Polish private-sector postal operator Integer.pl said today that it is planning on extending its financial services into the insurance sector.
The company is working with insurance firm LINK4, and is planning on selling insurance products in its InPost customer service points, located around Poland.
The two firms have inked an agreement for LINK4 insurance products to be made available in 100 InPost outlets in early 2013, with a view to expanding to a further 100 by the end of the year.
Integer.pl, whose InPost business is currently rolling out thousands of self-service automated parcel delivery terminals across Europe, said it is aiming to become a “major player” in the Polish life insurance market over the next three years.
It believes the market will be worth PLN 37.8bn (EUR 9.25bn) in 2014, and said it is set to grow by 70% over the next five years.
The two companies are also planning on selling home insurance products through InPost outlets.
Integer.pl said its InPost Finance unit will be able to take advantage of the compatibility of insurance and other financial services in diversifying its activities.
Rafał Brzoska, the company’s chief executive, said the move into the insurance sector was “not accidental”, but came about because of the infrastructure his company has developed.
“Providing leading postal and financial services, we could not fail to take the option of insurance into account in our plans,” Brzoska explained.
“It’s not just a business perspective – it’s also a great way to make best use of the infrastructure.
“We are delighted that the first project in the insurance sector will be realised with an expert in this field, LINK4. We hope that soon this partnership will lead to further agreements for the sale of more financial services,” added the Integer.pl CEO.
Prior to getting into the insurance market, since starting up in 2007 InPost Finance has specialised mainly in the fields of electronic money transfers, e-invoicing and mobile payment for utility bills.
The company claims around 100,000 customers are using its mobile payment services, and that the service has already reached break-even point, while it says 250,000 customers are using its e-invoicing system.
Last November InPost Finance partnered with Western Union to provide transmission and reception of remittances, and plans to extend the services it provides on behalf of the US-based international money transfer specialist.
InPost Finance’s new insurance partner, LINK4 is part of international insurance group RSA and has been selling insurance policies via the phone and Internet since 2003.
LINK4 director of external distribution channels Lukasz Jantz said partnering with Integer.pl meant expanding access to his company’s products beyond the existing electronic channels.
“We see great potential for development in this area,” he said, “mainly due to the potential of a business and the wide accessibility of InPost branches.”