Retailer Insurance and Assistance in Europe

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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 financial services sometimes referred to as ‘brandassurance’.

According to 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 PartnerBASE™ dataset that accompanies the report details each of the 386 product marketing initiatives traced by Finaccord for the lines of consumer insurance investigated, including the operating models and insurance providers used.

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Retailer Insurance and Assistance in Europe

  1. 1. Retailer Insurance and Assistance in Europe Retailer Insurance and Assistance in Europe Report Prospectus November 2013 Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1
  2. 2. Retailer Insurance and Assistance in Europe Prospectus contents Page What is the research? What is the rationale? What methodology has been used? How do organisations surveyed break down? Which specific retailing groups have been researched 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 and format? How can the research be purchased? 3 4 5 6 7 8 9 10 11 12 13-16 17 18 Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 2
  3. 3. Retailer Insurance and Assistance in Europe What is the research? 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 financial services sometimes referred to as ‘brandassurance’. According to 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 PartnerBASE™ dataset that accompanies the report details each of the 386 product marketing initiatives traced by Finaccord for the lines of consumer insurance investigated, including the operating models and insurance providers used. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 3
  4. 4. Retailer Insurance and Assistance in Europe What is the rationale? 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 characterised as ‘traditional’ retailer financial services (i.e. cobranded / store cards and consumer finance / personal loans) and ‘non-traditional’ retailer financial services (i.e. insurance, assistance, mortgages and savings accounts). Concerning ‘non-traditional’ retailer financial services, it can be asserted that in much of Europe, 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 European markets are growing rapidly as an increasing proportion of consumers allocate their expenditure to more sophisticated 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. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 4
  5. 5. Retailer Insurance and Assistance in Europe What methodology has been used? The main research input into this study is Finaccord’s on-going investigation of the involvement in financial services, in general, and insurance and assistance, in particular, of over 3,300 major retailing brands across 33 countries in Europe. n the specific context of this report, the aim of the investigation is to gather top level data concerning the distribution of insurance and assistance products by the organisations in question, and the insurance and assistance providers with which they work in this context. Naturally, given that there are literally millions of smaller retailers in total in the territories reviewed, the majority with just a single outlet, Finaccord has sought to focus on the very largest entities that are likely to be of most strategic interest to organisations involved in insurance, assistance and wider financial services markets. Indeed, the major retailers break down by category and by country as illustrated in the graphics overleaf. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 5
  6. 6. Retailer Insurance and Assistance in Europe How do organisations surveyed break down? Books and media, 104 Sporting goods, 131 Speciality, 184 Fashion, 699 Offline only, 1,455 Department store / variety, 200 Mixed, 1,356 Fuel, 252 Consumer electronics, 564 Health and beauty, 231 Supermarket / hypermarket, 490 Online only, 503 DIY / furniture / home, 459 BY TYPE BY DISTRIBUTION MODEL Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 6
  7. 7. Retailer Insurance and Assistance in Europe Which specific retailing groups have been researched? Among the major retailing groups included in the research are: 3 Suisses Agorà Network Ahold Aldi Alliance Boots Amazon Arcadia AS Watson Auchan AVIA International Axel Johnson Baltika Group Bauhaus Baumax Bertelsmann Bestseller BP C&A Carrefour Casino CBA Celesio Colruyt Conforama Coop Norden Cortefiel Dansk Supermarked Darty Delhaize Group Dixons Retail dm-drogeriemarkt E. Leclerc EDEKA El Corte Inglés El Dorado ENI Eroski Euretco Euronics Expert International ExxonMobil Fnac Fressnapf Gazprom Groupe Galeries Lafayette Grupo Inditex GUM Harald Nyborg Home Retail Group House of Fraser ICA IKANO IKI Kering Kesko Kingfisher Leroy Merlin Les Mousquetaires (ITM) Louis Delhaize Lukoil Marks & Spencer Maus Frères Mercator Metro Group Migros Modelo Continente MOL Morrisons OMV OTTO Oxylane PKN Orlen Rakuten Rautakesko Reitan Resurs Group REWE Royal Dutch Shell Schwarz Group Sedmoi Continent Shop Direct Group SOK Sonae Spar (Austria) Sports Direct Staples Statoil Stockmann Svyaznoy Système U Tchibo Tengelmann Tesco Total Toys R Us Varner Gruppen Vivarte VP Market X5 Zalando Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 7
  8. 8. Retailer Insurance and Assistance in Europe What is the report structure? 0. Executive Summary: providing a concise evaluation of the principal findings of the report. 1. Introduction: offering rationale, description of methodology and other related notes. 2. Regional Overview: comprising a global overview of the intermediation by major retail brands of stand-alone accident, dental, health, household, life, motor, pet, travel and other insurance, plus assistance products. This includes analyses of retailer involvement by country and type, the operating models used by retailers that have established insurance or assistance schemes, and the insurance providers that are most influential in this distribution channel in Europe. In addition, consumer research data is also provided showing in detail the influence of retailers in France, Germany, Italy, Poland, Spain and the UK on those countries' insurance markets. 3. Austria: an overview of the involvement as distributors of insurance and assistance products of major retail chains in Austria including identification of operating models and insurance providers used. 4 - 26: chapters for all other countries are structured along similar lines to that for Austria. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 8
  9. 9. Retailer Insurance and Assistance in Europe What are the key features of the research? Key features of this study include: • in-depth consideration of retailer provision of mainstream insurance: 107 major retail brands drawn from 64 retailing groups in 24 countries out of the 33 researched are active in ‘brandassurance'; • identification of the operating models and brokers or underwriters used for 386 individual insurance product marketing initiatives instigated by major retailers; • consideration of the involvement as insurance intermediaries of major brands from retailing categories including: department stores and variety retailers; DIY, furniture and home product chains; health and beauty outlets; and supermarket / hypermarket brands; • background commentary and data concerning the broader banking and payment card operations of major retail chains that have developed insurance propositions; • availability of an accompanying PartnerBASE™ dataset that lists all retailers researched, the insurance and assistance products that they promote and the providers used to source those policies. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 9
  10. 10. Retailer Insurance and Assistance in Europe How can the research be used? You may be able to use this report and the PartnerBASE™ that accompanies it in one or more of the following ways: • gain rapid access to a unique and comprehensive source of intelligence that provides a Europewide perspective on the involvement of major retailers in the insurance and assistance sector; • understand which of your competitors have been successful in establishing insurance or assistance distribution partnerships with significant retail brands; • evaluate the opportunities for creating marketing relationships with different types of retail chain for eight distinct lines of consumer insurance plus other insurance and assistance products; • learn about the wider context behind the diversification into insurance and assistance of major retail brands and identify retailers already active in financial services that are likely to develop insurance propositions in future; • use the PartnerBASE™ dataset to filter information about retailer insurance and assistance schemes by country, retailer category, product, provider and other criteria. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 10
  11. 11. Retailer Insurance and Assistance in Europe How can the PartnerBASE™ be used? Filter by type of insurance Select country Retailer Country Product type Coop bau + hobby Debenhams EDEKA France Loisirs Franprix Fressnapf Switzerland UK Germany France France Austria Pet Pet Pet Pet Pet Pet Look up specific retailers insurance insurance insurance insurance insurance insurance View UHCs of insurance partners Product offered? Operating model Partner(s) Yes Yes Yes Yes Yes Yes External partner External partner Captive partner External partner External partner External partner ETI BDML / Zenith EDEKA Versicherungsdienst AssurOne Amaline AGILA Haustierversicherung Choose operating model UHC(s) of partner(s) Munich Re Capita / Zenith EDEKA Natixis Groupama Wertgarantie Identify insurance partners Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 11
  12. 12. Retailer Insurance and Assistance in Europe Who can use the research? 1. Insurance underwriters and assistance firms: the policies sold through most retailer insurance schemes are underwritten by a single, external insurance or assistance company hence successful relationships with major retail brands can yield significant volumes of new business; 2. Insurance brokers: some retailers that have diversified into selling insurance have chosen to do so by collaborating with a broker rather than directly with an underwriter hence partnerships can also be of interest to brokers of consumer insurance or assistance products; 3. Retailers: in the UK, with its joint venture underwriter, Tesco is seeking to expand substantially its number of customers with Tesco-branded motor or household policies - hence, it is apt to ask to what extent major retail brands in other countries can hope to replicate this success? 4. Banks and lending institutions: retail chains that promote insurance products have invariably built this activity on top of pre-existing payment card and / or banking operations which means that this subject could also be of relevance to banks and lending institutions; 5. Management consultancies: are you helping an organisation in any of the preceding categories with its approach to retailer insurance or assistance? This research will provide you with a panEuropean overview of current initiatives in this field, 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 12
  13. 13. Retailer Insurance and Assistance in Europe What are some of the key findings? 1. Across the whole of Europe, 3.2% of major retail brands promote insurance or assistance with the highest activity rates found in Finland, France and the UK Finland 10.5% UK 9.5% France 7.6% Hungary 5.6% Poland 5.5% Germany 3.8% Latvia 3.3% Estonia 3.1% Romania 3.1% Italy 2.9% Europe-wide average 3.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% % of major retail brands distributing stand-alone insurance or assistance products Source: Finaccord PartnerBASE Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 13
  14. 14. Retailer Insurance and Assistance in Europe What are some of the key findings? (cont.) 2. In Europe, retailer schemes for selling household and motor insurance are most numerous Number of insurance and assistance schemes identified 60 59 58 50 45 40 43 41 39 37 36 30 19 20 9 10 0 Household Motor insurance insurance Accident Pet Life Travel Health Dental Other Assistance insurance insurance insurance insurance insurance insurance insurance Source: Finaccord PartnerBASE Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 14
  15. 15. Retailer Insurance and Assistance in Europe What are some of the key findings? (cont.) 3. The supply structure for selling insurance and assistance policies through retailers is fragmented whether viewed in unweighted or weighted terms Sampo, 7.8% Carrefour, 7.1% AXA, 6.3% AXA, 5.3% AEGON, 5.0% Covéa, 6.0% Groupama, 4.6% Munich Re, 5.1% MetLife, 4.1% Allianz, 4.2% Allianz, 4.1% Capita, 3.7% other, 60.7% other, 61.8% Munich Re, 3.7% Groupama, 3.4% Carrefour, 3.7% UNWEIGHTED HanseMerkur Versicherungs gruppe, 3.3% WEIGHTED Source: Finaccord PartnerBASE Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 15
  16. 16. Retailer Insurance and Assistance in Europe What are some of the key findings? (cont.) 4. Key findings from the executive summary include: • According to this latest survey, at least one insurance or assistance product is promoted by 107 of the retailers researched in Europe, equivalent to a provision rate of 3.2%, and with at least one initiative visible in 24 of the 33 countries; • these 107 retail brands are themselves drawn from 64 separate retailing groups and both figures represent a substantial increase on those generated from the equivalent previous research published in 2010 given that this found 76 retail brands drawn from 46 groups with involvement in the insurance or assistance sector; • by retailer category, department store and variety retailers show the highest overall provision rate at 11.5%, followed by supermarkets and hypermarkets at 8.6% of brands researched in this field; • whether viewed in unweighted or weighted terms, Allianz, AXA and Munich Re appear consistently as the ultimate holding companies of insurance providers with a significant presence in the retailer distribution channel as does Carrefour, a retail group that owns or co-owns several insurance providers of its own. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 16
  17. 17. Retailer Insurance and Assistance in Europe What is the cost and format? Retailer Insurance and Assistance in Europe is available as a standard PDF document. The PartnerBASE™ that accompanies it at no further charge is in Excel format. Costs for this research set and selected other comparable, international titles are as follows: Retailer Insurance and Assistance in Europe GBP 1,295 Global Retailer Consumer Finance and Banking Global Retailer Insurance and Assistance Global Retailer Online Payment Acceptance Global Retailer Payment, Gift and Loyalty Cards Retailer Consumer Finance and Banking in the Asia-Pacific Region Retailer Consumer Finance and Banking in Europe Retailer Consumer Finance and Banking in North and Latin America Retailer Insurance and Assistance in the Asia-Pacific Region Retailer Insurance and Assistance in North and Latin America Retailer Online Payment Acceptance in the Asia-Pacific Region Retailer Online Payment Acceptance in Europe Retailer Online Payment Acceptance in North and Latin America Retailer Payment, Gift and Loyalty Cards in Europe Retailer Payment, Gift and Loyalty Cards in the Asia-Pacific Region Retailer Payment, Gift and Loyalty Cards in North and Latin America GBP 2,495 GBP 2,495 GBP 3,495 GBP 3,495 GBP 995 GBP 1,295 GBP 995 GBP 995 GBP 995 GBP 1,295 GBP 1,995 GBP 1,295 GBP 1,995 GBP 1,295 GBP 1,295 * For UK-based clients, VAT at the prevailing rate will be added to the basic price. Costs quoted are for a single site user licence only. For a corporate user licence, please see the final slide for further details. Invoices can be paid in EUR or USD, at the prevailing exchange rate, if preferred. For acquisition of multiple reports, please contact Finaccord - discounts may be available. Expertise in financial services © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 17
  18. 18. Retailer Insurance and Assistance in Europe How can the research be purchased? Simple. Just go to the relevant area of the Finaccord web site available www.finaccord.com/order_global_rfsr.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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