Allianz Prime: When an Insurance Company Launches a Wallet

A market first in the insurance sector, Allianz partners with Visa on designing a mobile payment and loyalty app for their customers. The service, called “Allianz Prime”, reshuffles the cards on the crowded market for digital wallets while putting new entrants' ambitions into perspective.

Allianz Prime will first be tested in Italy with a sample of Allianz customers. Once the app downloaded, the user registers and a virtual Visa account is issued. This prepaid account can be topped-up via bank transfer or using a Visa card. He can then rely on the app to make contactless payments on line and in-store from his smartphone.

This mobile payment service also comes along a loyalty program, enabling customers to earn points and rewards on each purchase they make. A smart spend tracker has been added to help them monitor their expenses, and Allianz’s Digital Payments Protection applies, too.

Allianz Prime is compatible with all contactless POS devices. Wirecard is in charge of processing the transactions.

Comments – A renewal for the wallet sector?

Visa asserts growing ambitions as a pivotal player in payments-related innovation. Many announcements have been made during the 2018 edition of the Mobile World Congress, and this group is trying to come up with growth relays alongside payment cards. The card industry still is their core business, but Visa aims for an omni-channel approach to payments, as is already the case in redefining purchasing processes in general. Connecting cards, mobile and wearables is then essential.

This initiative may come as a surprise on the part of Allianz. But, from a strategic point of view, Allianz Prime can be a way for them to rollout relevant services in the insurance sector and add value to their core business, as well. And this offer could be a helpful tool in improving customer knowledge, scrutinising their behaviour as they interact with their smartphone app.

Allianz Prime may augur a promising future for digital wallet offers. Most brands are getting involved, including insurance companies. Customers’ reaction to this expanding market, however, remains to be defined: will this trend lead to consolidation endeavours? And which players will last.