The partnership between NatWest and Allianz spans the group’s wider family of brands, including RBS and Ulster Bank. Access will begin from February 2024.
This follows Allianz Partners’ successful work with Coutts, RBS International and Isle of Man Bank, all part of NatWest Group.
Marcus Latchford, chief sales and distribution office, Allianz Partners UK and Ireland, said: “Our partnership with NatWest Group is thanks to the excellent foundation we have developed over the past five years working with Coutts and other parts of the business. We’re delighted that we are able to extend the partnership to cover the whole Group.”
He continued: “Our digital innovation combined with the ‘human touch’ has enabled us to broaden our share of the UK travel insurance market and this collaboration exemplifies our customer focus and commitment to provide exceptional insurance products and services, embedded within our business partners’ products. We look forward to delivering peace of mind to NatWest Group’s customers.”
Barry Connolly, managing director of Every Day Banking NatWest Group, commented: “Travel insurance is one of the benefits that our packaged account customers tell us they value the most, and we’re really pleased to be working with a global, long-standing trusted partner to enhance the experience customers have when taking out the product and tracking their claims, giving them greater peace of mind.”
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Called Incognito, the tool was developed in partnership with specialists from Allianz UK’s operations.
The AI-powered tool flags possibly fraudulent claims, which are submitted to a fraud specialist for thorough analysis and investigation.
Allianz UK said that Incognito has saved the company £1.7m since its creation, and an additional £3.4m is being held in claim reserves while the investigations are still ongoing.
The insurer claims that application fraud savings have risen by 150% in comparison with year-to-date forecasts.
It attributed the surge in fraud cases to a number of factors including the cost-of-living crisis, a weakened economy and the economic downturn.