Scandinavian insurance company Tryg has entered into a partnership with Danske Bank to provide its insurance services to the latter’s customers in Denmark, Norway and Sweden.
As per the deal, Danske Bank, alongside Tryg, will provide general insurance to the bank’s personal, private banking and business customers in Denmark and Norway, and to personal customers in Sweden, starting from the spring of 2019.
Headquartered in Denmark, Tryg provides insurance services to about three million customers in the three countries.
Tryg customers will be eligible to join Tryg’s TryghedsGruppen and avail the annual member bonus from the insurance company that offers health, water, road, and fire insurance services.
Danske Bank interim CEO Jesper Nielsen said: “Tryg has a very strong range of competitive and unique products and solutions that we look forward to offering our customers in the three Nordic markets.
“In Denmark, the cooperation means, for instance, that customers choosing to take out insurance with Tryg will have a share in TryghedsGruppen’s bonus scheme in which 8% of premiums have been repaid to Tryg’s customers in the past three years.”
Nielsen further said that the partnership means that the two companies are committed to introduce new digital solutions for their customers.
Tryg CCO Johan Kirstein Brammer said: “Danske Bank is one of the front runners in the financial industry when it comes to develop new innovative and digital solutions to its customers. MobilePay is a very good example.
“It is a very good match to Tryg’s work and ambitions about being the most innovative insurance company in the Nordic. This will also provide unique and digital development opportunities within insurance, from which both Tryg and Danske Bank customers will benefit from.”
Danske Bank, following the partnership deal with Tryg, has ended its agreement with Topdanmark on non-life insurances. As per a deal signed in the past, Topdanmark has been selling insurances through Danske Forsikring for more than 18 years.
Till 1 January 2020, the parties will continue their working relation with customers who had taken out insurances through Danske Forsikring.
Earlier this month, Tryg wrapped up DKK8.2bn ($1.24bn) acquisition of Alka Forsikring, a Danish P&C insurance business.