Commercial insurance pricing increases for first time since 2013…Allianz in partnership to bring industry-first payment app

Commercial insurance pricing increases for first time since 2013

By Insurance24

HARARE, Average global commercial insurance pricing increased in Q4 for the first time since the first quarter of 2013, according to new data. The price hike was driven largely by global property insurance pricing, which was impacted by Q3 catastrophe losses.

Average pricing rose by 0.8% in the fourth quarter, compared to a 1.9% decrease in Q3 2017, according to Marsh’s Global Insurance Market Index. Globally, property insurance pricing rose 3.2% in Q4. The previous quarter, it decreased 2.4%.

Financial and professional lines pricing was also up, rising 0.1% in Q4, while casualty pricing fell 1.5%. Both financial and professional lines pricing fell in the third quarter of 2017, according to Marsh, by 1.4% and 1.7%, respectively.

On a regional level, average pricing increased in the UK, Latin America and Australia – which saw its fourth straight quarter of pricing increases. Average pricing fell in the US, continental Europe, and Asia. US cyber insurance pricing increased for the first time since the fourth quarter of 2016.

“Losses from hurricanes Harvey, Irma and Maria, and wildfires in California, drove increases in property pricing in the US,” said Dean Klisura, president of global placement and specialties at Marsh. “Although property pricing generally increased, market capacity remains abundant. Pricing in all global regions showed either a moderate increase in the fourth quarter, or a slowing of the pace of decrease.”



Allianz in partnership to bring industry-first payment app

By Insurance24

HARARE, Secure mobile payments that are protected by insurance, with a bonus loyalty feature – that’s basically what the new app “Allianz Prime” is all about, and testing has begun.

Said to be the first of its kind in the industry, the mobile payment and loyalty app is brought to life by a collaboration between Allianz Partners, Visa, and Allianz’s digital financial technology partner Wirecard. Here’s what you need to know:

  • The app uses Visa’s security technology, which features what is called a “token” or a unique digital identifier that replaces consumers’ sensitive Visa account details so no confidential information is exposed.
  • Online or in-store mobile payments are insured by Allianz Digital Payments Protection, which covers against fraud and safeguards customers in cases of defective or damaged online purchases.
  • Transactions are processed by Wirecard, which integrates the loyalty programme to enable users to accumulate points and receive rewards.

The Allianz Prime app is now being tested in Italy by a sample of Allianz customers. Developed for global use, it can be easily rolled out to other markets.

“With the support of our digital partners Visa and Wirecard, the Allianz Partners innovation team has created AllianzPrime,” said Matthias Wuensche, head of market management and innovation at Allianz Partners. “A solution that provides our customers freedom and security via safe and insured mobile payments off- and online anytime, anywhere.

“Moreover, it offers a global platform to our Allianz operating entities to engage with their customers on a daily basis, enriching traditional insurance with technology and services.”

Mike Lemberger, Visa senior vice president for product solutions Europe, noted that with the launch of Allianz’s first mobile payment app, the insurer has not only created a new way to engage and reward customers but also offers them a secure way to make payments worldwide while helping them keep track of spending, as the app also comes with a smart spending analysis tool.

“Digitalising the payment process is the core of our business,” commented Sebastian Krahe, vice president of Wirecard’s professional services. “Italy is a strong market for the start of the new mobile payment app, and we are looking forward to the expanded usage of Allianz Prime during this year.

“Predictions show that the usage of mobile payments will grow by over 60% each year in Europe.