Insurance, investment and pensions group LV= is providing a range of insurance products to Nationwide customers. The strategic partnership, which was originally announced in June, will run for an initial period of six years, during which LV= will be the sole provider to Nationwide of car and travel insurance, as well as business insurance policies for shops, offices, surgeries and owners of buy-to-let properties.
LV= will manage all marketing activity for the Nationwide partnership, including TV advertising, national press advertising, door drops, and specialist press advertising. LV= will also manage the sales, underwriting and administration of new policies. Insurance customers of Nationwide who took out policies before today, will be migrated at renewal to policies underwritten by LV=.
The launch of the Nationwide partnership follows hot on the heels of last week’s announcement that LV= has just won a major protection partnership with Standard Life. Under that agreement, LV= will provide its award winning ‘Income Protection Plan’ and whole of life ‘50 Plus Plan’ to the customers of Standard Life, through the latter’s direct telesales team.
Mike Rogers, LV= Group Chief Executive, said: “We share many of the same values as Nationwide and as fellow mutuals we can focus purely on providing the best products, prices and service to our members and customers.
“LV= has ambitious growth plans as we strive to become a top five general insurer in our chosen markets by 2012. This strategic partnership, plus our recent acquisition of the Highway Insurance Group, demonstrate that we are making big strides towards delivering on our plans.
“Our new partnership with Standard Life provides further evidence of our ‘partner of choice’ credentials in financial services.”
LV= is the UK’s largest friendly society with around £8 billion in funds under management at the end of 2007. LV= currently insures around 650,000 cars and 440,000 homes. Through its existing strategic partnerships LV= provides general insurance, life insurance and protection products to a wide range of other organisations including T&G, AMICUS, Intune (Help the Aged), Unison, the Royal College of Nursing (RCN), CSMA Club and the Royal College of Midwives.