BGL Insurance, a leading digital distributor of personal lines insurance, has today announced a new partnership with Covéa, one of the UK's most prominent insurers. As part of the exclusive long-term 'joint venture', BGL and Covéa Insurance will bring a new direct insurance proposition to market next year – with the aim of creating a unique motor product that challenges the status quo, while significantly extending the customer reach of both businesses.
The collaboration will bring together the very best 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, with the insurer acting as a key panel member for several of BGL's motor insurance brands.
Peter Thompson, CEO 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."
Adrian Furness, CEO 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."