From this day forward, consumers will be able to purchase motor vehicle insurance along with their newspaper and Mr Brown coffee at their nearest 7-Eleven convenience store.
But the new service also raises questions as to whether convenience stores should be allowed to provide financial products.
Allianz President General Insurance (
The alliance, the nation's first ever, would make available insurance protection as required by the Motor Cycle and Motor Vehicle Compulsory Insurance law through 7-Eleven's 2,300 stores.
Insurance claims can also be faxed to Allianz free of charge.
Allianz said the kiosks would provide convenient, 24-hour customer service to insurance consumers. In January, the group established collection facilities at the nation's post offices. In addition, Allianz is currently negotiating similar arrangements with commercial banks, whereby the nation's ATM network would be used to collect insurance payments.
"We appreciate the Government's swift approval for this new facility for our clients," said Bruce Bowers, president and CEO of Allianz President General Insurance. "It is the first stage in the development of synergies between the Uni-President Group and Allianz."
Uni-President Group and Allianz also have a life insurance joint venture in Taiwan, Allianz President Life Insurance.
Market watchers said the Uni-President Group/Allianz combination was the nation's first ever marriage between an insurance firm and a convenience store chain. The deal could provide a model for other insurance groups to follow, the said.
However, further deals would depend on the Ministry of Finance (財政部).
Earlier this year, Allianz asked the ministry for permission to provide a number of services through 7-Eleven stores, but it was only permitted to provide motor vehicle insurance while the other requests were denied.
Gau Ching-yuan (高清愿), chairman of the Uni-President Group, criticized the ministry as "out-of-date."
But the insurance group's move has raised questions as to whether retail chain stores should be permitted to sell financial products.
In the US, Wal-Mart, the world's largest chain store, had attempted to buy a thrift in Oklahoma. Meanwhile, the US Congress was debating the Financial Modernization Act of 1999.
Finally, the bill prohibited Wal-Mart from buying or chartering the thrift or operating Wal-Mart-branded banking operations at any of its 1,725 stores.
Congressmen said they had prohibited the non-financial institution from providing financial products because it could jeopardize the safety of the US financial system.
Academics here say the same reasoning may apply in the case of 7-Eleven.
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