Insurance: Finaref exports its know-how to Italy
In a bid to expand its insurance business abroad, Finaref is launching three pilot structures in Europe. Stage One: Italy.
A few months ago, the Crédit Agricole S.A. group launched Project Alpha, a new expansion plan aimed at growing the group’s international business in payment protection and banking-related risk insurance. At the operational level, Finaref plans to capitalise on its experience and know-how and export its partnership-centred Business to Business development model. The push to expand internationally has translated into three new pilot sites, in Italy, Germany and Spain.International expansion
International business accounted for 30 per cent of the insurance premiums managed by Finaref in 2005, a share that the group hopes to raise to 75 per cent by 2010. Finaref has put together a two-stage strategy to meet this target. Stage one involves establishing pilot sites - streamlined structures that will rely on Finaref’s central organisation for support functions like HR and IS. These bridgeheads will be used to carry out a study of possible markets and to identify potential partners. Stage two will see more complete structures established to develop these activities. Italy, the first pilot site
The pilot site in Italy marks the first stage in Finaref’s hard-hitting new policy. "We are currently drawing up a marketing plan," explains Antoine Paon, who is coordinating the Italian scheme. "We will analyse the Italian banking market and contact sector participants in 2007." The future German and Spanish structures will follow the same path and share the same goals as the Italian pilot site.
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