Retail News Breaks
Shoppers Drug Mart, RBC to sell co-branded travel insurance
February 13th, 2013
TORONTO – Extending its menu of co-branded financial services with Royal Bank of Canada, Shoppers Drug Mart Corp. this week plans to begin selling travel insurance through its website.
Canada's largest drug chain said Wednesday that starting on Feb. 16 it will offer co-branded travel insurance products from RBC Insurance, including emergency travel medical, trip cancellation and trip interruption insurance.
Shoppers Drug Mart noted that according to a recent RBC Insurance survey, of the 39% of Canadians planning to travel outside Canada within the next year, only 60% aim to buy travel insurance for their trip.
"Many Canadians already turn to Shoppers Drug Mart for their travel needs, including passport photos, travel accessories and immunizations," Shoppers Drug Mart president and chief executive officer Domenic Pilla said in a statement. "With the introduction of this co-branded travel insurance, with a trusted provider like RBC Insurance, we are strengthening our total travel offering and improving access and choice for our customers."
The drug chain began offering co-branded financial products with RBC, Canada's largest bank, under an alliance announced last year. The products, tied into the retailer's Shoppers Optimum rewards program, include the RBC Shoppers Optimum banking account and debit card and, more recently, the RBC Shoppers Optimum MasterCard.
When Canadians visit the Shoppers Drug Mart website to buy travel insurance and enter their Shoppers Optimum card number, they will earn 10 Shoppers Optimum Points per $1 of insurance premium. Shoppers Optimum Points will automatically be credited to their account. If the RBC Shoppers Optimum MasterCard is used to purchase travel insurance online, another five points per $1 will be earned through the credit card.
"We're excited that the RBC and Shoppers Drug Mart alliance has evolved to include travel insurance," stated Neil Skelding, president and CEO of RBC Insurance. "This new opportunity fits well with our strategy of providing Canadians with more channels to access our products and services. It will also further highlight the importance of travel insurance for Canadians when crossing the border, traveling internationally or outside of their home province."
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