Iptiq approaches the finish line in the race for WiZink general insurance. The 100% digital platform of Swiss Re, one of the most important reinsurance groups in the world, is running as the favorite to seal an agreement in the bancassurance business in Spain with the financial entity owned by the fund Value Partners, according to various sources consulted by La Información. A spokesman for the bank declined to comment on the matter for reasons of confidentiality.
In any case, the process in which you are invited to submit proposals or RFP (Request For Proposal, in English) not closed yet and in the event that both firms do not sign an agreement in the coming weeks, the offer of other candidates will be re-evaluated. WiZink tries to find a partner to step on the accelerator in the commercialization of general insurance, such as health or home, in a context marked by the reorganization of the bancassurance channel map in the domestic market.
The possibility of signing an agreement like this would allow Swiss Re to gain exposure in the Spanish market, where it still does not have a consolidated presence. Although its main asset is life insurance, the 100% digital Iptiq platform also has a complete home and car catalog with a flexible profile, also for shared car rentals. In this type of procedure, it is key to offer a very high return in economic terms, but given the technological shift that WiZink is designing in its business, an offer with a differential platform and the simplicity to integrate operations it becomes paramount. And the latter is something that Swiss Re can provide with its digital ram.
Iptiq, from Swiss Re, takes the lead in a process in which insurers such as Liberty, Caser or Fidelidade have also participated
Some of the insurers that have tried to compete by going hand in hand with the entity that presides over Jose Luis del Valle in their firm commitment to this business were the American Liberty, that at Christmas was left out of the bid, or the Portuguese faithfulness. caser it also participated in the race for the WiZink bancassurance agreement, but became one of the first to be left behind. The insurer, 70% controlled by the Swiss Helvetia, showed his interest given the good relationship he maintains with the bank and that would have allowed him to strengthen his ties.
It currently maintains an alliance in the marketing of cards under the name of Caser Cling Cling. Once the process is completed, WiZink will be able to compete at full power for the first time in the world of general insurance, since for now it only sells products in this branch through its marketplace for clients in which they can take out general insurance. Mapfre, Isalud and Caser. It also maintains other smaller-scale agreements, most of them in insurance related to its own offer catalogue, such as with Metlife Europe, which is your ‘partner’ for payment protection.
WiZink will accelerate its Strategic Plan with a support of 250 million with which it will try to strengthen itself after the legal setback of the revolving
This adventure is part of Strategic plan in which WiZink is immersed and which will culminate next year. The sentence of supreme court which arrived in March 2020 and was endorsed by the Court of Justice of the European Union (CJEU) in the first quarter of 2021 in which usury in revolving cards was determined represented a huge headache for the entity, which has had to reformulate its entire business. Your strategy now goes through diversify and become a large digital bank.
To redirect its roadmap, the entity is waiting to formalize the pertinent regulatory procedures with the intention of increase its capital by 250 million euros. Mulhacen, indirect shareholder of the bank, has reached an agreement with Värde Partners and other international investors to undertake the injection. This new lever seeks to significantly strengthen WiZink’s financial position to take advantage of growth opportunities that could appear on the market, manage the potential impact of litigation by revolving or undertaking new corporate projects and investments to continue growing and complete the diversification of their businesses.