LV= in general insurance partnership with Help the Aged
1 May 2007
Mutual insurer LV= today announced that it has completed a deal with Help the Aged, the UK’s leading charity for older people, to offer personal lines insurance primarily to the over 50s market, which numbers over 20.3 million people.
The insurance products will be branded ‘intune’ – Help the Aged’s newly created subsidiary and financial services retail brand. intune was set up to operate on a strictly commercial footing, following Help the Aged’s plans to increase its sales of financial services, but will plough profits back into the charity.
The arrangement, which is effective immediately, is for five years with a view to a longer term strategic partnership. In the medium term LV= envisages receiving gross written premium in excess of £100million.
Mike Rogers, Group Chief Executive of LV= commented: “I am delighted that Help the Aged has chosen LV= as a key business partner to provide their new brand general insurance products. This is a very exciting partnership and together we are well placed to compete successfully in this highly competitive market. As a mutual insurer, our aim is to combine the best of traditional mutual values with market leading performance, and we share many of the same values and have a natural affinity with Help the Aged.”
LV= will underwrite car, home and travel insurance policies for intune and be responsible for all sales, service and claims for car and home insurance. LV= will work closely with travel insurance administrator Mondial UK, who will handle sales, service and claims on travel insurance policies. The suite of products will be sold by telephone, via a dedicated call centre and over the internet. With people over 50 representing one of the fastest growing sectors of web users, a strong focus will be placed on the internet channel.
Anne Grahamslaw, Managing Director of intune comments: “We chose LV= after an extensive tender process because it offered the best commercial returns, but also shared our values. LV= was willing to invest in the relationship and work closely with us on product and service development. Our choice of a respected mutual also resonates with our charity connection, our ethics and with the values of our customers.”
