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Global Retailer Insurance: Affinity Schemes in Supermarkets and Other Stores
Finaccord, May 2010, Pages: 210
Global Retailer Insurance: Affinity Schemes in Supermarkets and Other Stores, published in April 2010, is a report about the involvement of retailers around the world in the distribution of standalone motor insurance, household insurance, accident insurance, dental insurance, other health insurance, travel insurance, pet insurance and life insurance, as part of a growing trend in financial services sometimes referredto as ‘brandassurance’.
Major retail brands were found to be active in this arena in 35 of the 65 countries researched. Namely, these are Argentina, Australia, Belgium, Brazil, Canada, Chile, Colombia, Czech Republic, Ecuador, Estonia, Finland, France, Germany, Hungary, India, Indonesia, Ireland, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Peru, Portugal, Romania, Russia, Singapore, South Africa, South Korea, Spain, Switzerland, Thailand, the UK and the USA, 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 sold to consumers by supermarkets, department stores and other types of retail chain. Moreover, the PartnerBASE™ database that accompanies the report details each of the 847 marketing initiatives traced by Finaccord for the lines of consumer insurance investigated, including the operating models and insurance providers used.
A number of factors, some of which are specific to financial services and some to retailing, provide ample justification for the development of this report and the sister reports covering other topics in retailer banking and insurance worldwide. With regards to financial services, this rationale can be broken down between what might be characterized as ‘traditional’ retailer financial services (i.e. cob d d/ branded / store cards and consumer finance / personalloans) and ‘non-traditional’ retailer financial services (i.e. insurance, mortgages and savings accounts).
Concerning ‘non-traditional’ retailer financial services, it can be asserted that in much of the world, consumers are changing the way in which they acquire financial services and demonstrating an increasing willingness to use alternative distribution systems, including major non-financial brands such as large retailers. Moreover, the successful precedent of retailer insurance in markets such as Chile and the UK is encouraging major retail brands in other countries to challenge the traditional distribution systems with their own ‘brandassurance’ propositions
Furthermore, it should be acknowledged that successful retailers in less developed markets are growing rapidly as an increasing proportion of consumers allocate their expenditure to formal retailing concepts. In addition, a mature environment for retailing in the more developed markets signifies that retailers need to investigate new means of achieving revenue growth which can include insurance products, in particular
Key features of this report include:
- in-depth consideration of retailer provision of mainstream insurance: 232 major retail brands drawn from 106 retailing groups in 35 countries out of the 65 researched were active in ‘brandassurance’ by the first quarter of 2010;
- identification of the operating models and brokers or underwriters used for 847 individual insurance product marketing initiatives instigated by major retailers;
- consideration of the involvement as insurance intermediaries of major retail brands from retailing categories including department stores, DIY chains, health and beauty outlets, online or home shopping specialists, and supermarkets;
- disclosure of number of policies sold for leading protagonists in retailer insurance including El Corte Inglés, Falabella, Loblaw Companies and Tesco;
- background commentary and data concerning the broader banking and payment card operations of major retail chains that have developed insurance propositions.
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