Life insurer enters motor market in deal with Compare the Market owner
The five-year deal with Compare the market owner BGL sees life insurer enter motor market
Life insurer SunLife has entered into the motor market by signing a five-year deal with BGL’s white label brand Junction.
The insurer said deal marked the next stage of SunLife’s expansion into the general insurance market and will see the brand offering motor insurance for the first time, along with a revamped and improved home insurance product.
Under the terms of the deal, Junction and SunLife said they would use their access to data to deliver a competitive proposition for existing SunLife customers, using Junction’s insurer panel.
The customer service will be handled by BGL Group’s own contact centre in Sunderland.
SunLife chief executive Dean Lamble said: “We’re delighted to appoint Junction to run our motor and home insurance books. The combination of their tailored affinity service and long experience of building successful partnerships made them the obvious choice as we look to broaden our insurance proposition.
“The strength of Junction’s panel offering means our customers will benefit from highly competitive pricing. Along with value for money, we know that customers appreciate being able to talk to knowledgeable advisors who are based in the UK.”
Junction managing director Gary Duggan added: “We’re very much looking forward to working with SunLife to bring their ambitious growth plans to fruition. Our expertise in data, our panel and our scale make us the insurance partner of choice for some of the UK’s biggest brands, and we’re excited by this fresh challenge.
“This multi-product offering will support our strategic intent to broaden and deepen our relationships with our affinity partners.”
Junction was formed in 2002 and has grown rapidly to its current position, providing insurance for over 2.4 million customers through some of the UK’s best-known brands including O2, M&S Bank, Co-op Insurance, RAC Insurance, Post Office, Lloyds Bank, Halifax and Santander.