The collaboration aims to ‘breaks the mould’ of traditional offerings and ‘highlights the strategic growth ambitions of both businesses’, says broker boss
Personal lines digital distribution business BGL Insurance has cemented an exclusive long-term joint venture partnership with insurer Covéa Insurance, to bring a new direct motor insurance product to market in 2022.
The pair plan to launch its direct motor proposition next year, with ambitions that this will challenge the market’s status quo and extend the customer reach of both businesses.
To achieve this, the partnership plans to pull on Covéa’s underwriting and claims management expertise, while utilising BGL’s pricing, customer service, digital distribution and technology capabilities.
Peter Thompson, chief executive of BGL Insurance, said: “At a time when our market is about to experience a pretty significant shake up, forming such a unique joint venture and launching a brand new motor proposition is a bold move, but one that highlights the strategic growth ambitions of both businesses.
“Having worked closely with Covéa Insurance for many years, it is clear we have many synergies in terms of not only how we operate but also our cultural alignment – particularly when it comes to putting customers and colleagues firmly at the centre of decision-making.
“This true partnership model certainly breaks the mould of a traditional insurer-broker relationship and I’m excited to see what next year will bring.”
Creating seamless customer journeys
Adrian Furness, chief executive of Covéa Insurance, added: “We are delighted to be forging closer links with BGL Insurance, allowing us to quickly and effectively extend our motor proposition.
“Our teams are now working hard on the next phase, which involves developing the brand, shaping the proposition for our target customers to enable a successful brand launch in 2022.
“Customers have extremely high expectations of their insurance provider and require a straightforward and simple experience. With our combined industry, digital and customer expertise, I’m confident that this new brand will offer a seamless end-to-end journey for customers.”
The agreement builds upon Covéa and BGL’s existing relationship - the insurer is a panel member for several of BGL’s motor insurance brands.