BGL Insurance (BGL) and Covéa have today announced an ‘industry first’ joint venture that will see the two firms combine to launch a motor insurance brand in 2022. The exclusive partnership between BGL, a digital distributor of personal lines insurance, and the insurer Covéa will bring a new direct insurance proposition to market next year with the ambition of creating a unique motor product while expanding the customer reach of both businesses.
In a Press release, BGL noted that the tie up will combine the best skills from both sides, aligning Covéa’s underwriting and claims management expertise with BGL’s pricing, customer service, digital distribution and tech capabilities. The deal builds on Covéa and BGL’s existing relationship, as the insurer acts as a key panel member for several of BGL’s motor insurance brands.
Commenting on the joint venture, Peter Thompson, CEO of BGL Insurance, said that the unique partnership and launch was a “bold move” but one that showcases the strategic growth ambitions of both firms. He noted that having worked closely with Covéa in the past, it is clear that the businesses have a strong alignment when it comes to both their operations and their cultures.
He added: “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.”
Meanwhile, Adrian Furness, CEO of Covéa Insurance, said the firm was delighted to continue forging closer links with BGL, allowing the business to quickly and effectively extend its motor proposition. He said both teams were now working hard on the next phase of the partnership which involves developing the brand and shaping the proposition for its target audience to ensure a successful launch in 2022.
“Customers have extremely high expectations of their insurance provider and require a straightforward and simple experience,” he said. “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.”