1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Retailer Insurance and Assistance in Europe

Retailer Insurance and Assistance in Europe

  • November 2013
  • -
  • Finaccord
  • -
  • 149 pages

Retailer Insurance and Assistance in Europe is a report about the involvement of major retail brands in Europe in the distribution of stand-alone accident, dental, health, household, life, motor, pet, travel and other insurance, plus assistance products, as part of a growing trend in this research, 107 retail brands in Europe promote insurance or assistance products, up from 76 in the previous study issued in 2010.

Indeed, major retail brands are found to be active in this arena in 24 of the 33 countries researched. Namely, these are Austria, Belgium, Czech Republic, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, the UK and Ukraine, hence chapters for each of these are included in the publication.

In fact, the study provides a comprehensive and detailed overview of the Europe-wide market for insurance sold to consumers by supermarkets, department stores and other types of retail chain. Moreover, the product marketing initiatives traced by Finaccord for the lines of consumer insurance investigated, including the operating models and insurance providers used.

You may be able to use this report and the PartnerBASE™ that accompanies it in one or more of the following ways:

- gain rapid access to a unique and comprehensive source of intelligence that provides a Europe-wide perspective on the involvement of major retailers in the insurance and assistance sector;

- understand which of your competitors have been successful in establishing insurance or assistance distribution partnerships with significant retail brands;

- evaluate the opportunities for creating marketing relationships with different types of retail chain for eight distinct lines of consumer insurance plus other insurance and assistance products;

- learn about the wider context behind the diversification into insurance and assistance of major retail brands and identify retailers already active in financial services that are likely to develop insurance propositions in future;

- use the PartnerBASE™ dataset to filter information about retailer insurance and assistance schemes by country, retailer category, product, provider and other criteria.

Table Of Contents

Retailer Insurance and Assistance in Europe
0.0 EXECUTIVE SUMMARY 1

1.0 INTRODUCTION 3

What is this report about? 3
Rationale 3
Retailer financial services can be broken down between ‘traditional' and ‘non-traditional' services 3
Retailers can take advantage of changes in consumer finance and payment card markets 3
Chile and the UK provide successful precedents for retailers interested in selling insurance 4
The evolution of the retailing market itself is also favourable to the integration of financial services 4
Methodology 4
Survey of retailers 4
The survey's scope covers over 3,300 major retail brands drawn from ten categories and 33 countries 4
and classified according to their use of offline-only, online-only or mixed distribution models 6
Definitions 6
Insurance and assistance 6
Operating models 7
Weighted shares 8
PartnerBASE 8
Finaccord 8

2.0 REGIONAL OVERVIEW 10

Insurance and assistance 10
Retailer schemes for household and motor insurance are most numerous at just under 60 each 10
followed by those for accident, life and pet insurance at over 40 each 10
The percentage of major retail brands selling insurance is highest in Finland and the UK 11
Department store and variety retail brands display greatest enthusiasm for distributing insurance 13
Retailers using a mixed distribution model are more likely to do so than online-only or offline-only brands 13
Supermarket and hypermarket brands account for the highest share of initiatives 13
Most retailer insurance programs are run in conjunction with a single, external partner 15
At a European level, the supply structure for retailer partnerships is quite fragmented 17
Consumer research illustrates that retailers constitute a fairly small but viable distribution channel 17

3.0 AUSTRIA 19

Introduction 19
Insurance and assistance 20
Just one insurance scheme is visible among retail brands investigated in Austria 20
… developed in conjunction with a specialised subsidiary of Wertgarantie 20

4.0 BELGIUM 23

Introduction 23
Insurance and assistance 24
Only two insurance programs are offered by retailers in Belgium… 24
…both of which were supplied by single, external partners 24

5.0 CZECH REPUBLIC 28

Introduction 28
Insurance and assistance 29
The involvement of Czech retailers in insurance is limited to two major brands 29
with policies sourced from Allianz and ERV 29

6.0 ESTONIA 33

Introduction 33
Insurance and assistance 34
Stockmann is the one retailer to promote insurance in the Estonian market 34
working in this context with the local branch of If PandC Insurance 34

7.0 FINLAND 37

Introduction 37
Insurance and assistance 38
Compared with most other European countries, retailer insurance schemes are widespread in Finland 38
with all developed in conjunction with a single external partner 38

8.0 FRANCE 42

Introduction 42
Insurance and assistance 43
A total of 15 major retail chains in France promote mainstream forms of insurance of the type researched 43
Most insurance distribution partnerships among retailers are organised with a single, external partner 43
…with retail brands in the Casino group offering the widest array of coverage… 44
…although France Loisirs nearly matches Casino for variety of products 44
For several retail groups, involvement in insurance is driven by captive or joint venture banking operations 45
At a group level, Banque Accord saw steady growth in its key operating metrics during 2012 45
Carrefour has secured over 500,000 customers with life or non-life insurance policies 45
having built up its business steadily in this area over a number of years 45
Banque Casino experienced a change in its shareholder structure in 2011 45
By weighted share of partnerships, Carma emerges as a likely leader in retailer insurance 46
A third of brands in the supermarket / hypermarket category have insurance and assistance on offer 47
Consumer research data illustrates the extent to which retailers are making headway in insurance 48

9.0 GERMANY 49

Introduction 49
Insurance and assistance 50
Eight major retail chains in Germany promote mainstream forms of insurance of the type researched 50
Most insurance distribution partnerships among retailers are organised through a captive broker 50
By weighted share of partnerships, ERGODirekt emerges as a likely leader in retailer insurance 51
Supermarket brands are most likely to have diversified into insurance 53
Consumer research data suggests protection-related life insurance is the optimal sector for retailers 55

10.0 HUNGARY 56

Introduction 56
Insurance and assistance 57
Four retail brands in Hungary are active in the field of insurance or assistance 57
with external partners providing the underwriting in all four cases 57

11.0 IRELAND 61

Introduction 61
Insurance and assistance 62
Household, motor and pet policies are distributed by one major retail brand in Ireland 62
with all three products sourced from the same provider 63

12.0 ITALY 65

Introduction 65
Insurance and assistance 66
A total of five major retail chains in Italy promote mainstream forms of insurance of the type researched 66
All insurance distribution partnerships among retailers are organised via a single, external partner 66
Genialloyd's multiple partnerships make it prominent in both unweighted and weighted terms 68
Three categories host retailers with involvement in the insurance sector 69
Consumer research data suggests that retailers are most effective in protection-related life insurance 70

13.0 LATVIA 71

Introduction 71
Insurance and assistance 72
Retailer insurance in Latvia is limited to one fuel distributor 72
which collaborates in this context with ERGO 73

14.0 LITHUANIA 75

Introduction 75
Insurance and assistance 76
Motor insurance is distributed by one supermarket brand in Lithuania 76
with this policy underwritten by PZU 77

15.0 NETHERLANDS 79

Introduction 79
Insurance and assistance 80
Four major retail chains in the Netherlands promote mainstream coverage of the type researched 80
with five different companies named as insurance providers 81
among which both Achmea and AEGON are most prominent in both unweighted and weighted terms 82
Activity is concentrated in two retailer categories 83

16.0 NORWAY 84

Introduction 84
Insurance and assistance 85
Accident and life cover are the products on offer through the one retailer selling insurance in Norway 85
… with ACE European Group used as underwriter in this context 86

17.0 POLAND 88

Introduction 88
Insurance and assistance 89
Mainstream forms of insurance are available through three retail brands in Poland 89
with household, life and motor policies the types of cover available 90
Three insurance underwriters have established distribution partnerships in this context 91
Only two categories of retailer are involved in this arena in Poland 92
Consumer research data points to motor insurance as potentially the strongest sector for retailers 93

18.0 Portugal 94

Introduction 94
Insurance and assistance 95
Four major retail brands in Portugal promote insurance or assistance policies 95
with utilisation of captive partners visible as well as use of external partners 96
The captive broker of El Corte Ingles is most prominent in both the unweighted and weighted analysis 97
Retail brands adhering to a mixed distribution model feature the highest rate of provision 98

19.0 ROMANIA 99

Introduction 99
Insurance and assistance 100
As elsewhere in Europe, Carrefour is prominent in Romania's market for retailer insurance 100
Otto Broker claims two valuable retailer insurance relationships 101

20.0 RUSSIA 103

Introduction 103
Insurance and assistance 104
Three major retail chains in Russia promote mainstream forms of insurance of the type researched 104
with all making use of external underwriters for this purpose 104
As many as 14 different providers have at least one retailer relationship 106
All three retailers offering insurance or assistance operate a mixed distribution model 107

21.0 SLOVAKIA 108

Introduction 108
Insurance and assistance 109
As in other European countries in which it is active, Tesco sells insurance in Slovakia 109
… with all three products that it offers underwritten by the same external partner 110

22.0 SPAIN 112

Introduction 112
Insurance and assistance 113
Only four major retail chains in Spain promote mainstream forms of insurance of the type researched 113
Over a half of insurance distribution partnerships among retailers involve a captive broker or underwriter 114
For El Corte Ingles, insurance services are a secondary but significant source of revenue 115
Less than a half of categories feature any insurance or assistance provision 116
Consumer research data indicates that retailers have made progress in three insurance lines 117

23.0 SWEDEN 118

Introduction 118
Insurance and assistance 119
Three major retail brands distribute insurance products of one sort or another 119
… with all products organised through external partners 119
ICA's insurance activities are supported by steady growth in its captive banking unit 119
Moderna Försäkringar emerges as a likely leader in retailer insurance in the weighted analysis 121

24.0 SWITZERLAND 123

Introduction 123
Insurance and assistance 124
Retailer insurance in Switzerland is limited to two brands, belonging to one group 124
… with one provider used to underwrite all policies offered in this way 125

25.0 UK 127

Introduction 127
Insurance and assistance 128
A total of 31 major retail brands in the UK promote mainstream forms of insurance of the type researched 128
The vast majority of insurance distribution partnerships among retailers involve a single, external partner . 128
…although Tesco's offerings involve a range of distributors and distribution models 130
In 2012, Tesco Underwriting secured gross premiums written of almost GBP 670 million 131
Tesco Compare has had difficulty in achieving both scale and profitability in the aggregation market 131
Tesco's insurance interests, like those of two other brands, benefit from a strong retailer banking business . 131
MandS Bank was re-launched in 2012 as an expansion of MandS Money 131
Sainsbury's assumed full ownership of Sainsbury's Bank in May 2013 131
having posted higher profits in its final year as a joint venture 132
Tesco Bank posted a trading profit of GBP 191 million for the year ending February 2013 132
In a fragmented market, AXA and BDML are the leading insurance providers to retail brands in the UK 132
Department stores and variety retailers display the highest insurance provision rates by a substantial margin 133
Consumer research data shows that retailers have made progress in several insurance sectors 134

26.0 UKRAINE 136

Introduction 136
Insurance and assistance 137
Among 50 major retail brands surveyed in Ukraine, only one has yet introduced insurance 137
with UNIQA employed as underwriter for both policy types offered 138

25.0 APPENDIX 140

Major captives and joint ventures 140
Several retailers utilise captive or joint venture entities for their insurance activities 140

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1

1.0 INTRODUCTION 3

Retailers researched in Europe, segmented by category, country and distribution model, 2013 5

2.0 REGIONAL OVERVIEW 10

Retailer insurance and assistance in Europe: provision by policy type, 2013 10
Retailer insurance and assistance in Europe: provision by country, 2013 12
Retailer insurance and assistance in Europe: provision by retailer category and distribution model, 2013 14
Retailer insurance and assistance in Europe: provision rate and operating models, 2013 15
Retailer insurance and assistance in Europe: operating models by country, 2013 16
Retailer insurance and assistance in Europe: unweighted and weighted provider share of partnerships,
2013 18

3.0 AUSTRIA 19

Retailer insurance and assistance in Austria: provision by policy type, 2013 20
Retailer insurance and assistance in Austria: provision and operating models, 2013 21
Provision of insurance and assistance by retailer category and distribution model in Austria, 2013 22

4.0 BELGIUM 23

Retailer insurance and assistance in Belgium: provision by policy type, 2013 24
Retailer insurance and assistance in Belgium: provision and operating models, 2013 25
Retailer insurance and assistance in Belgium: unweighted and weighted provider share of partnerships,
2013 26
Provision of insurance and assistance by retailer category and distribution model in Belgium, 2013 27

5.0 CZECH REPUBLIC 28

Retailer insurance and assistance in the Czech Republic: provision by policy type, 2013 29
Retailer insurance and assistance in the Czech Republic: provision and operating models, 2013 30
Retailer insurance and assistance in the Czech Republic: unweighted and weighted provider share of
partnerships, 2013 31
Provision of insurance and assistance by retailer category and distribution model in the Czech Republic,
2013 32

6.0 ESTONIA 33

Retailer insurance and assistance in Estonia: provision by policy type, 2013 34
Retailer insurance and assistance in Estonia: provision and operating models, 2013 35
Provision of insurance and assistance by retailer category and distribution model in Estonia, 2013 36

7.0 FINLAND 37

Retailer insurance and assistance in Finland: provision by policy type, 2013 38
Retailer insurance and assistance in Finland: provision and operating models, 2013 39
Retailer insurance and assistance in Finland: unweighted and weighted provider share of partnerships,
2013 40
Provision of insurance and assistance by retailer category and distribution model in Finland, 2013 41
8.0 FRANCE 42
Retailer insurance and assistance in France: provision by policy type, 2013 43
Retailer insurance and assistance in France: provision and operating models, 2013 44
Retailer insurance and assistance in France: unweighted and weighted provider share of partnerships,
2013 46
Provision of insurance and assistance by retailer category and distribution model in France, 2013 47

9.0 GERMANY 49

Retailer insurance and assistance in Germany: provision by policy type, 2013 50
Retailer insurance and assistance in Germany: provision and operating models, 2013 51
Retailer insurance and assistance in Germany: unweighted and weighted provider share of partnerships,
2013 52
Provision of insurance and assistance by retailer category and distribution model in Germany, 2013 54

10.0 HUNGARY 56

Retailer insurance and assistance in Hungary: provision by policy type, 2013 57
Retailer insurance and assistance in Hungary: provision and operating models, 2013 58
Retailer insurance and assistance in Hungary: unweighted and weighted provider share of partnerships,
2013 59
Provision of insurance and assistance by retailer category and distribution model in Hungary, 2013 60

11.0 IRELAND 61

Retailer insurance and assistance in Ireland: provision by policy type, 2013 62
Retailer insurance and assistance in Ireland: provision and operating models, 2013 63
Provision of insurance and assistance by retailer category and distribution model in Ireland, 2013 64

12.0 ITALY 65

Retailer insurance and assistance in Italy: provision by policy type, 2013 66
Retailer insurance and assistance in Italy: provision and operating models, 2013 67
Retailer insurance and assistance in Italy: unweighted and weighted provider share of partnerships, 2013
68
Provision of insurance and assistance by retailer category and distribution model in Italy, 2013 69

13.0 LATVIA 71

Retailer insurance and assistance in Latvia: provision by policy type, 2013 72
Retailer insurance and assistance in Latvia: provision and operating models, 2013 73
Provision of insurance and assistance by retailer category and distribution model in Latvia, 2013 74

14.0 LITHUANIA 75

Retailer insurance and assistance in Lithuania: provision by policy type, 2013 76
Retailer insurance and assistance in Lithuania: provision and operating models, 2013 77
Provision of insurance and assistance by retailer category and distribution model in Lithuania, 2013 . 78

15.0 NETHERLANDS 79

Retailer insurance and assistance in the Netherlands: provision by policy type, 2013 80
Retailer insurance and assistance in the Netherlands: provision and operating models, 2013 81
Retailer insurance and assistance in the Netherlands: unweighted and weighted provider share of
partnerships, 2013 82
Provision of insurance and assistance by retailer category and distribution model in the Netherlands, 2013
83
16.0 NORWAY 84

Retailer insurance and assistance in Norway: provision by policy type, 2013 85
Retailer insurance and assistance in Norway: provision and operating models, 2013 86
Provision of insurance and assistance by retailer category and distribution model in Norway, 2013 87

17.0 POLAND 88

Retailer insurance and assistance in Poland: provision by policy type, 2013 89
Retailer insurance and assistance in Poland: provision and operating models, 2013 90
Retailer insurance and assistance in Poland: unweighted and weighted provider share of partnerships,
2013 91
Provision of insurance and assistance by retailer category and distribution model in Poland, 2013 92

18.0 Portugal 94

Retailer insurance and assistance in Portugal: provision by policy type, 2013 95
Retailer insurance and assistance in Portugal: provision and operating models, 2013 96
Retailer insurance and assistance in Portugal: unweighted and weighted provider share of partnerships,
2013 97
Provision of insurance and assistance by retailer category and distribution model in Portugal, 2013 98

19.0 ROMANIA 99

Retailer insurance and assistance in Romania: provision by policy type, 2013 100
Retailer insurance and assistance in Romania: provision and operating models, 2013 101
Provision of insurance and assistance by retailer category and distribution model in Romania, 2013 102

20.0 RUSSIA 103

Retailer insurance and assistance in Russia: provision by policy type, 2013 104
Retailer insurance and assistance in Russia: provision and operating models, 2013 105
Retailer insurance and assistance in Russia: unweighted and weighted provider share of partnerships,
2013 106
Provision of insurance and assistance by retailer category and distribution model in Russia, 2013 107

21.0 SLOVAKIA 108

Retailer insurance and assistance in Slovakia: provision by policy type, 2013 109
Retailer insurance and assistance in Slovakia: provision and operating models, 2013 110
Provision of insurance and assistance by retailer category and distribution model in Slovakia, 2013 111

22.0 SPAIN 112

Retailer insurance and assistance in Spain: provision by policy type, 2013 113
Retailer insurance and assistance in Spain: provision and operating models, 2013 114
Retailer insurance and assistance in Spain: unweighted and weighted provider share of partnerships,
2013 115
Provision of insurance and assistance by retailer category and distribution model in Spain, 2013 116

23.0 SWEDEN 118

Retailer insurance and assistance in Sweden: provision by policy type, 2013 119
Retailer insurance and assistance in Sweden: provision and operating models, 2013 120
Retailer insurance and assistance in Sweden: unweighted and weighted provider share of partnerships,
2013 121
Provision of insurance and assistance by retailer category and distribution model in Sweden, 2013 122

24.0 SWITZERLAND 123

Retailer insurance and assistance in Switzerland: provision by policy type, 2013 124
Retailer insurance and assistance in Switzerland: provision and operating models, 2013 125
Provision of insurance and assistance by retailer category and distribution model in Switzerland, 2013 126

25.0 UK 127

Retailer insurance and assistance in the UK: provision by policy type, 2013 128
Retailer insurance and assistance in the UK: provision and operating models, 2013 130
Retailer insurance and assistance in the UK: unweighted and weighted provider share of partnerships,
2013 133
Provision of insurance and assistance by retailer category and distribution model in the UK, 2013 134
26.0 UKRAINE 136
Retailer insurance and assistance in Ukraine: provision by policy type, 2013 137
Retailer insurance and assistance in Ukraine: provision and operating models, 2013 138
Provision of insurance and assistance by retailer category and distribution model in Ukraine, 2013 . 139

25.0 APPENDIX 140

Retailer captives and joint ventures for insurance and assistance in Europe: countries active, operating
models and ownership, 2013 141

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Veronica

+1 718 514 2762

Purchase Reports From Reputable Market Research Publishers
Fraud Detection and Prevention Market by Solution, Application Areas, Service, End-User, Vertical - Global Forecast to 2021

Fraud Detection and Prevention Market by Solution, Application Areas, Service, End-User, Vertical - Global Forecast to 2021

  • $ 7150
  • Industry report
  • September 2016
  • by MarketsandMarkets

“Rapid increase in mobile banking will drive the FDP market” The Fraud Detection and Prevention (FDP) market size is estimated to grow from USD 14.36 billion in 2016 to USD 33.19 billion by 2021, at ...

Customer Experience Management Study—Malaysia’s Life Insurance Market, 2015

Customer Experience Management Study—Malaysia’s Life Insurance Market, 2015

  • $ 4950
  • Industry report
  • September 2016
  • by Frost & Sullivan

Benchmarking the Industry Excellence in Delivering Superior Customer Experience Customer experience is the accumulation of customers’ experiences throughout their journey with the supplier, across any ...

Customer Experience Management Study—Malaysia’s Health Insurance Sector 2015

Customer Experience Management Study—Malaysia’s Health Insurance Sector 2015

  • $ 4950
  • Industry report
  • September 2016
  • by Frost & Sullivan

Benchmarking Industry Excellence in Delivering a Superior Customer Experience Customer experience is the accumulation of customers’ experiences throughout their journey with the supplier, across any ...


ref:plp2013

Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.