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Retailer Insurance and Assistance in Europe Product Image

Retailer Insurance and Assistance in Europe

  • ID: 2771624
  • November 2013
  • Region: Europe
  • 149 Pages
  • Finaccord

Retailer Insurance and Assistance in Europe is a report about the involvement of major retail brands in Europe in the distribution of stand-alone accident, dental, health, household, life, motor, pet, travel and other insurance, plus assistance products, as part of a growing trend in this research, 107 retail brands in Europe promote insurance or assistance products, up from 76 in the previous study issued in 2010.

Indeed, major retail brands are found to be active in this arena in 24 of the 33 countries researched. Namely, these are Austria, Belgium, Czech Republic, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, the UK and Ukraine, hence chapters for each of these are included in the publication.

In fact, the study provides a comprehensive and detailed overview of the Europe-wide market for insurance sold to consumers by supermarkets, department stores and other types of retail chain. Moreover, the product marketing initiatives traced by Finaccord for the lines of consumer insurance investigated, including the operating models and insurance providers READ MORE >

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Rationale

Retailer financial services can be broken down between ‘traditional’ and ‘non-traditional’ services

Retailers can take advantage of changes in consumer finance and payment card markets

Chile and the UK provide successful precedents for retailers interested in selling insurance

The evolution of the retailing market itself is also favourable to the integration of financial services

Methodology

Survey of retailers

The survey's scope covers over 3,300 major retail brands drawn from ten categories and 33 countries...

... and classified according to their use of offline-only, online-only or mixed distribution models

Definitions

Insurance and assistance

Operating models

Weighted shares

PartnerBASE

Finaccord

2.0 REGIONAL OVERVIEW

Insurance and assistance

Retailer schemes for household and motor insurance are most numerous at just under 60 each...

... followed by those for accident, life and pet insurance at over 40 each

The percentage of major retail brands selling insurance is highest in Finland and the UK

Department store and variety retail brands display greatest enthusiasm for distributing insurance

Retailers using a mixed distribution model are more likely to do so than online-only or offline-only brands

Supermarket and hypermarket brands account for the highest share of initiatives

Most retailer insurance programs are run in conjunction with a single, external partner

At a European level, the supply structure for retailer partnerships is quite fragmented

Consumer research illustrates that retailers constitute a fairly small but viable distribution channel

3.0 AUSTRIA

Introduction

Insurance and assistance

Just one insurance scheme is visible among retail brands investigated in Austria...

… developed in conjunction with a specialised subsidiary of Wertgarantie

4.0 BELGIUM

Introduction

Insurance and assistance

Only two insurance programs are offered by retailers in Belgium…

…both of which were supplied by single, external partners

5.0 CZECH REPUBLIC

Introduction

Insurance and assistance

The involvement of Czech retailers in insurance is limited to two major brands...

... with policies sourced from Allianz and ERV

6.0 ESTONIA

Introduction

Insurance and assistance

Stockmann is the one retailer to promote insurance in the Estonian market...

... working in this context with the local branch of If P&C Insurance

7.0 FINLAND

Introduction

Insurance and assistance

Compared with most other European countries, retailer insurance schemes are widespread in Finland...

... with all developed in conjunction with a single external partner

8.0 FRANCE

Introduction

Insurance and assistance

A total of 15 major retail chains in France promote mainstream forms of insurance of the type researched

Most insurance distribution partnerships among retailers are organised with a single, external partner...

…with retail brands in the Casino group offering the widest array of coverage…

…although France Loisirs nearly matches Casino for variety of products

For several retail groups, involvement in insurance is driven by captive or joint venture banking operations

At a group level, Banque Accord saw steady growth in its key operating metrics during 2012

Carrefour has secured over 500,000 customers with life or non-life insurance policies...

... having built up its business steadily in this area over a number of years

Banque Casino experienced a change in its shareholder structure in 2011

By weighted share of partnerships, Carma emerges as a likely leader in retailer insurance

A third of brands in the supermarket / hypermarket category have insurance and assistance on offer

Consumer research data illustrates the extent to which retailers are making headway in insurance

9.0 GERMANY

Introduction

Insurance and assistance

Eight major retail chains in Germany promote mainstream forms of insurance of the type researched

Most insurance distribution partnerships among retailers are organised through a captive broker

By weighted share of partnerships, ERGODirekt emerges as a likely leader in retailer insurance

Supermarket brands are most likely to have diversified into insurance

Consumer research data suggests protection-related life insurance is the optimal sector for retailers

10.0 HUNGARY

Introduction

Insurance and assistance

Four retail brands in Hungary are active in the field of insurance or assistance...

... with external partners providing the underwriting in all four cases

11.0 IRELAND

Introduction

Insurance and assistance

Household, motor and pet policies are distributed by one major retail brand in Ireland...

... with all three products sourced from the same provider

12.0 ITALY

Introduction

Insurance and assistance

A total of five major retail chains in Italy promote mainstream forms of insurance of the type researched

All insurance distribution partnerships among retailers are organised via a single, external partner

Genialloyd's multiple partnerships make it prominent in both unweighted and weighted terms

Three categories host retailers with involvement in the insurance sector

Consumer research data suggests that retailers are most effective in protection-related life insurance

13.0 LATVIA

Introduction

Insurance and assistance

Retailer insurance in Latvia is limited to one fuel distributor...

... which collaborates in this context with ERGO

14.0 LITHUANIA

Introduction

Insurance and assistance

Motor insurance is distributed by one supermarket brand in Lithuania...

... with this policy underwritten by PZU

15.0 NETHERLANDS

Introduction

Insurance and assistance

Four major retail chains in the Netherlands promote mainstream coverage of the type researched...

... with five different companies named as insurance providers...

... among which both Achmea and AEGON are most prominent in both unweighted and weighted terms

Activity is concentrated in two retailer categories

16.0 NORWAY

Introduction

Insurance and assistance

Accident and life cover are the products on offer through the one retailer selling insurance in Norway...

… with ACE European Group used as underwriter in this context

17.0 POLAND

Introduction

Insurance and assistance

Mainstream forms of insurance are available through three retail brands in Poland...

... with household, life and motor policies the types of cover available

Three insurance underwriters have established distribution partnerships in this context

Only two categories of retailer are involved in this arena in Poland

Consumer research data points to motor insurance as potentially the strongest sector for retailers

18.0 PORTUGAL

Introduction

Insurance and assistance

Four major retail brands in Portugal promote insurance or assistance policies...

... with utilisation of captive partners visible as well as use of external partners

The captive broker of El Corte Inglés is most prominent in both the unweighted and weighted analysis

Retail brands adhering to a mixed distribution model feature the highest rate of provision

19.0 ROMANIA

Introduction

Insurance and assistance

As elsewhere in Europe, Carrefour is prominent in Romania's market for retailer insurance

Otto Broker claims two valuable retailer insurance relationships

20.0 RUSSIA

Introduction

Insurance and assistance

Three major retail chains in Russia promote mainstream forms of insurance of the type researched...

... with all making use of external underwriters for this purpose

As many as 14 different providers have at least one retailer relationship

All three retailers offering insurance or assistance operate a mixed distribution model

21.0 SLOVAKIA

Introduction

Insurance and assistance

As in other European countries in which it is active, Tesco sells insurance in Slovakia...

… with all three products that it offers underwritten by the same external partner

22.0 SPAIN

Introduction

Insurance and assistance

Only four major retail chains in Spain promote mainstream forms of insurance of the type researched

Over a half of insurance distribution partnerships among retailers involve a captive broker or underwriter

For El Corte Inglés, insurance services are a secondary but significant source of revenue

Less than a half of categories feature any insurance or assistance provision

Consumer research data indicates that retailers have made progress in three insurance lines

23.0 SWEDEN

Introduction

Insurance and assistance

Three major retail brands distribute insurance products of one sort or another...

… with all products organised through external partners

ICA's insurance activities are supported by steady growth in its captive banking unit

Moderna Försäkringar emerges as a likely leader in retailer insurance in the weighted analysis

24.0 SWITZERLAND

Introduction

Insurance and assistance

Retailer insurance in Switzerland is limited to two brands, belonging to one group...

… with one provider used to underwrite all policies offered in this way

25.0 UK

Introduction

Insurance and assistance

A total of 31 major retail brands in the UK promote mainstream forms of insurance of the type researched

The vast majority of insurance distribution partnerships among retailers involve a single, external partner...

…although Tesco's offerings involve a range of distributors and distribution models

In 2012, Tesco Underwriting secured gross premiums written of almost GBP 670 million

Tesco Compare has had difficulty in achieving both scale and profitability in the aggregation market

Tesco's insurance interests, like those of two other brands, benefit from a strong retailer banking business

M&S Bank was re-launched in 2012 as an expansion of M&S Money

Sainsbury's assumed full ownership of Sainsbury's Bank in May 2013...

... having posted higher profits in its final year as a joint venture...

Tesco Bank posted a trading profit of GBP 191 million for the year ending February 2013

In a fragmented market, AXA and BDML are the leading insurance providers to retail brands in the UK

Department stores and variety retailers display the highest insurance provision rates by a substantial margin

Consumer research data shows that retailers have made progress in several insurance sectors

26.0 UKRAINE

Introduction

Insurance and assistance

Among 50 major retail brands surveyed in Ukraine, only one has yet introduced insurance...

... with UNIQA employed as underwriter for both policy types offered

25.0 APPENDIX

Major captives and joint ventures

Several retailers utilise captive or joint venture entities for their insurance activities

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Major retail brands in Finland, France, Hungary, Portugal and the UK are most likely to offer insurance or assistance products

1.0 INTRODUCTION

Retailers researched in Europe, segmented by category, country and distribution model, 2013

2.0 REGIONAL OVERVIEW

Retailer insurance and assistance in Europe: provision by policy type, 2013

Retailer insurance and assistance in Europe: provision by country, 2013

Retailer insurance and assistance in Europe: provision by retailer category and distribution model, 2013

Retailer insurance and assistance in Europe: provision rate and operating models, 2013

Retailer insurance and assistance in Europe: operating models by country, 2013

Retailer insurance and assistance in Europe: unweighted and weighted provider share of partnerships, 2013

3.0 AUSTRIA

Retailer insurance and assistance in Austria: provision by policy type, 2013

Retailer insurance and assistance in Austria: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Austria, 2013

4.0 BELGIUM

Retailer insurance and assistance in Belgium: provision by policy type, 2013

Retailer insurance and assistance in Belgium: provision and operating models, 2013

Retailer insurance and assistance in Belgium: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Belgium, 2013

5.0 CZECH REPUBLIC

Retailer insurance and assistance in the Czech Republic: provision by policy type, 2013

Retailer insurance and assistance in the Czech Republic: provision and operating models, 2013

Retailer insurance and assistance in the Czech Republic: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in the Czech Republic, 2013

6.0 ESTONIA

Retailer insurance and assistance in Estonia: provision by policy type, 2013

Retailer insurance and assistance in Estonia: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Estonia, 2013

7.0 FINLAND

Retailer insurance and assistance in Finland: provision by policy type, 2013

Retailer insurance and assistance in Finland: provision and operating models, 2013

Retailer insurance and assistance in Finland: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Finland, 2013

8.0 FRANCE

Retailer insurance and assistance in France: provision by policy type, 2013

Retailer insurance and assistance in France: provision and operating models, 2013

Retailer insurance and assistance in France: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in France, 2013

9.0 GERMANY

Retailer insurance and assistance in Germany: provision by policy type, 2013

Retailer insurance and assistance in Germany: provision and operating models, 2013

Retailer insurance and assistance in Germany: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Germany, 2013

10.0 HUNGARY

Retailer insurance and assistance in Hungary: provision by policy type, 2013

Retailer insurance and assistance in Hungary: provision and operating models, 2013

Retailer insurance and assistance in Hungary: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Hungary, 2013

11.0 IRELAND

Retailer insurance and assistance in Ireland: provision by policy type, 2013

Retailer insurance and assistance in Ireland: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Ireland, 2013

12.0 ITALY

Retailer insurance and assistance in Italy: provision by policy type, 2013

Retailer insurance and assistance in Italy: provision and operating models, 2013

Retailer insurance and assistance in Italy: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Italy, 2013

13.0 LATVIA

Retailer insurance and assistance in Latvia: provision by policy type, 2013

Retailer insurance and assistance in Latvia: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Latvia, 2013

14.0 LITHUANIA

Retailer insurance and assistance in Lithuania: provision by policy type, 2013

Retailer insurance and assistance in Lithuania: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Lithuania, 2013

15.0 NETHERLANDS

Retailer insurance and assistance in the Netherlands: provision by policy type, 2013

Retailer insurance and assistance in the Netherlands: provision and operating models, 2013

Retailer insurance and assistance in the Netherlands: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in the Netherlands, 2013

16.0 NORWAY

Retailer insurance and assistance in Norway: provision by policy type, 2013

Retailer insurance and assistance in Norway: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Norway, 2013

17.0 POLAND

Retailer insurance and assistance in Poland: provision by policy type, 2013

Retailer insurance and assistance in Poland: provision and operating models, 2013

Retailer insurance and assistance in Poland: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Poland, 2013

18.0 PORTUGAL

Retailer insurance and assistance in Portugal: provision by policy type, 2013

Retailer insurance and assistance in Portugal: provision and operating models, 2013

Retailer insurance and assistance in Portugal: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Portugal, 2013

19.0 ROMANIA

Retailer insurance and assistance in Romania: provision by policy type, 2013

Retailer insurance and assistance in Romania: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Romania, 2013

20.0 RUSSIA

Retailer insurance and assistance in Russia: provision by policy type, 2013

Retailer insurance and assistance in Russia: provision and operating models, 2013

Retailer insurance and assistance in Russia: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Russia, 2013

21.0 SLOVAKIA

Retailer insurance and assistance in Slovakia: provision by policy type, 2013

Retailer insurance and assistance in Slovakia: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Slovakia, 2013

22.0 SPAIN

Retailer insurance and assistance in Spain: provision by policy type, 2013

Retailer insurance and assistance in Spain: provision and operating models, 2013

Retailer insurance and assistance in Spain: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Spain, 2013

23.0 SWEDEN

Retailer insurance and assistance in Sweden: provision by policy type, 2013

Retailer insurance and assistance in Sweden: provision and operating models, 2013

Retailer insurance and assistance in Sweden: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in Sweden, 2013

24.0 SWITZERLAND

Retailer insurance and assistance in Switzerland: provision by policy type, 2013

Retailer insurance and assistance in Switzerland: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Switzerland, 2013

25.0 UK

Retailer insurance and assistance in the UK: provision by policy type, 2013

Retailer insurance and assistance in the UK: provision and operating models, 2013

Retailer insurance and assistance in the UK: unweighted and weighted provider share of partnerships, 2013

Provision of insurance and assistance by retailer category and distribution model in the UK, 2013

26.0 UKRAINE

Retailer insurance and assistance in Ukraine: provision by policy type, 2013

Retailer insurance and assistance in Ukraine: provision and operating models, 2013

Provision of insurance and assistance by retailer category and distribution model in Ukraine, 2013

25.0 APPENDIX

Retailer captives and joint ventures for insurance and assistance in Europe: countries active, operating models and ownership, 2013

Note: Product cover images may vary from those shown

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