iptiQ, global reinsurer Swiss Re’s digital B2B2C insurer, has entered into a bancassurance deal with digital bank WiZink to design over ten Life & Health and Property & Casualty insurance solutions for clients in Spain and Portugal.
Under the arrangement, WiZink will offer its two million customers a diversified suite of simple, personalised and fully digital insurance products that will be marketed through its website and app.
For iptiQ, this bancassurance partnership bolsters its presence in Spain and enables the Swiss Re owned insurtech to enter the Portuguese marketplace.
An announcement on the deal states that the ambition of digital bank WiZink is for its insurance arm to become a leading digital insurance operator in the two countries.
Andreas Schertzinger, Chief Executive Officer (CEO) iptiQ EMEA, commented: ‘We are thrilled to be working with a fully digital bank with which we share the common objective of providing an excellent customer experience. Offering both embedded L&H and P&C insurance solutions to our newest partner’s two million customers is a next step for iptiQ to becoming a leading player in powering bancassurance across Europe.”
Miguel Ángel Rodríguez, CEO of WiZink Bank, added: “We are delighted to have a long-term partner like iptiQ to launch our own insurance brand, with which we want to drive our strategic plan for diversification and growth. We share the same digital and innovation philosophy, and together we will take advantage of the digital insurance opportunities across the Iberian Peninsula.”
iptiQ notes that its platform enables partners to further leverage their data, strengthen sales activities and launch innovative insurance products which address customers’ needs throughout the insurance cycle.
“iptiQ’s latest bancassurance deal underlines the digital insurer’s innovativeness and speed to market. iptiQ is committed to digitalising and simplifying complex insurance processes and providing an excellent sales and customer experience,” says the digital insurer.
This partnership with WiZink follows iptiQ’s announced towards the end of last year that it has collaborated with Square Health, a leading network of UK medical professionals.
