UniCredit and Allianz have signed a multi-country Framework Agreement (the “Agreement”), setting the basis for enhanced collaboration, benefiting clients of both companies and building on the companies’ longstanding and highly-successful bancassurance partnership since 1996.
The Agreement covers UniCredit’s footprint in Italy, Germany, Central and Eastern Europe and appropriately recognizes both partners’ contribution to the value that is being created.
The Agreement encompasses joint investments (including training and pre-marketing) aimed at seamlessly integrating and accelerating the digitalization of our processes. It will also pave the way for a cooperation between the two groups in the insure-banking business, allowing UniCredit to offer its best-in-class banking products to customers on Allianz’s open platform in Germany, Italy and other jurisdictions.
In Italy, Germany, and Central and Eastern Europe, Unicredit Group serves over 15 million clients; the Allianz Group serves over 30 million clients.
Two implementing agreements will be signed to amend and supplement the current arrangements in Italy and in Germany.
In particular, the Italian implementing agreement will include:
- the renewal of the current arrangements both in the life and non-life businesses to 2027, with some potential strategic flexibility for UniCredit starting from 2024;
- full access to Allianz’s best-in-class products and the benefit of further innovation for UniCredit’s customers;
- additional support for UniCredit by Allianz in developing an integrated platform and service model;
- enhancement of training and increased marketing support, aimed at further improving the quality of service and offering to customers.
As part of the renewed partnership, on February 10, 2022 CreditRas Vita and CreditRas Assicurazioni will be rebranded as UniCredit Allianz Vita and UniCredit Allianz Assicurazioni, respectively.
The German implementing agreement, subject to the fulfilment of required corporate laws formalities, will include further initiatives to strengthen digital bancassurance and marketing. These joint initiatives are set to revamp the joint commercial efforts.
Andrea Orcel, the Chief Executive Officer of UniCredit S.p.A., said: “This agreement, which marks a step forward in the execution of our plan, is a testament to what can be created through a true, strong and effective partnership. It joins together best-in-class product offerings, innovation and technological integration for the mutual benefit of our respective clients, underscoring our commitment to this sector. It is a blueprint for how we intend to streamline our joint ventures and maximize the benefits of all future partnerships.”
Oliver Bäte, the Chief Executive Officer of Allianz SE, said: “We are delighted to continue and deepen our successful partnership with UniCredit. I look forward to securing the future of our joint customer base with world-class products and services.”