Keeping up with the market : End of the year 2021

Every month we help you keep up with the news of the Belgian insurance market.

Mergers & Acquisitions

Crelan and AXA Bank

(Het Nieuwsblad)

Crelan announced its intentions to buy AXA Bank 2 years ago. After a lot of turmoils, and waiting for the green light, first from the NBB, and then from the European Union, it seems that things are finally coming to an end. Indeed, the Central Bank of Europe has finally given its agreement to the merger of the 2 banks. On 1 january 2022, the merger will be effective and Philippe Voisin, CEO of Crelan, will officially be managing this new network of 900 agencies. This new organization has a new committee composed of 2 members of Crelan and 3 members of AXA Bank. Peter Devlies, current CEO of AXA Bank, will not be part of it.

 

Integrale

It seems that the twists and turns of the sale of Integrale are not yet coming to an end. Indeed, in September, we explained to you that MGEN had asked the court of Liège to cancel the sale of Integrale to Monument Re. The Walloon court dismissed the motion. However… another group of bondholders, assisted by the legal consultancy Deminor, is also requesting the annulment of the sale of Integrale to Monument Re before the corporate court in Brussels. In other words, to be continued…

 

Baloise and B’Cover

Baloise Insurance building

Baloise Group acquires B’Cover, an insurance expert for office and apartment buildings. Upon completion of the acquisition, B’Cover will be known as B’Cover by Baloise Insurance, but will remain an independent entity within the Baloise Group, and will operate as such, keeping the same product and range and employees.

More than 4,300 managers and owners of apartments and offices currently rely on B’Cover’s efficient and tailor-made insurance solutions. As a specialist, the company has been providing peace of mind to trustees, CPAs (condominium associations), condominium owners and tenants for years by offering all-inclusive packages.

Over the past 10 years, B’Cover has become a reliable name in Flanders with its all-in insurance for the building market. As soon as the takeover is finalized, Baloise Insurance wants to further expand the B’Cover by Baloise Insurance offer with its network of brokers in Brussels and Wallonia.

 

Partnerships & Products

Cyber Care

Cyber care by Proximus website screenshot

Proximus and AXA Partners signed a partnership in February of this year to develop the cyber risks assistance product: Cyber Care. For 4,99€ per month, Cyber Care offers 24/7 assistance to all family members living under the same roof to provide technical, legal, financial and psychological support when they spot suspicious behavior on the Internet or when they are victims of fraud. The product was launched earlier this year. After a successful test period, both companies decided to develop the product on a broader scale.
If a consumer feels that their identity or personal data is being used for fraudulent purposes, for example, they can call on Cyber Care’s teams for legal assistance and even psychological support if needed. The insurance also intervenes in case of bad experiences related to online shopping, such as non-delivery or non-conforming delivery of the product. This product also intervenes in case of online harassment and defamation. In this case, Cyber Care will provide legal and psychological support to those affected, as well as technical assistance to try to remove defamatory elements, whether photos or texts.

 

SwissRe and Baidu

Swiss Re and Baidu logos

Swiss Re, 1st reinsurer worldwide, has already given its opinion about the future of insurance: for them, partnerships with technological companies is key for a successful future. It is not just convictions, they recently signed a partnership with Baidu, the Chinese internet behemoth. The goal? Sharing their expertise in order to design innovative insurance products for autonomous car.

The 1st outcome of this partnership is the launch of an insurance product for the automated valet parking service “Apollo Valet Parking“, developed by Baidu. The next topics will be insurance innovation and risk management for autonomous driving IT platforms, intelligent dashboards and autonomous taxis.

 

 

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