A broker has slammed intermediaries for failing to recognise Allianz’s latest deal with Citibank as “healthy competition” that forces brokers to continue to deliver a quality service.
The comments have come after Allianz and Citibank signed a joint venture allowing mortgage brokers to refer clients to the insurer for general insurance needs.
Although the insurer stressed this would not impact the brokers it works with – as most work on commercial line products – a number of commentators have taken to the Insurance Business website to express their disgust at the news, suggesting it takes business away from brokers.
However, one broker that places business with Allianz said the deal should not affect brokers.
The source, who does not wish to be named, told Insurance Business: “Insurers doing deals with banks is nothing new – it has been happening for years so no it should be of no concern to the market. It won’t make a difference to me.”
“Some brokers need to stop whingeing and behaving like the market is what it was in the 80s and get on with it. Stop focussing on what others are doing – look at what you are doing and your own service,” he said. “If you focus on your own business, what Allianz is doing will make no difference to your own business. It will grow regardless.”
Urging the sector to put the deal into perspective, he said. "If Allianz did not do a deal with Citibank, it would have done it with someone else. A bit of competition is healthy. It makes the rest of us up our game.”