France’s AXA Group plans to expand the sales of its insurance products in Germany through the country’s Tchibo coffee chain in a move aimed at countering the sales efforts of its three biggest rivals in Germany, who’ve recently increased their marketing efforts through banking alliances.
While AXA’s approach may be novel, it will be able to make its insurance products available to Tchibo’s customers through a network of 800 coffee shops and more than 6000 bakeries that sell its products, which include packaged holidays, consumer products and financial services as well as food and coffee.
While Allianz took over Dresdener Bank last year, Munich Re increased its retail presence through a strengthened investment in Hypoveriensbank and Generali forged closer ties with Commerzbank, AXA, Germany’s fourth largest insurer, behind those three, failed to reach an agreement with Deutsche Bank, and has apparently chosen to augment its previous agreements with Tchibo as an alternative.
Germans still buy most of their insurance and financial services through agents and advisors, but the bancassurrance model has been having increased success. If AXA is successful, it could start a trend. Who knows? maybe AIG is already talking to Starbucks.
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