Allianz Global Corporate & Specialty teamed with InsurTech startup Visicover on a partnership to sell airplane insurance and related products.
Neither side is disclosing financial terms. The partnership agreement allows for Visicover’s existing and new aeroplane and helicopter insurance products to now be underwritten by AGCS, which also will provide claims management services.
Customers buy their aircraft insurance online with Visicover, which also enables them to self-administer their policies including renewals, according to AGCS, which is Allianz Group’s corporate & specialty insurance business.
This new partnership with Visicover aligns with Allianz’ strategy “to focus on new distribution channels for our products and, in particular, explore ways to enhance the customer journey in an increasingly digital world,” Tom Chamberlain, AGCS’ underwriting manager for Aerospace and General Aviation, said in prepared remarks.
“Through working with Visicover, we will be part of the innovative drive to understand how new technologies and insurance propositions can benefit the customer and how they will develop in the future,” Chamberlain said.
Jan Houlberg, Visicover’s managing director, said in prepared remarks that the original vision for Viscover was to create better coverage “based on simple flexible products, lower premiums and online self-servicing so that aircraft owners could manage their cover themselves.”
Houlberg added that since the company’s launch four years ago, it has made substantial gains in the general aviation market. Partnering with Allianz will help it increase its market presence further and expand its offerings in aviation and other markets, he said.
Visicover’s service allows most eligible customers to get a quote and buy their policy in under 10 minutes. Other highlights:
- Customers can pay their premiums in full or opt to pay a 30 percent deposit and spread the balance over eight monthly, interest free installments.
- Customers only pay for the cover they want. Some insurers include “free” covers, but, in reality, the customer pays for them in their premiums whether they want them or not.
- Customers are in control and can change their cover when they need to, 24 hours a day, 365 days a year, which removes the need to wait in a broker’s office or phoning a call center.
- A 24-hour phone line is provided for claims notification and management queries.
- Documents are saved online so customers can access them at any time and see their complete policy history.
Source: Allianz Global Corporate & Specialty (AGCS)