Crédit Mutuel and Allianz join forces

Assurances du Crédit Mutuel and Allianz France announced on Friday in a joint press release a partnership to offer products to companies, in particular to farmers, to the chagrin of the self-employed who distribute contracts and fear competition from banks. Concretely, with the exception of Arkéa, the Crédit Mutuel banks, of which one in three French companies is a client, will be able to offer Allianz France offers. The two groups will share the premiums and claims compensation 50-50.

This approach is part of the desire of Crédit Mutuel Alliance Fédérale (which brings together 14 of the 18 federations of the Crédit Mutuel group, editor’s note) to offer complete and covering solutions to its members and customers, and to become the partner of choice for companies, in the framework of the work of its new strategic plan which will be launched at the end of 2023“, detail the two partners in their press release. On the Allianz France side, this partnershipwill be able to support more customers in the business and agricultural markets, in line with its strategic objectives“. The two parties also hope, by increasing the number of policyholders, to achieve better risk pooling – particularly in crop insurance, the operation of which is being redesigned – and to be more competitive.

This association is however very badly perceived by the general agents of Allianz France, independents responsible for distributing the products of an insurer and paid on commission. “For several years, bankers have been designated by our client as direct competitors. Many public statements have been made to this effect. Today, out of opportunism, yesterday’s enemy becomes tomorrow’s partner…“Explained a few days ago to the Argus insurance Alexis de la Rupelle, president of Mag3, the professional union of general agents Allianz. Alexis de la Rupelle wrote to the general manager of Allianz, Fabien Wathlé, to ask him to reconsider this partnership. In addition to competition from bankers, he fears a poor distribution of badly calibrated contracts, which would call into question the economic balance of the whole.

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