- Focus on growing demand beyond developed markets
- Companies to explore collaboration on products, distribution and co-marketing
Allianz SE and Western Union Company (NYSE: WU) have signed a Memorandum of Understanding to develop, design and distribute insurance products in several countries around the world.
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 will serve 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," says 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."