Allianz-UniCredit deal ‘blueprint’ for insure-banking joint ventures

German insurance giant  Allianz and Italian bank UniCredit have expanded their long-term partnership that they believe serves as a “blueprint” for future insurer-banking joint ventures.

UniCredit and Allianz have signed a multi-country Framework Agreement that they claim will benefit clients of both companies. It encompasses joint investments (including training and pre-marketing) aimed at seamlessly integrating and accelerating the digitalisation of processes, while paving the way for a cooperation between the two groups in the insure-banking business.

The deal, which builds on their bancassurance partnership since 1996, will allow UniCredit to offer banking products to customers on Allianz’s open platform in Germany, Italy and other jurisdictions in Central and Eastern Europe.

In Italy, Germany, and Central and Eastern Europe, Unicredit Group serves over 15 million customers; the Allianz Group serves over 30 million.

The companies will sign two implementing agreements to amend and supplement the current arrangements in Italy and in Germany.

As part of the renewed partnership, on February 10, 2022 CreditRas Vita and CreditRas Assicurazioni will be rebranded as UniCredit Allianz Vita and UniCredit Allianz Assicurazioni, respectively.

The German implementing agreement, subject to the fulfilment of required corporate laws formalities, will include further initiatives to strengthen digital bancassurance and marketing. These joint initiatives are set to revamp the joint commercial efforts.

Andrea Orcel, chief executive officer of UniCredit S.p.A., said: “This agreement, which marks a step forward in the execution of our plan, is a testament to what can be created through a true, strong and effective partnership. It joins together best-in-class product offerings, innovation and technological integration for the mutual benefit of our respective clients, underscoring our commitment to this sector.

“It is a blueprint for how we intend to streamline our joint ventures and maximise the benefits of all future partnerships.”

Oliver Bäte (pictured), chief executive officer of Allianz SE, said: “We are delighted to continue and deepen our successful partnership with UniCredit. I look forward to securing the future of our joint customer base with world-class products and services.”

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