Allianz SE and Volkswagen Financial Services
(VWFS) have announced a joint venture to supply cars, insurance,
guarantees and finance in a single package to VW customers
The venture, called Volkswagen
Autoversicherung AG, will be based in Germany, home of both
companies, and launch 1 April 2013, Reuters has reported, with
€400m (£318m) invested in the next six years.
In the German market, the companies are hoping
to increase insurance penetration in car sales to 40% by the end of
2017, increasing insurance contracts sold from 150,000 to 350,000,
and the stock of policies from 700,000 to 1.2 million.
VWFS will hold 51% of the capital and 49% of
voting rights in the venture, with Allianz holding 49% and 51%
Similarly, Renault has tightened its links
between finance and insurance in the UK by appointing RCI FS, its
captive finance provider, to
run the relationship held between the brand and its insurance
provider Equity Insurance Partnerships.
Independent finance providers have also
launched insurance this year, including a
joint venture between Santander Consumer Finance and RAC and
launch of the DriveSure package by Black Horse, the motor
finance operation of Lloyds Banking Group.
Highly personalised CRM
Meanwhile, VWFS subsidiary Volkswagen Bank in Mexico has
launched a “highly personalised” marketing campaign aimed at
customer retention in conjunction with marketing company
Business Advantage Group (BAG) and supported by IT firm
BAG are using GMC software to supply VW Bank with a system which
automatically formulates personalised credit renewal offers by
matching clients’ credit history, status and existing vehicle.
that outlined by Paul Bennet of Chrysalis Solmotive at the FLA Used
Car Seminar in July, the software targets clients with
a low-risk credit historyand will be finishing their credit
within three months. It also has a tracking function which
allows return-on-investment measurement and follow-up