Allianz Partners New Zealand has reached a multi-year agreement with Mitsui Sumitomo Insurance Company New Zealand Branch (MSI NZ), part of the MS&AD Insurance Group.
The collaboration aims to enhance and diversify the insurance solutions available in the New Zealand market.
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It is expected to provide Allianz with the opportunity to offer new insurance products and improve customer service.
Changes to policy wording and disclosure documents will be made to reflect the new partnership and comply with the conduct of financial institutions (CoFi) regime, Allianz stated.
Allianz Partners New Zealand managing director Kevin Blyth said: “Allianz Partners is thrilled to join forces with MSI [Mitsui Sumitomo Insurance] in this strategic partnership, which represents a significant step forward in our commitment to delivering innovative insurance solutions in New Zealand. MSI’s strong global presence and dedication to innovation align well with our vision, ensuring we continue to meet the evolving needs of our customers.”
MSI, a Japanese insurer, offers insurance products and operates in 48 countries and regions.
MSI Australia and New Zealand head of distribution David Hall said: “Partnering with a market leader such as Allianz Partners in the New Zealand travel insurance market is very exciting for us. Travel insurance is part of our core growth strategy in the region and we are delighted to have this opportunity to work with Allianz Partners.”
Last month, Allianz reportedly reached a preliminary agreement with Jio Financial Services to establish an insurance joint venture (JV) in India, following the exit from its JVs with Bajaj.
