Allianz Companions New Zealand has reached a multi-year settlement with Mitsui Sumitomo Insurance coverage Firm New Zealand Department (MSI NZ), a part of the MS&AD Insurance coverage Group.
The collaboration goals to reinforce and diversify the insurance coverage options obtainable within the New Zealand market.
It’s anticipated to supply Allianz with the chance to supply new insurance coverage merchandise and enhance customer support.
Modifications to coverage wording and disclosure paperwork might be made to mirror the brand new partnership and adjust to the conduct of economic establishments (CoFi) regime, Allianz acknowledged.
Allianz Companions New Zealand managing director Kevin Blyth stated: “Allianz Companions is thrilled to hitch forces with MSI [Mitsui Sumitomo Insurance] on this strategic partnership, which represents a big step ahead in our dedication to delivering revolutionary insurance coverage options in New Zealand. MSI’s sturdy international presence and dedication to innovation align nicely with our imaginative and prescient, guaranteeing we proceed to satisfy the evolving wants of our clients.”
MSI, a Japanese insurer, provides insurance coverage merchandise and operates in 48 international locations and areas.
MSI Australia and New Zealand head of distribution David Corridor stated: “Partnering with a market chief akin to Allianz Companions within the New Zealand journey insurance coverage market may be very thrilling for us. Journey insurance coverage is a part of our core development technique within the area and we’re delighted to have this chance to work with Allianz Companions.”
Final month, Allianz reportedly reached a preliminary settlement with Jio Monetary Providers to determine an insurance coverage three way partnership (JV) in India, following the exit from its JVs with Bajaj.
