BGL Insurance and Covéa form exclusive partnership to launch motor insurance brand in 2022

7th December 2021

Industry first ‘joint venture’ will see the two players combine to deliver motor proposition to rival other direct brands.

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, 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 – 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.”

 

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About Covéa Insurance

Covea Insurance Plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 16.6 billion Euros in premiums in 2020.   

Covéa Insurance looks after the insurance needs of over 2 million policyholders; delivering financial reassurance through its Standard & Poor’s ‘AA- stable’ rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels.

Employing over 1900 people, Covéa Insurance has a strong people and service ethos.  It holds ServiceMark accreditation with Distinction for its Personal Lines operation and its Commercial & HNW Claims teams, as well as Chartered Insurer status for its Commercial business.  Covéa Insurance is signatory to the HM Treasury Women in Finance Charter and the insurance Inclusivity Pledge and has been named one of the top 75 employers in West Yorkshire & the Humber.

Recently, Covéa Insurance won the General Insurer of the Year award at the British Insurance Awards 2021. It was named as the Best Place to Work in Digital (Large Organisations) at the Digital Technology Leaders Awards and as the Best Employer at the Yorkshire Financial Awards.  They were also recipients of the Best Insurer title at the British Claims Awards, High Net Worth Product of the Year Award at the Insurance Times Awards, the Staff Empowerment Award at the Diversity & Inclusion in Insurance Awards.

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