Allianz Group and UniCredit have signed a long-term bancassurance cooperation agreement in the Central and Eastern Europe (CEE) region.
With this agreement, which will gradually start in the second half of 2018, UniCredit will exclusively partner with Allianz to provide its banking customers access to life, property and casualty insurance in Bulgaria, Croatia, Czech Republic, Hungary, Romania, Slovenia and Slovakia.
UniCredit customers will have easy access to Allianz’s insurance solutions through UniCredit’s extensive branch network and digital platforms, Allianz said in a statement.
The local market partnerships will be gradually implemented in compliance with all local regulations.
“UniCredit customers will benefit from our extensive expertise as demand rises for life, health, property and casualty insurance in CEE. We can now protect those customers at key moments in their life,” said Petros Papanikolaou, regional CEO CEE of Allianz SE. “UniCredit and Allianz share a commitment to continue growing in CEE. We are pleased that UniCredit has chosen Allianz as the best solution provider for their customers, and we view this partnership as confirmation of our successful strategy in CEE.”
“This partnership will enhance UniCredit’s offer by delivering a full range of life and non-life insurance products, as well as outstanding services to our individual and small business clients leveraging on our leading position in the region, as well as on Allianz recognized brand and capabilities,” said Carlo Vivaldi, head of CEE Division at UniCredit, which is headquartered in Milan, Italy.
Central and Eastern Europe represents a significant growth market for the insurance industry because penetration rates are well below those in Western Europe, said Allianz.
Bancassurance is expected to be an important distribution channel to close the penetration gap in the coming years, the company added.
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