com/ search-by-country.htm. Costco terminates co-branding and merchant acceptance partner- ship with American Express 17 www.finaccord.com 4 Global Affinity Finance Club Affinity Insurance Affinity Insurance News COMMERCIAL INSURANCE ing risks in the SME markets of Asia, Australia, New Zealand ASSISTANCE Hollard partners with Tokio and South Africa. Emergence’s Marine to service Japanese first product will be cyber event MAPFRE Assistance secures customers in sub-Saharan protection, which has been spe- pioneering deal with Austra- Africa… cifically designed for SME cli- lian water company ents in collaboration with cyber Insurance groups Hollard and experts, reinsurers, brokers and customers. In Australia, MAPFRE Assis- Tokio Marine have struck an _________________________ tance has established a new part- agreement to co-ordinate spe- nership with Unitywater, a water cific initiatives relevant to Japa- LIFE, ACCIDENT AND company serving more than nese clients in sub-Saharan Af- HEALTH INSURANCE 300,000 customers, for the pro- rica, with a focus on insurance vision of insurance related to requirements. The arrangement emergencies related to plumbing will see Hollard establish a Japan Teachers Assurance to offer and water supply. The deal is a desk which will exclusively han- LV= flexible savings plan and seminal one as the market for dle business in sub-Saharan Af- financial advice service home emergency insurance and rica for the Japanese clients of assistance in Australia is under-