Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

Insurance and Assistance linke...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

Prospectus contents
Page
What ...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What is the research?
Finaccor...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What methodology has been used...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

Which types of product does th...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

How are the payment card and b...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What is the report structure?
...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What are the key features of t...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

How can the research be used?
...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

How can the PartnerBASE™ be us...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

Who can use the research?
1.

...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What are some of the key findi...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What are some of the key findi...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What are some of the key findi...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What are some of the key findi...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What is the cost?
Insurance an...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

What other reports are availab...
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

How can the research be purcha...
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Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

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Finaccord’s report titled Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets is a comprehensive study of the markets for insurance and assistance linked to banking products in ten countries, namely Australia, Brazil, Canada, China, India, Japan, Mexico, South Africa, South Korea and the US. This research indicates that the combined market, which is composed of a series of niche covers designed to enhance the revenues derived by banks from their payment card and current account operations, was worth some USD 14.8 billion in 2013. Moreover, with strong underlying growth in payment card issuance in some countries and with insurance and assistance providers showing creativity in structuring new types of policy to cater for emerging customer segments, this sector appears to be destined for continuing growth.

The report, along with its accompanying PartnerBASE™ dataset, harnesses the results of extensive primary research that covers over 5,000 payment card and bank account products issued by over 300 banks and other organisations across the ten countries. Finaccord’s research focuses on 30 specific types of insurance and assistance enhancement, grouped within seven broad categories of cover, namely: accident / health cover; creditor cover; personal / identity protection cover; shopping cover; travel cover; other cover; concierge services. In total, the research details almost 15,000 individual covers, thereby documenting the active partnerships of close to 300 providers of packaged insurance and assistance, ranging from global insurance brands to local insurance and assistance companies.

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Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets

  1. 1. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets Report prospectus October 2013 Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1
  2. 2. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets Prospectus contents Page What is the research? What methodology has been used? Which types of cover does the report identify? How are the payment card and bank account products segmented? What is the report structure? What are the key features of the research? How can the research be used? How can the PartnerBASE™ be used? Who can use the research? What are some of the key findings? What is the cost? What other reports are available on this subject How can the research be purchased? 3 4 5 6 7 8 9 10 11 12-15 16 17 18 Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 2
  3. 3. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What is the research? Finaccord’s report titled Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets is a comprehensive study of the markets for insurance and assistance linked to banking products in ten countries, namely Australia, Brazil, Canada, China, India, Japan, Mexico, South Africa, South Korea and the US. This research indicates that the combined market, which is composed of a series of niche covers designed to enhance the revenues derived by banks from their payment card and current account operations, was worth some USD 14.8 billion in 2013. Moreover, with strong underlying growth in payment card issuance in some countries and with insurance and assistance providers showing creativity in structuring new types of policy to cater for emerging customer segments, this sector appears to be destined for continuing growth. The report, along with its accompanying PartnerBASE™ dataset, harnesses the results of extensive primary research that covers over 5,000 payment card and bank account products issued by over 300 banks and other organisations across the ten countries. Finaccord’s research focuses on 30 specific types of insurance and assistance enhancement, grouped within seven broad categories of cover, namely: accident / health cover; creditor cover; personal / identity protection cover; shopping cover; travel cover; other cover; concierge services. In total, the research details almost 15,000 individual covers, thereby documenting the active partnerships of close to 300 providers of packaged insurance and assistance, ranging from global insurance brands to local insurance and assistance companies. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 3
  4. 4. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What methodology has been used? The majority of Finaccord’s investigation into the provision of insurance and assistance linked to payment cards and bank accounts in the ten major global markets was carried out between July and September 2013, and focused on all major consumer financial services entities involved in either the issuing of payment card products or the provision of transactional bank accounts. Among other data points, the research details the following information for each of over 5,000 products analysed: • whether the payment card product or bank account offers each particular type of cover; • if offered, whether this occurs through a captive or joint venture partner, a partnership with a single external partner, a partnership with multiple external partners, a partnership with a broker or another more complex operating model; • if offered, the name(s) of the partner(s); • if offered, the name of the parent company or group to which each partner belongs. In the light of the fact that the identities of the partners used to provide packaged enhancements to payment cards and bank accounts are often not revealed in the public domain, with the policies instead being offered on a ‘white-labelled’ basis in the name of the bank or other card issuer concerned, Finaccord has undertaken comprehensive primary research to ensure that the partner(s) used for each policy is disclosed for over 98% of all covers included in the research. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 4
  5. 5. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets Which types of product does the report cover? ACCIDENT / HEALTH COVER Accidental death insurance Health / hospital cash plans Health assistance Personal accident insurance CREDITOR COVER Creditor insurance – life / permanent disability Creditor insurance – temporary incapacity / unemployment PERSONAL / IDENTITY PROTECTION COVER ATM cash theft insurance Card protection insurance Handbag / wallet insurance Identity protection assistance Identity protection insurance SHOPPING COVER Extended warranty Price protection insurance Purchase protection insurance TRAVEL COVER Travel accident insurance Travel assistance Travel health insurance Travel inconvenience insurance Comprehensive travel insurance OTHER COVER Car hire insurance Home assistance Legal assistance Legal expenses insurance Missed event insurance Mobile gadget insurance Mobile phone insurance Personal liability insurance Road assistance Miscellaneous other insurance and assistance CONCIERGE SERVICES Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 5
  6. 6. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets How are the payment card and bank account products segmented? US, 285 Australia, 171 Brazil, 576 % split of banking products analysed All other products 100% South Korea, 1,043 Canada, 254 Affinity Cobranded 60% Credit cards South Africa, 66 Mexico, 204 China, 1,022 Premium Retailer 80% 40% Standard Standard 20% Japan, 1,133 India, 254 0% Product function Product type Product level Note - ‘all other products’ in the ‘product function’ column include debit cards, multi-function cards, prepaid cards and packaged accounts. Source: PartnerBASE Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 6
  7. 7. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What is the report structure? Executive Summary: provides a concise evaluation of the report’s principal findings. Introduction: discusses rationale, research methodology, sample breakdown and definitions. Overview: features a comparative overview of the ten markets for insurance and assistance linked to payment cards and bank accounts, including a calculation of the approximate market values for 2013 segmented by country and by type of cover; in addition, this chapter also presents a comparative analysis of the penetration rates for each specific type of insurance and assistance cover in each country, and identifies which insurance and assistance providers are active in this packaged arena on a multi-country basis. Specific country chapters (10): for each of the ten countries covered, these chapters provide an indepth analysis of the market for insurance and assistance linked to payment cards and bank accounts, including: introduction to the banking and payment card sectors; detailed overview of the packaged insurance and assistance covers offered; detailed commentary concerning the operating models and competitor share of partnerships for the provision of insurance and assistance linked to payment cards and bank accounts; estimates for the 2013 market size in terms of gross written premiums and other revenues, segmented by broad type of cover. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 7
  8. 8. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What are the key features of the research? Key features of this report include: - quantification of the market size and segmentation for insurance and assistance linked to payment cards and bank accounts: how much is the market really worth across the countries considered? - analysis of the many types of insurance and assistance policy marketed in each country and how the risks covered vary from one country and distributor to another; - consideration of the role of centralised payment card issuing entities in each country and the degree to which individual banking institutions are concluding their own agreements for card-related insurance and assistance over and above the basic levels of cover already provided; - calculation of provider share of partnerships based on number of relationships: which providers of insurance and assistance policies have been successful in establishing relationships with banking institutions and other card issuers or distributors and how does this vary by country? - availability of an accompanying PartnerBASE™ database that details each of close to 15,000 insurance or assistance enhancements to over 5,000 payment cards and bank accounts analysed. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 8
  9. 9. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets How can the research be used? You may be able to use this report and the accompanying PartnerBASE™ dataset in one or more of the following ways: • to evaluate the magnitude of the opportunity represented by insurance and assistance linked to payment cards and bank accounts across these ten countries. • to gain access to a single comprehensive source of information that provides both the detail and contextual analysis for all insurance and assistance enhancements logged; • to identify opportunities to develop new forms of insurance and assistance linked to payment cards and bank accounts in line with the marketing strategies of banks and other payment card issuers across these ten major global markets; • to understand the supply structure for insurance and assistance enhancements and learn how the market segments between international specialists, local providers and captive underwriters; • to gain insight into the international presence of leading protagonists in this sector, including ACE, AIG, Allianz, Assurant, AXA, BNP Paribas Cardif, Chubb, International SOS, MAPFRE, QBE, RSA and Zurich. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 9
  10. 10. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets How can the PartnerBASE™ be used? In total PartnerBASE™ covers 30 main forms of insurance and assistance and includes the facility to filter products by country, network, function, type and level. Filter by name of card Search by type of policy Identify ultimate holding companies of product partners Select country Organisation Card name Country ANZ BMO Credomatic Absa PNC Bank Australia Canada Mexico South Africa USA ANZ Rewards Platinum BMO CashBack Tarjeta Plaza Mayor Platinum Credit Card PNC CashBuilder Visa Look up specific banks and other card issuers EXTENDED WARRANTY Product Operating model offered? Yes Yes Yes Yes Yes External External External External External underwriter underwriter underwriter underwriter underwriter Partner(s) UHC(s) Zurich Allianz Iké Asistencia Genric Indemnity Insurance Zurich Allianz Iké Grupo Empresarial Genric ACE Choose operating model Identify product partners Source: Finaccord PartnerBASE Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 10
  11. 11. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets Who can use the research? 1. Insurance providers: this research is a unique guide to an important strategic issue in personal lines insurance - be fully appraised of what growth in the market for insurance and assistance linked to bank accounts and payment cards could mean for your organisation; 2. Assistance companies: as banks and other consumer finance organisations become more adept at targeting their marketing towards specific consumer groups, opportunities will arise for developing new assistance concepts to be promoted in conjunction with these products; 3. Banking institutions and other card issuers: the comprehensive insights contained within this report will help you to evaluate the insurance and assistance benefits packaged automatically with your own payment card and bank account products, and will better inform your strategy for enhancing core revenues through the cross-selling of optional policies; 4. Management consultancies: are you helping an insurance or assistance company with its bancassurance strategy? Understand the current status of insurance and assistance linked to payment cards and bank accounts in these ten major global markets, saving time and effort on researching the subject yourself. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 11
  12. 12. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What are some of the key findings? 1. The number of credit cards per capita reached more than 2.0 in five countries in 2013 but remained below 1.0 in the other five Credit and other pay later cards issued per capita 4.0 3.5 3.0 US 2.5 Brazil, Japan, Canada, South Korea 2.0 1.5 1.0 Australia 0.5 South Africa, China, Mexico India 0.0 2009 2010 2011 2012 2013 Source: Finaccord analysis of various sources Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 12
  13. 13. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What are some of the key findings? (cont.) 2. In Canada, several different types of cover are packaged or cross-sold with bank accounts and payment cards with a relatively high degree of frequency. % of all payment cards and bank accounts analysed carrying or with option to carry each type of cover Creditor insurance - Life / PD Creditor insurance - TI / UN Purchase protection insurance Extended warranty Car hire insurance Identity protection assistance Travel accident insurance Travel insurance - comprehensive Travel assistance Travel health insurance Travel inconvenience insurance Price protection insurance Concierge services Road assistance Health assistance Miscellaneous other Health / hospital cash plans Personal accident insurance Legal assistance Legal expenses insurance Accidental death insurance Mobile phone insurance 89.2% 89.2% 61.4% 54.7% 44.9% 35.8% 35.8% 35.4% 21.3% 20.5% 19.7% 13.4% 11.8% 8.7% 6.7% 5.9% 5.5% 5.5% 4.7% 2.0% 0.8% 0.8% 0% 20% 40% 60% 80% 100% Note – the Canadian research found no provision of ATM / cash theft insurance, card protection insurance, handbag / wallet insurance, identity protection insurance, home assistance, missed event insurance, mobile gadget insurance or personal liability insurance Source: Finaccord PartnerBASE Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 13
  14. 14. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What are some of the key findings? (cont.) 3. Most covers are provided through a single, external insurance or assistance partner, and the use of captive partners varies significantly between markets Australia External provider Brazil Multiple external providers Canada China Captive provider India Joint venture provider Japan Mexico External broker South Africa South Korea Captive broker US Other Average 0% 20% 40% 60% 80% 100% Undisclosed % split of operating models across all types of insurance and assistance Source: PartnerBASE Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 14
  15. 15. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What are some of the key findings? (cont.) 4. Key findings from the report’s executive summary include: • at around USD 5.55 billion, Finaccord estimates that 37.6% of the total market value across the ten countries is due to policies paid for separately by the customers themselves with the balance of USD 9.23 billion (62.4%) funded by banks plus other card issuers and distributors as free cover packaged automatically with banking products; • card protection insurance is available in conjunction with over 80% of products analysed in Brazil and Mexico, but was not detected at all in Canada, South Korea or the US; • in contrast, comprehensive travel insurance enjoys a degree of penetration as a card benefit across all countries with the highest rates of availability recorded in Japan and South Africa; • innovative forms of packaged insurance or assistance classified as 'miscellaneous other' and that are present in just one of the ten countries are bill protection insurance (Australia), crime victim insurance (Japan), face insurance (South Korea), golf and tennis insurance (Japan), replacement driver assistance (Brazil), seat belt insurance (Japan) and youth assistance (Brazil). Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 15
  16. 16. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What is the cost? Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets is available as a standard PDF document and / or hard copy. The PartnerBASE™ that accompanies it at no further charge is in Excel format. Costs for this study and other closely related international reports are as follows: REPORT COST * Insurance and Assistance linked to Bank Accounts and Payment Cards in Major Global Markets GBP 3,995 Insurance and Assistance linked to Bank Accounts and Payment Cards in Northern, Central and Eastern Europe GBP 2,495 Insurance and Assistance linked to Bank Accounts and Payment Cards in Southern and Western Europe GBP 2,495 Travel Insurance and Assistance in the Asia-Pacific Region GBP 2,995 Travel Insurance and Assistance in the Middle East GBP 1,795 Travel Insurance and Assistance in North and Latin America GBP 1,995 Travel Insurance and Assistance in Northern, Central and Eastern Europe GBP 2,495 Travel Insurance and Assistance in Southern and Western Europe GBP 2,495 VAT at the prevailing rate will be added to the basic price except for clients based in the UK - costs quoted are for a single office / single country corporate license only - for other corporate license options, please see the next slide for further details - invoices can be paid in EUR or USD at the prevailing exchange rate, if preferred Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 16
  17. 17. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets What other reports are available on this subject? Note that the following country-specific reports about insurance and assistance linked to payment cards and bank accounts are also available: Insurance and Assistance linked to Payment Cards and Bank Accounts in... Australia Austria Belgium Brazil Canada China Czech Republic Denmark Finland France GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP 495 495 495 595 595 995 495 495 495 495 Germany India Ireland Italy Japan Mexico Netherlands Norway Poland Portugal GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP 495 495 495 495 995 495 495 495 495 495 Romania Russia South Africa South Korea Spain Sweden Switzerland Turkey UK USA GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP 495 495 295 995 495 495 495 495 495 795 VAT at the prevailing rate will be added to the basic price except for clients based in the UK - costs quoted are for a single office / single country corporate license only - for other corporate license options, please see the next slide for further details - invoices can be paid in EUR or USD at the prevailing exchange rate, if preferred Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 17
  18. 18. Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets How can the research be purchased? Simple. Just go to the relevant area of the Finaccord web site available www.finaccord.com/order_eu_br.htm and fill in the online order form, clearly indicating: • report required • type of corporate user licence, if required * • billing name • address and e-mail address • purchase order number, if applicable at Please allow up to one working day for the delivery of electronic copy by e-mail. * For the corporate user licence please choose one of the following options: 1. One office, one country: no supplement over and above basic cost of reports ordered 2. Multiple offices, one country: additional 20% over and above basic cost of reports ordered 3. Multiple offices, two to ten countries: additional 50% over and above basic cost of reports ordered 4. Global (unlimited offices in unlimited countries): additional 100% over and above basic cost of reports ordered VAT at the prevailing rate will be added to the price of any corporate user licence acquired by UK-based buyers. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 18
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