Abstract
Finaccord' s report titled Affinity and Partnership Marketing in UK Travel and
Pet Insurance represents the most detailed research ever undertaken on this
sector and is one of seven studies in a new series of publications. Drawing on
the results of a survey of 2,500 organisations, the report analyses the
penetration, operating models and partner market shares of affinity and
partnership marketing schemes for travel and pet insurance across a range of
distributor categories.
These include airlines, banks, building societies, charities, friendly
societies, Internet, media and telecoms entities, on-line aggregators and
brokers, professional associations, retailers, travel companies and trade
unions. Moreover, the PartnerBASE™ database that accompanies the report
provides the granular detail behind the analysis, detailing each of the more
than 700 affinity and partnership marketing initiatives traced by Finaccord in
this sector.
You may be able to use this report and associated PartnerBASE™ database
in one or more of the following ways:
- drill down into the detail lying behind affinity and partnership marketing
schemes for travel and pet insurance in the UK;
- gain access to research that chronicles the vast majority of affinity
marketing opportunities in travel and pet insurance;
- benchmark the competitive position of your own organisation in affinity and
partnership marketing of travel and pet insurance and spot opportunities for
displacing rivals;
- gain a wider perspective from learning about recent innovations in
partnership marketing of insurance in continental Europe and Ireland;
- plan your future affinity and partnership marketing strategy for travel and
pet insurance armed with the best market and competitor intelligence available
on this subject.
Table of Contents
0.0 EXECUTIVE SUMMARY
- Research background and structure
- Over a third of organisations surveyed in 15 sub-categories offer travel
insurance
- … with progs. splitting more or less evenly between arrangements
with brokers and underwriters
- In terms of its outright number of exclusive partnerships, AXA Insurance
is the market leader
- … with the same provider emerging as a significant force in the
affinity market for pet insurance
- Affinity schemes with strong on-line characteristics will be those that
are best-placed to prosper
- … and there is scope for comparing developments in the UK with
those in continental Europe
1.0 INTRODUCTION
- Finaccord
- UK affinity and partnership marketing publications
- Other UK consumer research publications
- PartnerBASE™
- Definitions
- Rationale
- The channels used to distribute financial products and services in the UK
continue to proliferate
- … with on-line affinity and partnership marketing having growing
rapidly in importance of late
- Methodology
2.0 MARKET OVERVIEW
- Affinities and partnerships in UK travel and pet insurance
- Finaccord' s research identifies 572 current affinity schemes for promoting
travel insurance
- … with most either placed directly with the final underwriter or
operated by means of a broker
- Pet insurance is sold by at least a proportion of 17 sub-categories of
affinity partner
- … with AXA Insurance having accumulated the highest outright number
of affinity relationships
3.0 NOT-FOR-PROFIT AFFINITY GROUPS
- 3.1 Charities
- Introduction
- Analysis of partnerships
- Travel insurance sold through charities works best when there is a clear
rationale
- … although pure revenue generation can be an objective in its own
right
- Charities focused around animals or wildlife are well-suited as
distributors of pet insurance
- intune' s main target market is the affluent over-50 age group served by
Saga
- … and the company is interested in working with suppliers that
fulfil a variety of criteria
- intune is employing a multi-channel distribution strategy including the
charity' s high street outlets
- … as it seeks to reach an operating profit of £15 million
per annum by 2012
- 3.2 Educational institutions
- Introduction
- Analysis of partnerships
- Affinity and partnership marketing through educational institutions
focuses on three main areas
- UMAL, a mutual insurance company, provides the main competition to ACE
European Group
- 3.3 Professional associations
- Introduction
- Over 50 professional associations possess in excess of 5,000 individual
members
- Analysis of partnerships
- Through Parliament Hill, Columbus Direct is a leading provider to
professional associations
- … although the market fragments rapidly thereafter among a host
of brokers and underwriters
- Pet insurance is sometimes available as an ‘add-on’ to
broader member benefits schemes
- 3.4 Sports organisations
- Introduction
- Analysis of partnerships
- Perkins Slade has carved out a strong position for itself in the sports
organisation sector
- … and promotes its Adrenaline travel insurance policy for
sports-minded individuals
- 3.5 Trade associations
- Introduction
- Analysis of partnerships
- Personal lines are sometimes offered as a ‘carry over’ from
commercial insurance schemes
- … which signifies that this is a field in which relationships are
dominated by insurance brokers
- Affinity partnerships for pet insurance are identical to those observed
for travel insurance
- 3.6 Trade unions
- Introduction
- Analysis of partnerships
- Fortis Insurance and Norwich Union are the major providers of travel
insurance to trade unions
- … although a number of unions prefer to collaborate with
companies outside of the leading duo
- Through UIA, Allianz Insurance lays claim to the highest number of deals
for pet insurance
- 3.7 Other not-for-profit affinity groups
- Introduction
- Lifestyle organisations
- A number of schemes for travel and pet insurance are in evidence among
lifestyle organisations
4.0 FINANCIAL PARTNERS
- 4.1 Banks
- Introduction
- Analysis of partnerships
- Almost a third of retail banks offer travel insurance on a stand-alone
basis
- … although low provision rates for pet insurance suggest that
banks are weak distributors
- 4.2 Building societies
- Introduction
- Analysis of partnerships
- Fortis Insurance has secured three significant building society mandates
for travel insurance
- … although the supply structure fragments rapidly thereafter
among a variety of providers
- There is still little apparent appetite among building societies for
intermediating pet insurance
- 4.3 Credit cards and premium accounts
- Introduction
- Analysis of partnerships
- A majority of premium accounts offered by banks in the UK include free
travel insurance
- 4.4 Credit unions
- Introduction
- Analysis of partnerships
- Norwich Union accesses the credit union market as the approved supplier
of CUNA Mutual
- 4.5 Friendly societies
- Introduction
- Analysis of partnerships
- At present, friendly societies have limited involvement in travel and
pet insurance distribution
- 4.6 Insurance companies
- Introduction
- Analysis of partnerships
- The supply structure for deals between insurers for white-labelled
travel policies is fragmented
- A trio of insurers offer pet insurance sourced from external providers
- 4.7 On-line aggregators and brokers
- Introduction
- Analysis of partnerships
- Essential Travel / AXA Insurance and Insure & Go are the foremost
protagonists
- … although a clutch of other entities are also active as partners
in this sector
- Fortis Insurance maintains important links for pet insurance both
directly and through Petwise
- 4.8 Specialised lenders
- Introduction
- Analysis of partnerships
- There is limited rationale for most specialised lenders to sell either
travel or pet insurance
5.0 COMMERCIAL ENTITIES
- 5.1 Airlines
- Introduction
- Analysis of partnerships
- Numerous insurance providers seek to embed themselves in airlines'
on-line booking systems
- AIG Europe lays claim to having set up the highest number of airline
travel insurance schemes
- 5.2 Automotive associations
- Introduction
- Analysis of partnerships
- The partnership between the csma and LV= has been in place for over 80
years
- 5.3 Automotive dealers, repair shops and supermarkets
- Introduction
- Analysis of partnerships
- Many automotive dealerships owe their survival to revenues derived from
financial services
- … although with one significant exception, travel and pet
insurance do not enter the equation
- 5.4 Automotive manufacturers
- Introduction
- Analysis of partnerships
- Among automotive manufacturing brands, only BMW is active in marketing
household insurance
- The new products are designed to re-enforce customer loyalty to the BMW
brand
- BMW' s affinity marketing partners were selected for three main reasons
- 5.5 Cricket and rugby clubs
- Introduction
- Analysis of partnerships
- Cricket and rugby clubs are virtually absent from affinity marketing of
travel and pet policies
- … albeit both cricket and rugby attract sponsors from the
financial services sector
- 5.6 Football clubs
- Introduction
- Analysis of partnerships
- Affinity propositions in travel insurance continue to be limited to a
fairly small number of clubs
- … with Endsleigh having emerged as the main protagonist by means
of its links with four clubs
- 5.7 Internet, media and telecoms entities
- Introduction
- Analysis of partnerships
- Most organisations in this category that offer travel insurance do so
through a broking solution
- Insurancewide.com and Moneysupermarket.com account for a majority of
media affinities
- For pet insurance, over50s.com retains a traditional affinity link with
Cardif Pinnacle
- 5.8 On-line price comparison providers
- Introduction
- Analysis of partnerships
- A number of on-line price comparison providers offer own-brand insurance
searching facilities
- 5.9 Retailers
- Introduction
- Analysis of partnerships
- Many of the UK' s major retailing brands are being leveraged to promote
travel insurance
- … although other important retailers have deferred launching into
this market for the time being
- Greenbee will allow the John Lewis Partnership to expand its share of
total client expenditure
- Fit with the values of the John Lewis Partnership has been key to
selection of affinity partners
- AXA insurance and BDML Connect are the foremost partners used for pet
insurance by retailers
- 5.10 Travel companies
- Introduction
- Analysis of partnerships
- Several former MyTravel brands now owned by Thomas Cook continue to use
a captive insurer
- There are a number of causes for the fragmented state of the supply
structure to the travel ind
- Over 20 providers of insurance to the travel trade possess at least
three exclusive partnerships
- 5.11 Other commercial entities
- Introduction
- Branded conglomerates
- Saga and Virgin leverage their brands across the full consumer financial
services spectrum
- … with Saga having rolled out a price comparison site for motor
insurance in August 2007
- Loyalty schemes
- The loyalty schemes category extends to a range of diverse travel and
other reward programs
- … with several offering members the chance points through
purchase of travel or pet insurance
- AIRMILES reconfigures its affinity strategy by forging a new link with
Lloyds TSB
- Delivering memorable experiences continues to be key to the AIRMILES
proposition
- Lloyds TSB hopes to leverage the relationship across a range of
financial services
- AIRMILES has bolstered its range of family-oriented redemption options
- … and is also in the process of rolling out a policy asserting
its ‘green’ credentials
- The Post Office
- The Post Office is seeking to grow its total portfolio of insurance
policies to two million by 2010
6.0 EUROPEAN INNOVATIONS
- Events in affinity and partnership marketing in Europe, 2006 and 2007
- Winter 2006
- AEGON expands bancassurance reach in Spain through link with local savings
bank
- Fondiaria SAI firms up link with Banca Popolare di Milano for
bancassurance venture
- Elvia reinforces position in travel insurance sector through new
distribution deals
- Estonian bank diversifies into non-life bancassurance by establishing
captive company
- AIB and Aviva finalise Irish bancassurance deal by combining life
insurance firms
- AXA and Adeslas co-operate for health insurance distribution in Spain
- Cattolica and Banca Lombarda extend life insurance distribution tie to 2010
- French banking and insurance partners pilot Séréna personal
assistance platform
- Spring 2006
- Spanish arm of CIGNA launches health insurance through Travel Club loyalty
program
- Fortis and An Post confirm Irish financial services joint venture
- MACIF and MNRA create affinity programs for small businesses in France
- Mapfre and Caja de Madrid extend scope of co-operation to automotive
finance
- Proteq ties with leading Dutch pharmacy chain for affinity insurance
venture
- ESFG and Crédit Agricole strengthen Portuguese bancassurance ties
- Aon and Delta Lloyd join forces for affinity insurance venture in the
Netherlands
- Summer 2006
- Fondiaria and Capitalia link for non-life bancassurance joint venture in
Italy
- Mondial Assistance renews international assistance contract with Chrysler
Jeep
- Cattolica strengthens strategic bancassurance tie with BPVN in Italy
- CNP launches new permanent disability and long-term care contract with
ASAC-FAPES
- BBVA and Sanitas combine in Spanish health insurance distribution deal
- AXA seals affinity insurance tie with Bertelsmann media club in Germany
- CNP extends major bancassurance deals in France through to end 2015
- Winterthur and Sanitas agree tie for health insurance distribution in
Switzerland
- Europäische expands card-related travel insurance deals in Germany
- Autumn 2006
- Aon Italia rolls out new propositions for professional affinity partner
- AXA buys major Greek bancassurance protagonist for €255 million
- French mutuals tie for retirement savings cross-selling initiative
- BBVA and Willis link for high net worth property insurance venture in Spain
- Uniqa commences bancassurance joint venture in Ukraine with Credo-Classic
- German catalogue retailer commences insurance marketing venture
- AXA replaces Talanx as SEB' s new bancassurance partner in Germany
- CNP' s life assistance arm forges tie with Chèque Domicile in France
- Santander Consumer Bank improves motor insurance offer for German car
buyers
- Winter 2007
- Zurich seals new manufacturer motor insurance deal with Suzuki in Germany
- AEGON forges new bancassurance link with Banca Transilvania in Romania
- … a distribution strategy also pursued by Aviva in the same country
with Finansbank
- CIGNA targets marine sports club members with health insurance proposition
in Spain
- Innovative distribution deals assist Spanish insurer Mapfre at home and
abroad
- French affinity broker launches new insurance policy through AOL link
- AEGON and ERGO tie for pensions cross-selling agreement in Poland
- Mapfre takes 50% stake in Spanish savings bank insurance unit
- Cattolica finalises bancassurance agreement with Banca Popolare di Vicenza
- Mondial Assistance establishes distribution agreement with Sanyres in Spain
- VIVAS Health secures distribution link with Hibernian Direct in Ireland
- Tie with statutory health insurer in Germany pays dividends for HUK Coburg
- Caisses d' Épargne and MACIF roll out individual health insurance
contracts in France
- Generali acquires bancassurance companies in Austria from BAWAG PSK
- Spring 2007
- ADAC and Zurich disclose launch joint venture insurance company in Germany
- Mapfre seals major bancassurance deals with Bankinter and BBVA in Spain
- Folksam and Swedbank initiate new bancassurance collaboration in Sweden
- AXA acquires stakes in Monte dei Paschi di Siena bancassurance firms
- Allianz links with Ferrari for car insurance policies in Germany
- Groupe Caisse d' Épargne and HSBC assume control of French
bancassurance firms
- AIB kicks off on-line motor insurance venture with Hibernian in Ireland
- Fondiaria SAI forges Italian bancassurance joint venture with Banca
Italease
- Summer 2007
- Generali and leading fuel retailer link for affinity tie in German
insurance
- Aviva rolls out a trio of new bancassurance deals in Italy, Poland and
Spain
- AEGON and Mapfre finalise bancassurance agreements with Spanish savings
banks
- Vienna Insurance Group links with OMV in ten countries in Central Europe
- La Caixa buys 50% stake held by Fortis in long-standing Spanish joint
venture
- Deutsche Postbank and Talanx extend German bancassurance link for 15 years
- ACE European Group sets up life company for continental affinity insurance
initiatives
- National Suisse and Coop Bank agree insurance co-marketing initiative
- Sogecap commences bancassurance operations in Bulgaria and Greece
- Groupama initiates link with integrated Internet and telecoms provider in
France
- Intesa Sanpaolo rolls out new approach to bancassurance in domestic market
- Citroën entrusts own-brand road assistance service to Mondial
Assistance
- ING takes control of Greek bancassurance joint venture as a part of ten
year deal
- Royal & SunAlliance targets Eastern Europe and Russia through GDII joint
venture
- Crédit Agricole buys 60% stake in non-life bancassurance entity
from AGF
- Generali and PPF Group commence joint venture deal in Central and Eastern
Europe
- Banco Popolare and Fondiaria SAI finalise new bancassurance joint venture
in Italy
- Autumn 2007
- Zurich links with TomTom for Europe-wide motor insurance distribution
venture
- Mondial Assistance secures international travel insurance ties with
Eurostar and KLM
- Genertel signs affinity insurance agreement with low-cost airline in Italy
- Groupama forges joint venture with software house for co-marketing in
France and abroad
- If P&C plans tie with Finnish retailer' s loyalty program from June 2008
onwards
- Allianz Suisse initiates manufacturer-branded insurance co-operation with
Volkswagen
- Deutsche Postbank secures non-life bancassurance partner. agreement with
HUK-Coburg
GRAPHICS / TABLES
- The affinity and partnership marketing universe
- Entities contacted for the research, segmented by broad category
- Affinity and partnership marketing schemes for travel insurance in the UK:
penetration by type of partner
- Affinity and partnership marketing schemes for travel ins. in the UK:
segmentation by op. model and comp
- Affinity and partnership marketing schemes for pet insurance in the UK:
penetration by type of partner
- Affinity and partnership marketing schemes for pet ins. in the UK:
segment. by operating model and competitor
- Charities offering travel insurance: penetration, operating models and
partner market shares
- Charities offering pet insurance: penetration, operating models and
partner market shares
- Educational institutions offering travel insurance: penetration, operating
models and partner market shares
- Ranking of professional associations in the UK by actual or approximate
number of members
- Ranking of professional associations in the UK by actual or approximate
number of members (continued)
- Professional associations offering travel insurance: penetration,
operating models and partner market shares
- Professional associations offering pet insurance: penetration, operating
models and partner market shares
- Sports organisations offering travel insurance: penetration, operating
models and partner market shares
- Ranking of the top 50 trade associations in the UK by actual or
approximate number of members
- Trade associations offering travel insurance: penetration, operating
models and partner market shares
- Trade associations offering pet insurance: penetration, operating models
and partner market shares
- Ranking of trade unions in the UK by actual or approximate number of
members
- Trade unions offering travel insurance: penetration, operating models and
partner market shares
- Trade unions offering pet insurance: penetration, operating models and
partner market shares
- Lifestyle organisations offering travel and pet insurance through
partnerships
- Banks offering travel insurance: penetration, operating models and partner
market shares
- Banks offering pet insurance: penetration, operating models and partner
market shares
- Building societies offering travel insurance: penetration, operating
models and partner market shares
- Building societies offering pet insurance: penetration, operating models
and partner market shares
- Credit cards and premium accs. incorporating travel ins.: penetration, op.
models and partner market shares
- Credit unions offering travel insurance: penetration, operating models and
partner market shares
- Friendly societies offering travel insurance: penetration, operating
models and partner market shares
- Insurance companies offering travel insurance: penetration, operating
models and partner market shares
- Insurance companies offering pet insurance through partnerships
- On-line aggregators and brokers offering travel ins.: penetration,
operating models and partner market shares
- On-line aggregators and brokers offering pet ins.: penetration, operating
models and partner market shares
- Specialised lenders offering travel insurance through partnerships
- Airlines offering travel insurance through partnerships
- Automotive associations offering travel and pet insurance through
partnerships
- Automotive dealers, repair shops and supermarkets offering travel and pet
insurance through partnerships
- Automotive manufacturers offering travel insurance through partnerships
- Cricket and rugby clubs offering travel insurance through partnerships
- Football clubs offering travel insurance: penetration, operating models
and partner market shares
- Internet, media and telecoms entities offering travel ins.: penetration,
op. models and partner market shares
- Internet, media and telecoms entities offering pet ins.: penetration, op.
models and partner market shares
- On-line price comparison providers offering travel ins.: penetration, op.
models and partner market shares
- Retailers offering travel insurance: penetration, operating models and
partner market shares
- Retailers offering pet insurance: penetration, operating models and
partner market shares
- Travel companies offering travel insurance: penetration, operating models
and partner market shares
- Branded conglomerates offering travel and pet insurance through
partnerships
- Loyalty schemes offering travel and pet insurance through partnerships
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