SEB teams up with RSA

TALLINN - RSA, a leading global insurance group, and Estonia-based bank SEB Pank announced on April 19 that they have entered into a partnership to provide non-life insurance products to SEB’s customers in Estonia, reports BBN. The deal sees RSA become sole supplier of highly client focused offerings through the bank’s distribution network.
The parties have signed a mutually exclusive distribution deal in line with Estonian and EU Competition Laws. From May 16, 2011, RSA’s insurance will be offered to clients in conjunction with SEB’s loan and lease products. Non-credit related customers will be able to buy through the bank’s Web site or branch network.

The range of RSA products on offer through the bank will include Motor Own Damage; Motor Third Party Liability; Household; Travel; Commercial Plant and Machinery; and Commercial Property.

“This deal takes us into the top five insurance companies in Estonia,” said Kaido Kepp, the CEO of RSA Estonia. “RSA has been the fastest-growing newcomer to the Estonian market through the recession and we aim to keep up the momentum. Client satisfaction is important to us. Our extensive product coverage and market leading claims service reflect this, in addition to the innovative solutions we bring to Estonia. A good example of this innovation is our paperless claims handling.”
Riho Unt, a member of the management board of SEB Pank, said that both organizations aim for excellent customer service and innovation in the Estonian marketplace. “SEB wants to offer in any field the best financial services, and for this purpose we decided to select a professional partner for the non-life insurance offer. With the agreement, we combine the strengths of SEB and RSA, capitalizing on the insurer’s global reach and innovative expertise and SEB’s prominent position in the financial sector,” Unt said.

David Hill, sales director for Central and Eastern Europe of RSA, said that the RSA Group is excited by the Estonian market. “With recent euro adoption the investment climate of Estonia has become more attractive and RSA is poised to strengthen its presence in the country,” he added.

Through the agreement, SEB will offer clients a suite of insurance products with extensive coverage at highly competitive prices, all supported by RSA’s reliable and efficient claims handling service. The products will be available to both new and renewing insurance clients, although they will not be restricted to purchasing insurance through RSA. The partnership does not affect existing insurance agreements.

Life insurance products for SEB’s clients will continue to be offered by SEB Elu-ja Pensionikindlustus (SEB Life and Pension Insurance), while loan payment insurance will continue to be provided by Genworth. The agreement will see SEB cease to operate SEB Kindlustusmaakler, with all staff being offered the opportunity to transition to RSA. The relevant authorities have been notified of the arrangement.

As a market leader in both Lithuania and Latvia, the deal sees RSA strengthen its position as a pan-Baltic insurer. SEB is a leading Nordic financial services group, which offers financial advice and a wide range of financial services in Sweden and the Baltic countries. The international nature of SEB’s business is reflected by its presence in 20 countries worldwide. On Dec. 31, 2010, the group’s total assets amounted to 2,180 billion Swedish krona (245 billion euros), while its assets under management totaled 1,399 billion Swedish krona. The group has about 17,000 employees.

With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe and has the capability to write contracts in over 130 countries. Focusing on general insurance, RSA has around 21,000 employees and, in 2010, its net written premiums were 7.5 billion pounds. The company entered the Estonian market in 2007.