10 December 2021 | David Young
As part of the long-term 'joint venture', BGL and Covéa Insurance will bring a new direct insurance proposition to market – with the aim of creating a unique motor product that challenges the status quo
The collaboration brings together the skills from both sides, specifically Covéa's underwriting and claims management expertise, alongside BGL's pricing, customer service, digital distribution, and tech capabilities. The agreement builds upon Covéa and BGL's existing strong relationship.
Peter Thompson, chief executive officer 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. 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."
Adrian Furness, CEO of Covéa Insurance, added: "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 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."
Log in using your IAEA account where you will be able to read IAEA updates, update your personal and business details and much, much more.
News, features, case studies, interviews & reports from IAEA meetings, keeping members up-to-date with the industry.
For more details or if you have an enquiry please get in touch by calling 01296 642895. Or if you prefer use our contact page to email us.