A joint insurance venture in Brussels of Fortis AG and FB Insurance is to use Fortis' "dedicated" business model in the banking and independent intermediary channels, according to Jozef De Mey, the chairman appointed to lead the venture, which is to be legally established by next year as Fortis Insurance Belgium.
Fortis' sales success is due largely to the dedicated approach, it said, and it will continue to serve customers with distinct commercial policies in the two channels, including separate pricing policies and fees.
Fortis Insurance Belgium will be the country's largest insurer, it said. Premium income last year totaled $6.8 billion (of which 63% was individual life insurance, 17% group life insurance, and 20% nonlife insurance), for a 19% share of the global market.
