Ikea Goes Into Banking – adding to its Insurance efforts in partnership with Swiss Re

Ikea’s owner has acquired a 49% stake in Ikano Bank. The bank’s retailer-friendly products could enable Ikea to follow the lead of other large retailers exploring buy now, pay later offerings. It ramps up Ikea’s ability to build a fin services relationship with its customers. This move follows its partnership with Swiss Re’s digital insurance arm iptiQ. The partnership has launched HEMSÄKER, a home insurance offering initially available in Switzerland and Singapore. According to a statement from Swiss Re, iptiQ’s business-to-business-to-consumer (B2B2C) model allows it to collaborate with firms such as IKEA to provide various services to customers such as new insurance offerings on the iptiQ digital platform. More point of sale competition for insurers....with the ipitQ platform offering the potential for a slick and simple digital interface for the customer. It also continues the trend of the big reinsurers finding direct to customer digital distribution opportunities. More things for mainstream insurers to watch and worry about! Read more.

Source: Insurance Business Magazine