Allianz, Western Union Sign MoU On Cooperation In Several Countries
May 07 2012 - 9:45AM
Dow Jones News
Allianz SE (ALV.XE) said it has signed a memorandum of
understanding with Western Union Co. (WU) develop, design and
distribute insurance products in several countries around the
world.
MAIN FACTS:
-focus on growing demand beyond developed markets
-Companies to explore collaboration on products, distribution
and co-marketing
-Allianz and Western Union will work closely over the next year
to develop solutions for customer needs within each of the
companies' networks, which together reach millions of potential
customers.
-The companies anticipate that Allianz will take the role of
product provider and Western Union serving as distributor.
-They will also explore co-marketing opportunities and premium
payments for Allianz customers through Western Union.
-"The global demand for protection against life, property and
health risks is growing far beyond developed markets," said Michael
Diekmann, CEO of Allianz SE. "It is our goal to provide an
increasing number of customers with this protection in order for
them to be able to better participate in the economic development.
We'll explore these opportunities with Western Union, considering
joint proposals to customers in the markets where we both
operate."
"The changes taking place at Western Union include expanding our
portfolio to include a broader range of products and services that
are needed by our customers and are not readily available
elsewhere," said Hikmet Ersek, Western Union president and CEO. "We
will leverage the power of our brand and extensive network of
500,000 agent locations in more than 200 countries and territories,
and partner with insurance companies to offer products that better
serve the two billion financially underserved consumers around the
world."
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500