Swiss Re-backed digital insurer iptiQ has entered into a bancassurance partnership with digital lender WiZink to serve clients in Spain and Portugal.           

The firms plan to design over ten life and health as well as property and casualty insurance covers to offer in these two markets.

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Under the tie-up, consumer-focused digital bank WiZink will offer a range of digital insurance solutions to its customers through its website and app.

iptiQ EMEA CEO Andreas Schertzinger said: “We are thrilled to be working with a fully digital bank with which we share the common objective of providing an excellent customer experience.

“Offering both embedded L&H and P&C insurance solutions to our newest partner’s two million customers is a next step for iptiQ to becoming a leading player in powering bancassurance across Europe.”

The partnership will bolster iptiQ’s reach in Spain, where it launched operations in 2018. It will also enable the firm’s foray into Portugal.

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Additionally, the collaboration supports WiZink’s plans for its insurance unit, which seeks to become a leading digital insurer in these two countries.

WiZink Bank CEO Miguel Ángel Rodríguez said: “We are delighted to have a long-term partner like iptiQ to launch our own insurance brand, with which we want to drive our strategic plan for diversification and growth. We share the same digital and innovation philosophy, and together we will take advantage of the digital insurance opportunities across the Iberian Peninsula.”