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Allianz Companions has been appointed by NatWest Group as journey insurance coverage supplier to their packaged checking account clients.
The partnership between NatWest and Allianz spans the group’s wider household of manufacturers, together with RBS and Ulster Financial institution. Entry will start from February 2024.
This follows Allianz Companions’ profitable work with Coutts, RBS Worldwide and Isle of Man Financial institution, all a part of NatWest Group.
Marcus Latchford, chief gross sales and distribution workplace, Allianz Companions UK and Eire, mentioned: “Our partnership with NatWest Group is because of the superb basis we’ve got developed over the previous 5 years working with Coutts and different components of the enterprise. We’re delighted that we’re in a position to lengthen the partnership to cowl the entire Group.”
He continued: “Our digital innovation mixed with the ‘human contact’ has enabled us to broaden our share of the UK journey insurance coverage market and this collaboration exemplifies our buyer focus and dedication to offer distinctive insurance coverage services, embedded inside our enterprise companions’ merchandise. We stay up for delivering peace of thoughts to NatWest Group’s clients.”
Barry Connolly, managing director of Each Day Banking NatWest Group, commented: “Journey insurance coverage is without doubt one of the advantages that our packaged account clients inform us they worth essentially the most, and we’re actually happy to be working with a worldwide, long-standing trusted associate to reinforce the expertise clients have when taking out the product and monitoring their claims, giving them higher peace of thoughts.”
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Allianz UK has additionally developed an synthetic intelligence (AI) tool to fight fraudulent insurance coverage claims.
Referred to as Incognito, the software was developed in partnership with specialists from Allianz UK’s operations.
The AI-powered software flags probably fraudulent claims, that are submitted to a fraud specialist for thorough evaluation and investigation.
Allianz UK mentioned that Incognito has saved the corporate £1.7m since its creation, and an extra £3.4m is being held in declare reserves whereas the investigations are nonetheless ongoing.
The insurer claims that utility fraud financial savings have risen by 150% compared with year-to-date forecasts.
It attributed the surge in fraud instances to numerous components together with the cost-of-living disaster, a weakened economic system and the financial downturn.
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