Allianz and Western Union Sign MOU

May 29, 2012

Allianz SE and Western Union Company have signed a Memorandum of Understanding to develop, design and distribute insurance products in several countries around the world.

According to a release, 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."

"If we examine this agreement through the prism of the current economic development needs in Middle East and Africa, we find that it provides both companies with access to untapped markets and a unique opportunity to be on the cutting edge within the financial services industry", said Jean Claude Farah, Western Union Senior Vice President Middle East and Africa.

"This step enables Allianz and Western Union to begin quickly offering relevant and timely solutions that will help develop the financial and insurance framework in the region," Farah added.

The Western Union Company is a global payment service.

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Copyright:  (c) 2012 ProQuest Information and Learning Company; All Rights Reserved.
Source:  Proquest LLC
Wordcount:  352


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