Launched in 2021, iptiQ, a subsidiary of Swiss Re, is sold to Allianz. iptiQ is a white label digital insurance platform, part of a B2B2C model.
Swiss Re will sell its subsidiary iptiQ to the German insurer Allianz. The Swiss reinsurance giant’s announcement does not disclose the amount of the transaction. The agreement, which concerns the Allianz Direct online activities, includes the iptiQ activities operated from the headquarters in Luxembourg, with more than 100 employees currently working in Switzerland, Germany, Spain, the Netherlands and Italy, as well as all distribution agreements. Allianz Direct also recovers more than 130,000 customers.
iptiQ offers a white-label digital damage and accident insurance platform, part of a B2B2C model, which relies on partnerships with other insurers, insurance brokers, banks and consumer brands. Swiss Re launched iptiQ as a standalone division in early 2021.
The Swiss subsidiary of the insurer Zurich initiated a collaboration several years ago with iptiQ. In 2021, the company discussed the development of digital offers in life insurance. The product was launched in 2023, enabling automated underwriting, with insurance risk calculated through an online questionnaire.
Swiss Re had already announced in May that it wanted to separate from iptiQ. The CEO of the reinsurer, Christian Mumenthaler, then explained: “The market environment today is very different from that which prevailed when iptiQ was created. Given these new conditions and Swiss Re’s strategic priorities, we concluded that we were not the best owners of this business for the future. A statement very similar to that of the CEO of Bâloise, commenting on his group’s decision to sell the portfolio shares of its digital insurance subsidiary Friday, also to Allianz.
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