Credit Suisse is launching its digital banking service CSX next week. The bank had presented its answer to Revolut, Neon and Co. in September and announced at the time that it would gradually expand CSX. Credit Suisse is now announcing a partnership with Axa. Together they want to launch integrated insurance solutions for customers, as it says in a message.
The bank does not announce which types of insurance will be offered in the future. The message only states that they will jointly sell so-called bancassurance solutions “via the CSX app as well as in all other customer channels”. They should be available for selected customer groups from the 1st quarter of 2021.
A similar cooperation failed – many years ago
Credit Suisse is not the first bank to partner with an insurance company. Bank assurance solutions have been available since July, for example from Helvetia and Neon. The offerings from UBS and Zurich for young entrepreneurs are even older.
Credit Suisse is following a trend with the Axa cooperation, also comments “Handelszeitung”. In the case of the big bank, this trend has actually reversed: According to the Handelszeitung, CS was once the owner of Winterthur insurance. In 2006 the bank sold the insurance company to Axa for CHF 12.3 billion. Thus, “there are two companies that once separated because they had nothing to do with each other,” summarizes the Handelszeitung. Thanks to technological progress, the chances of a successful cooperation are better today.
The reinsurers Swiss Re and Hitachi are researching which new insurance products will be necessary due to digitization. They will soon be launching their first insurance against digitization risks and want to develop completely new offers in the future.
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