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  4. > Global Retailer Insurance and Assistance

Global Retailer Insurance and Assistance

  • July 2014
  • -
  • Finaccord
  • -
  • 288 pages

Global Retailer Insurance and Assistance is a report about the involvement of retailers around the world in the distribution of stand-alone accident, dental, health, household, life, motor, travel, pet and other insurance, as part of a growing trend in financial services sometimes referred to as ‘brandassurance’. The distribution of assistance products by retailers is also investigated.

Major retail brands were found to be active in this arena in 47 of the 60 countries researched. Namely, these are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Ecuador, Estonia, Finland, France, Germany, Hungary, India, Indonesia, Ireland, Italy, Japan, Latvia, Lithuania, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Peru, the Philippines, Poland, Portugal, Romania, Russia, Singapore, Slovakia, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, the UK, Ukraine, Uruguay, the US and Vietnam, hence chapters for each of these are included in the publication.

In fact, the study provides a comprehensive and detailed overview of the worldwide market for insurance and assistance sold to consumers by supermarkets, department stores and other types of retail chain. Moreover, the PartnerBASE™ database that accompanies the report details each of more than 1,100 marketing initiatives traced by Finaccord for the lines of consumer insurance and assistance investigated, including the operating models and insurance providers used.

Key features of this report include:

- in-depth consideration of retailer provision of mainstream insurance and assistance: 281 major retail brands drawn from over 150 retailing groups are active in ‘brandassurance’ according to this latest research;

- identification of the operating models and brokers or underwriters used for the many individual insurance and assistance product marketing initiatives instigated by major retailers;

- consideration of the involvement as insurance intermediaries of major retail brands from retailing categories including department store and variety retailers, fuel retail brands, health and beauty outlets, and supermarket and hypermarket chains;

- data indicating the success in this arena of important retailers such as Carrefour (France and other countries), Grupo Elektra (Mexico), Rakuten (Japan), Tesco (UK) and Woolworths (Australia);

- background commentary and data concerning the broader banking and payment card operations of major retail chains that have developed significant insurance propositions.

Table Of Contents

Global Retailer Insurance and Assistance
TABLE OF CONTENTS
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
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 close to 6,500 major retail brands drawn from ten categories and 60 countries…4
… and classified according to their use of offline-only, online-only or mixed distribution models ..4
Regions...6
Retailers are divided among eight different regions for the purposes of analysis...6
Definitions ...6
Insurance and assistance...6
Operating models ...7
Weighted shares.8
PartnerBASE..8
Finaccord8
2.0 GLOBAL OVERVIEW..10
Insurance and assistance10
The global market for retailer insurance and assistance is likely to be expanding…10
… with motor, household and life insurance the policy types most commonly sold .10
Retailer insurance and assistance schemes are most widespread in four Latin American countries..11
Most retailer insurance and assistance programs are organised through a single, external partner...11
Significant players in the retailer insurance market include Alibaba, Carrefour, Rakuten and Seven and I…14
… with AXA the leading partner among insurance groups, followed by ACE Group, RSA and MetLife.14
Department store and variety retailers are the most likely to promote insurance or assistance products… ...16
...although supermarket and hypermarket brands with involvement in this arena are most numerous...16
3.0 ARGENTINA.42
Introduction...42
Insurance and assistance43
Eight major retail chains in Argentina have launched insurance or assistance products... ..43
…with all using external partners (as opposed to captives or joint ventures) in this context43
Insurance and assistance schemes are most common in the supermarket and hypermarket category.45
4.0 AUSTRALIA..47
Introduction...47
Insurance and assistance48
12 major retail chains in Australia promote mainstream forms of insurance of the type researched…...48
… with initiatives in this field having expanded substantially in recent years 48
IAG seeks to entrench its dominance in personal lines by acquiring Wesfarmers' underwriting business..49
By weighted share of partnerships, QBE Insurance emerges as a likely leader in retailer insurance .50
Retailer insurance schemes are concentrated in four retailer categories..52
5.0 AUSTRIA...54
Introduction...54
Insurance and assistance55
Just one insurance scheme is visible among retail brands investigated in Austria...55
… developed in conjunction with a specialised subsidiary of Wertgarantie..55
6.0 BRAZIL..58
Introduction...58
Insurance and assistance59
Eight major retail chains in Brazil promote mainstream forms of insurance of the type researched59
Most insurance distribution partnerships among retailers are organised with a single, external partner.59
... with OdontoPrev utilised by all that promote dental insurance ..60
By weighted share of partnerships, Cardif emerges as a likely leader in retailer insurance.61
Only three retailer categories feature any provision for insurance and assistance products62
The financial arm of Lojas Riachuelo has amassed a huge number of customers to cross-sell to..62
... while that of Magazine Luiza also exceeds 1 million..62
7.0 CANADA...64
Introduction...64
Insurance and assistance65
20 major retail chains in Canada promote mainstream forms of insurance of the type researched65
... with numerous insurance underwriters and brokers used as providers65
... among which Canada Life, Manulife and Western Financial Insurance are prominent in weighted terms .67
Supermarket and hypermarket brands display the greatest enthusiasm for selling insurance69
Over 2 million customers have acquired financial services from President's Choice Financial ...69
Canadian Tire's entire financial services business secures well over CAD 200 million in gross revenues .69
8.0 CHILE 71
Introduction...71
Insurance and assistance72
Accident, health and life insurance are the policy types most commonly marketed by major retailers72
All insurance distribution partnerships among retailers are organised with external providers... .72
... albeit schemes are intermediated by captive brokers in at least six cases ...73
By weighted share of partnerships, Cardif's share surpasses that held by MetLife..74
Falabella's fast-growing bank provides a basis for cross-selling insurance products...77
Financial services account for around 3% of Cencosud group's total revenues...77
... and also make a very significant contribution to the revenues of the Ripley group ..77
9.0 CHINA78
Introduction...78
Insurance and assistance79
14 Chinese retail brands promote insurance products to their customers…79
… with a variety of operating models in evidence..79
By weighted share of partnerships, Taobao Insurance is the most prominent provider…...81
… having set up a platform in 2010 to sell insurance to both consumers and small businesses 82
In this context, both AEGON-CNOOC and Manulife-Sinochem are classifiable as joint ventures ..82
Retailers in five categories are involved in this sphere...82
10.0 COLOMBIA.84
Introduction...84
Insurance and assistance85
Six major retail brands offer insurance or assistance programs in Colombia… ...85
…with most schemes sourced from single, external partners...85
Motor insurance is offered most regularly followed by household and life insurance...86
In weighted terms, SURA is ranked second by share of retailer partnerships..87
Insurance and assistance schemes are concentrated in three retailer categories ...88
11.0 CZECH REPUBLIC90
Introduction...90
Insurance and assistance91
The involvement of Czech retailers in insurance is limited to two major brands...91GLOBAL RETAILER INSURANCE AND ASSISTANCE
© FINACCORD 07/2014 III
... with policies sourced from Allianz and ERV ...91
12.0 ECUADOR ..95
Introduction...95
Insurance and assistance96
Orve Hogar is pioneering the concept of retailer insurance in Ecuador... .96
... working with Seguros Cervantes and Ecuasistencia in this sphere ..96
13.0 ESTONIA...100
Introduction.100
Insurance and assistance..101
Stockmann is the one retailer to promote insurance in the Estonian market..101
... working in this context with the local branch of If PandC Insurance101
14.0 FINLAND...104
Introduction.104
Insurance and assistance..105
Compared with most other European countries, retailer insurance schemes are widespread in Finland... ..105
... with all developed in conjunction with a single external partner...105
15.0 FRANCE109
Introduction.109
Insurance and assistance..110
A total of 15 major retail chains in France promote mainstream forms of insurance of the type researched 110
Most insurance distribution partnerships among retailers are organised with a single, external partner...110
…with retail brands in the Casino group offering the widest array of coverage…..111
…although France Loisirs nearly matches Casino for variety of products ..111
For several retail groups, involvement in insurance is driven by captive or joint venture banking operations...112
At a group level, Banque Accord has seen steady growth in its key operating metrics in recent times.112
Carrefour has secured over 500,000 customers with life or non-life insurance policies.112
... having built up its business steadily in this area over a number of years112
Banque Casino experienced a change in its shareholder structure in 2011...112
By weighted share of partnerships, Carma emerges as a likely leader in retailer insurance .113
A third of brands in the supermarket / hypermarket category have insurance and assistance on offer 114
Consumer research data illustrates the extent to which retailers are making headway in insurance114
16.0 GERMANY116
Introduction.116
Insurance and assistance..117
Eight major retail chains in Germany promote mainstream forms of insurance of the type researched117
Most insurance distribution partnerships among retailers are organised through a captive broker...117
By weighted share of partnerships, ERGODirekt emerges as a likely leader in retailer insurance118
Supermarket brands are most likely to have diversified into insurance...120
Consumer research data suggests protection-related life insurance is the optimal sector for retailers .120
17.0 HUNGARY 122
Introduction.122
Insurance and assistance..123
Four retail brands in Hungary are active in the field of insurance or assistance.123
... with external partners providing the underwriting in all four cases...123
18.0 INDIA .127
Introduction.127
Insurance and assistance..128
Mainstream forms of insurance are on offer from nine major retail chains in India….128
… with much of this activity organised through partners classified as joint ventures…..128
… namely, AEGON Religare, Apollo Munich Health Insurance and Future Generali129
However, as at March 2013, none of these companies had yet reached break-even point ..129GLOBAL RETAILER INSURANCE AND ASSISTANCE
© FINACCORD 07/2014 IV
Future Generali claims the highest share of partnerships in both unweighted and weighted terms..130
Retailers of health and beauty products feature the highest provision rate for insurance programs .131
19.0 INDONESIA ..133
Introduction.133
Insurance and assistance..134
Six major retail chains in Indonesia promote mainstream forms of insurance of the type researched..134
Insurance distribution partnerships are organised through external partners .134
AXA Financial and Equity Life Indonesia increase their share of partnerships in the weighted analysis...135
ACA's micro-insurance partnership with Super Indo covers dengue fever.135
Initiatives for selling insurance products are concentrated in two retailer categories..136
20.0 IRELAND...138
Introduction.138
Insurance and assistance..139
Household, motor and pet policies are distributed by one major retail brand in Ireland... ..139
... with all three products sourced from the same provider ..140
21.0 ITALY.142
Introduction.142
Insurance and assistance..143
A total of five major retail chains in Italy promote mainstream forms of insurance of the type researched143
All insurance distribution partnerships among retailers are organised via a single, external partner.143
Genialloyd's multiple partnerships make it prominent in both unweighted and weighted terms 145
Three categories host retailers with involvement in the insurance sector...146
Consumer research data suggests that retailers are most effective in protection-related life insurance ...147
22.0 JAPAN...148
Introduction.148
Insurance and assistance..149
Accident, health, life and motor insurance are the policy types most commonly marketed by major retailers ..149
Almost all insurance distribution partnerships among retailers are organised via captive intermediaries..149
Rakuten acquired AIRIO Life in 2013, re-branding it to Rakuten Life in the same year.150
Seven Financial Services takes advantage of in-store electronic terminals to market insurance..151
Japanese retailers selling insurance products are drawn from four retailer categories..151
23.0 LATVIA..154
Introduction.154
Insurance and assistance..155
Retailer insurance in Latvia is limited to one fuel distributor.155
... which collaborates in this context with ERGO..156
24.0 LITHUANIA...158
Introduction.158
Insurance and assistance..159
Motor insurance is distributed by one supermarket brand in Lithuania... 159
... with this policy underwritten by PZU.160
25.0 MALAYSIA162
Introduction.162
Insurance and assistance..163
Only three major retail chains in Malaysia promote mainstream forms of insurance of the type researched…163
… with AIG Malaysia, Berjaya Sompo and Tokio Marine the underwriters used in this context164
26.0 MEXICO.166
Introduction.166
Insurance and assistance..167
13 major retail chains in Mexico promote mainstream forms of insurance of the type researched ...167
Most insurance distribution partnerships among retailers are organised with a single, external partner...167

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