Home & Legacy, the household and contents broker, has expanded into the motor market.
The company, a subsidiary of Allianz, has lined up insurers Chaucer and Groupama on the panel of its new product, Ultra Motor. Ultra will launch on 1 April.
Barry O’Neill, Home & Legacy’s managing director, said: “We have spent the last year preparing our infrastructure by relocating our business and investing a great deal in technology.
“We have now created the infrastructure that will allow us to grow our business rapidly.”
The high net worth broker has also relaunched its policy wordings for household insurance. The firm is ranked in the top category for its policy wordings by Defaqto, the independent rating service.
O’Neill said the company would continue working predominantly as a wholesale broker. It has 65 employees with its headquarters in London.
Friday, 24 April 2009
Moneysupermarket’s 10% fall
Moneysupermarket.com has said its insurance revenues for the first quarter were down 10% on the same period last year with motor falling but growth in its home insurance business.
It said demand for discretionary insurance in general, including travel insurance, was lower than the same period last year.
The company has cut 80 jobs.
Peter Plumb, chief executive, said: “Trading levels appear to have stabilised over the course of quarter one. As promised at the time of the preliminary results we have taken action to reconfigure our cost base for the lower levels of both demand and supply arising from the current recession. We have also made good progress over a relatively short period of time with our marketing plans and these should deliver benefits in the second half of the year.
“We remain the UK's leading price comparison website and customers remain at the heart of everything we do. We continue to add functionality and products to our site to make it even more useful for customers. I am confident that the successful execution of the group's strategy in 2009 will position moneysupermarket.com for continued long term sustainable growth.”
It said demand for discretionary insurance in general, including travel insurance, was lower than the same period last year.
The company has cut 80 jobs.
Peter Plumb, chief executive, said: “Trading levels appear to have stabilised over the course of quarter one. As promised at the time of the preliminary results we have taken action to reconfigure our cost base for the lower levels of both demand and supply arising from the current recession. We have also made good progress over a relatively short period of time with our marketing plans and these should deliver benefits in the second half of the year.
“We remain the UK's leading price comparison website and customers remain at the heart of everything we do. We continue to add functionality and products to our site to make it even more useful for customers. I am confident that the successful execution of the group's strategy in 2009 will position moneysupermarket.com for continued long term sustainable growth.”
Hastings offer bikers free Personal Accident Cover
Motorcyclists comprise just 1% of road traffic, yet are involved in 19% of all accidents according to figures from the Department for Transport.
Hastings Direct motorcycle division, Hastings Bike Team, are aiming to support bikers by offering them up to £15,000 free Personal Accident Cover on every bike insurance policy, also including £750 or less towards helmet and leather cover.
The Hastings Bike Team consists of specialists in motorcycle insurance equipped with the experience to address any potential queries clients might have or other issues around motorbike insurance.
With the recent glorious summer weather, more and more bikers will enjoy the sunny days on their bikes, but they should not neglect the possibility of encountering accidents.
Most accidents are caused by being careless or reckless, or failing to pay due care and attention at turns or other people’s path or speed.
Hastings Direct motorcycle division, Hastings Bike Team, are aiming to support bikers by offering them up to £15,000 free Personal Accident Cover on every bike insurance policy, also including £750 or less towards helmet and leather cover.
The Hastings Bike Team consists of specialists in motorcycle insurance equipped with the experience to address any potential queries clients might have or other issues around motorbike insurance.
With the recent glorious summer weather, more and more bikers will enjoy the sunny days on their bikes, but they should not neglect the possibility of encountering accidents.
Most accidents are caused by being careless or reckless, or failing to pay due care and attention at turns or other people’s path or speed.
Thursday, 9 April 2009
Easter DIY disasters cause spike in insurance claims
DIY disasters will cause a spike in home insurance claims over the Easter weekend, AXA warned yesterday.
The home insurance provider said DIY accidents will peak on Saturday morning, with spilled paint as the prime suspect.
Paint spillages in past years have accounted for 40% of Easter accidents.
Other Easter mishaps include accidental holes in walls and ceilings (28%), broken furniture (23%), and water damage (19%).
Worryingly, 14% of claimants have caused a fire.
One in five of those taking out the toolbox this weekend will have an accident, AXA said, and claims will cost insurers an average of £900 each, with some accidents costing as much as £10,000.
Furthermore, a number of DIYers will end up nursing injuries in hospital.
Nick Kidd, AXA head of home insurance, said: “We’re a nation of enthusiastic DIYers but people need to be careful.
“As well as all the other preparation that’s essential for a good DIY job, it’s worth checking out whether you’ve got suitable insurance in place.”
Twitter-focused UK start-up launches with big media clients
LONDON - Warner Music and Virgin Media are among several brands working with a start-up agency called Twitter Partners, which plans to offer services from consultancy to customer insight, CRM and reputation management.
Twitter Partners is led by former Nielsen president and angel investor Peter Read and is a privately held, London-based firm.
Read has assembled a line-up of well-known digital figures to advise the company. They include former Yahoo! vice-president Toby Coppel, Last.fm founder Stefan Glaenzer, LoveFilm co-founder Saul Klein and Lastminute.com founders Martha Lane Fox and Brent Hoberman.
One of Twitter Partners' first tasks is a campaign promoting the release the animated band Gorillaz' upcoming documentary titled 'Bananaz'.
Other clients include Universal Pictures, Lionsgate, Knitting Factory, Paramount and Comedy.com.
Twitter Partners will offer the brands a number of services, including customer insight, profiling and segmentation, CRM, buzz monitoring, virtual focus groups and corporate reputation management.
It will initially work on a consultancy basis but plans to expand into products and automation in the future.
According to twitter Partners' website, it has already lined up 11 agency partners, including Razorfish and Unanimis, and is "building a suite of apps, tools and services to help brands, media companies, and celebrities harness the power of the Twitter ecosystem".
The Twitter 'ecosystem' is now inhabited by more than 7m users but Twitter itself has yet to find a secure revenue model. The company houses approximately 30 staff, mostly engineers, and has been more focused on technical than commercial development.
Twitter is currently being courted by many firms, including Google, which was reported to be in "late-stage" acquisition talks with Twitter last week, though it now appears negotiations are at a much earlier stage.
A number of brands and celebrities are already well-established on Twitter, including Stephen Fry, Starbucks and Comparethemarket.com, which recently ran a campaign asking Twitter users if they would like to appear on a testimonial page on its mascot's website.
Twitter Partners is led by former Nielsen president and angel investor Peter Read and is a privately held, London-based firm.
Read has assembled a line-up of well-known digital figures to advise the company. They include former Yahoo! vice-president Toby Coppel, Last.fm founder Stefan Glaenzer, LoveFilm co-founder Saul Klein and Lastminute.com founders Martha Lane Fox and Brent Hoberman.
One of Twitter Partners' first tasks is a campaign promoting the release the animated band Gorillaz' upcoming documentary titled 'Bananaz'.
Other clients include Universal Pictures, Lionsgate, Knitting Factory, Paramount and Comedy.com.
Twitter Partners will offer the brands a number of services, including customer insight, profiling and segmentation, CRM, buzz monitoring, virtual focus groups and corporate reputation management.
It will initially work on a consultancy basis but plans to expand into products and automation in the future.
According to twitter Partners' website, it has already lined up 11 agency partners, including Razorfish and Unanimis, and is "building a suite of apps, tools and services to help brands, media companies, and celebrities harness the power of the Twitter ecosystem".
The Twitter 'ecosystem' is now inhabited by more than 7m users but Twitter itself has yet to find a secure revenue model. The company houses approximately 30 staff, mostly engineers, and has been more focused on technical than commercial development.
Twitter is currently being courted by many firms, including Google, which was reported to be in "late-stage" acquisition talks with Twitter last week, though it now appears negotiations are at a much earlier stage.
A number of brands and celebrities are already well-established on Twitter, including Stephen Fry, Starbucks and Comparethemarket.com, which recently ran a campaign asking Twitter users if they would like to appear on a testimonial page on its mascot's website.
Sainsbury's insurance warning for cost cutters
As the credit crunch continues to grind on, Brits have been coming up with ways to cut back on costs in a bid to save money.
According to a study conducted by Sainsbury's Bank, people are going so far to scrimp on outgoings that they are actually reducing insurance cover and some are cancelling policies altogether.
However, the bank has warned that insurance should be viewed as a necessity, not a luxury.
Sainsbury's Home Insurance manager Neil Laird explained: "It's inevitable that people are going to be looking to make cut backs, but it's a real concern when those cut backs leave them vulnerable to far greater expense down the line."
In a bid to ensure that people are adequately covered at an affordable cost, given the current economic climate, Sainsbury's is to launch a '30-30-30' offer, which could see customers getting a discount of 30 per cent on contents and building cover, in addition to two lots of £30 shopping vouchers.
According to a study conducted by Sainsbury's Bank, people are going so far to scrimp on outgoings that they are actually reducing insurance cover and some are cancelling policies altogether.
However, the bank has warned that insurance should be viewed as a necessity, not a luxury.
Sainsbury's Home Insurance manager Neil Laird explained: "It's inevitable that people are going to be looking to make cut backs, but it's a real concern when those cut backs leave them vulnerable to far greater expense down the line."
In a bid to ensure that people are adequately covered at an affordable cost, given the current economic climate, Sainsbury's is to launch a '30-30-30' offer, which could see customers getting a discount of 30 per cent on contents and building cover, in addition to two lots of £30 shopping vouchers.
Monday, 23 March 2009
British drivers downsize to save on insurance costs
March is traditionally the month when drivers renew their insurance policy, and according to research by Saga, nearly three million motorists have downsized to a smaller car in recent months to save on insurance costs at policy renewal.
Eight percent of motorists - 2.7 million drivers -have opted for a car with a smaller engine to reduce their monthly insurance bill, as well as cutting back on fuel and tax costs.
A further 8% have increased their voluntary excess to reduce monthly insurance premiums, whilst 4% have removed named drivers from their policy.
One in twenty (5%) motorists have removed optional extras from their policy, such as breakdown cover or legal expenses.
Three quarters (73%) of drivers, however, have not yet done anything to reduce their insurance costs.
Saga chief executive Andrew Goodsell encouraged more drivers to take ’simple steps’ to reduce the cost of policy renewal.
Goodsell said: “Remembering to update your car insurance policy as your needs change can help save money on monthly premiums at a time when many people are looking to reign in their spending.
“However, it’s important to ensure the quality of the cover isn’t compromised and the policy still meets all your needs.”
Eight percent of motorists - 2.7 million drivers -have opted for a car with a smaller engine to reduce their monthly insurance bill, as well as cutting back on fuel and tax costs.
A further 8% have increased their voluntary excess to reduce monthly insurance premiums, whilst 4% have removed named drivers from their policy.
One in twenty (5%) motorists have removed optional extras from their policy, such as breakdown cover or legal expenses.
Three quarters (73%) of drivers, however, have not yet done anything to reduce their insurance costs.
Saga chief executive Andrew Goodsell encouraged more drivers to take ’simple steps’ to reduce the cost of policy renewal.
Goodsell said: “Remembering to update your car insurance policy as your needs change can help save money on monthly premiums at a time when many people are looking to reign in their spending.
“However, it’s important to ensure the quality of the cover isn’t compromised and the policy still meets all your needs.”
One in five motorists drive without insurance
One in five motorists admitted to driving a car without insurance in a recent survey by moneysupermarket.com.
The price comparison site found that 19% of drivers have broken the law by getting behind the wheel of a vehicle they weren’t insured to take on the road.
Nearly a tenth (9%) of motorists have driven their own car without insurance, whilst 8% have driven someone else’s car whilst not adequately insured.
Men are more likely than women to flout insurance laws, with one in four admitting to driving whilst uninsured, compared to one in six women.
Andy Leadbetter, moneysupermarket.com director of insurance, said: “It is a shame to see so many of us have taken to the roads when uninsured to drive, and this year’s results reveal a worrying trend.
“In 2008 we found 15 per cent of motorist admitting to the offence so 2009 has seen an unfortunate increase.”
He added that penalties for those caught driving without insurance include a £200 on-the-spot fine and six points on their driving license.
The uninsured vehicle can also be impounded, with a £150 collection charge and £20 per day storage fee.
“If Brits are forgoing their motor insurance for cost reasons it clearly is a false economy,” Leadbetter said.
The price comparison site found that 19% of drivers have broken the law by getting behind the wheel of a vehicle they weren’t insured to take on the road.
Nearly a tenth (9%) of motorists have driven their own car without insurance, whilst 8% have driven someone else’s car whilst not adequately insured.
Men are more likely than women to flout insurance laws, with one in four admitting to driving whilst uninsured, compared to one in six women.
Andy Leadbetter, moneysupermarket.com director of insurance, said: “It is a shame to see so many of us have taken to the roads when uninsured to drive, and this year’s results reveal a worrying trend.
“In 2008 we found 15 per cent of motorist admitting to the offence so 2009 has seen an unfortunate increase.”
He added that penalties for those caught driving without insurance include a £200 on-the-spot fine and six points on their driving license.
The uninsured vehicle can also be impounded, with a £150 collection charge and £20 per day storage fee.
“If Brits are forgoing their motor insurance for cost reasons it clearly is a false economy,” Leadbetter said.
Moneysupermarket adds to home and motor panels
Virgin, Churchill and Privilege all sign up
Moneysupermarket has added Virgin, Churchill and Privilege to its motor and home insurance panels.
The price comparison site now has 91 partners on its motor panel, while its home insurance panel has increased to 50.
Andy Leadbetter, managing director of insurance at Moneysupermarket, said: “We strive to provide the widest range of car insurers for our customers to compare and are delighted to now offer these new insurance providers. Customer feedback tells us that choice, and clear, impartial information about car insurance policies is important and we want to deliver this to our users. We are constantly expanding and upgrading the service we offer so consumers get exactly what they need as quickly and efficiently as possible.”
"In 2008 moneysupermarket.com launched its ‘next generation’ motor insurance channel, with improved functionality and questions which removed the need for assumptions. Motor insurance quotes should now be 100 per cent accurate – the price customers see is the actual price they pay. The addition of the dynamic Policy Wizard function means consumers can tweak and tailor their policy to add and remove features whilst clearly viewing the premium price update in real time.
He continued: “Through the next generation motor insurance tool we are confident we offer the best motor comparison service which is easy to use, with powerful features and a huge percentage of the market available to compare. Whilst price is still a key consideration, consumers also want to compare the features included in their insurance product, and our new tool makes it quick and easy to find the right product at the right price.”
“Alongside the motor insurance offerings we are pleased to welcome these home insurance providers to our listings. We look forward to continuing to increase this selection – thereby offering customers a wider choice and more comprehensive view of the home insurance market.”
Moneysupermarket has added Virgin, Churchill and Privilege to its motor and home insurance panels.
The price comparison site now has 91 partners on its motor panel, while its home insurance panel has increased to 50.
Andy Leadbetter, managing director of insurance at Moneysupermarket, said: “We strive to provide the widest range of car insurers for our customers to compare and are delighted to now offer these new insurance providers. Customer feedback tells us that choice, and clear, impartial information about car insurance policies is important and we want to deliver this to our users. We are constantly expanding and upgrading the service we offer so consumers get exactly what they need as quickly and efficiently as possible.”
"In 2008 moneysupermarket.com launched its ‘next generation’ motor insurance channel, with improved functionality and questions which removed the need for assumptions. Motor insurance quotes should now be 100 per cent accurate – the price customers see is the actual price they pay. The addition of the dynamic Policy Wizard function means consumers can tweak and tailor their policy to add and remove features whilst clearly viewing the premium price update in real time.
He continued: “Through the next generation motor insurance tool we are confident we offer the best motor comparison service which is easy to use, with powerful features and a huge percentage of the market available to compare. Whilst price is still a key consideration, consumers also want to compare the features included in their insurance product, and our new tool makes it quick and easy to find the right product at the right price.”
“Alongside the motor insurance offerings we are pleased to welcome these home insurance providers to our listings. We look forward to continuing to increase this selection – thereby offering customers a wider choice and more comprehensive view of the home insurance market.”
Insurance renewal forms confuse householders
Home insurance renewal forms are the most confusing documents received through the post, according to a poll of UK households.
Research commissioned by Gocompare.com found that 24% of Brits simple file their home insurance documents and allow the policy to renew automatically because they find the renewal documents too confusing.
Gocompare warns that because of this confusion, many insurance customers are missing out on the best available deals.
In addition, because the documents are not read through properly, insurance customers could be buying an inappropriate policy, or leaving themselves underinsured.
Hayley Parsons, Gocompare.com chief executive, said: “The language used and the technical nature of renewal documents make them a less than compelling read.”
However, she warned that householders should read through the documents to ensure they are getting good value for their premium payments, and to check that they have the right cover for their needs.
Utility bills were the second most difficult document for households to understand, with 20% of those polled finding them frustrating to read
Research commissioned by Gocompare.com found that 24% of Brits simple file their home insurance documents and allow the policy to renew automatically because they find the renewal documents too confusing.
Gocompare warns that because of this confusion, many insurance customers are missing out on the best available deals.
In addition, because the documents are not read through properly, insurance customers could be buying an inappropriate policy, or leaving themselves underinsured.
Hayley Parsons, Gocompare.com chief executive, said: “The language used and the technical nature of renewal documents make them a less than compelling read.”
However, she warned that householders should read through the documents to ensure they are getting good value for their premium payments, and to check that they have the right cover for their needs.
Utility bills were the second most difficult document for households to understand, with 20% of those polled finding them frustrating to read
Friday, 23 January 2009
Insurance Related issues
Government targets motorists without insurance
Keeping a car without insurance is to become a criminal offence under changes to the law proposed by the government today.
Around 6.5% of motorists are thought to be uninsured, and an estimated 160 people are killed and 23,000 injured each year by drivers without cover.
It is already an offence to drive without insurance, but under the changes proposed today it will also become an offence to keep an uninsured car. Those convicted will face a fine of up to £1,000 and the possibility of court action to seize the vehicle.
The road safety minister, Jim Fitzpatrick, said new processes would allow the Driver and Vehicle Licensing Agency (DVLA) and the Motor Insurance Bureau in Milton Keynes to work together to cross reference records and identify those vehicle owners without valid insurance.
The DVLA will write to drivers telling them to either pay for insurance or explain why they have not got cover.
If they do not take out insurance or fail to provide a reason why they have not, they will face a fixed fine of £100. If they still do not get cover they could be fined £1,000 and have their vehicle seized. Car enthusiasts and amateur mechanics who will not be driving their vehicles and have a statutory off-road notice (Sorn) in place will be excused.
Fitzpatrick said: "The selfish minority of drivers who refuse to insure their cars push up premiums for other motorists and kill or injure thousands of people each year.
"Increased police powers already mean more than 400 uninsured vehicles are seized every day, but these tough new measures will leave uninsured drivers with nowhere to hide."
Drivers without insurance are believed to cost law-abiding motorists around £30 a year in extra insurance premiums. The AA said last week that the cost of motor insurance premiums had increased considerably over the past year as a result of rising personal injury claims and incidents of insurance fraud.
The average cost of comprehensive cover has increased by 8.7% on this time last year to £741.66 a year.
Simon Douglas, director of AA Insurance, said the insurance industry was under "considerable financial pressure" and that further price hikes were likely.
"We expect this upward trend to accelerate," he said. "Although the bank base rate has fallen and there is widespread price-cutting across credit-crunch Britain, the costs insurers face are rising fast."
Keeping a car without insurance is to become a criminal offence under changes to the law proposed by the government today.
Around 6.5% of motorists are thought to be uninsured, and an estimated 160 people are killed and 23,000 injured each year by drivers without cover.
It is already an offence to drive without insurance, but under the changes proposed today it will also become an offence to keep an uninsured car. Those convicted will face a fine of up to £1,000 and the possibility of court action to seize the vehicle.
The road safety minister, Jim Fitzpatrick, said new processes would allow the Driver and Vehicle Licensing Agency (DVLA) and the Motor Insurance Bureau in Milton Keynes to work together to cross reference records and identify those vehicle owners without valid insurance.
The DVLA will write to drivers telling them to either pay for insurance or explain why they have not got cover.
If they do not take out insurance or fail to provide a reason why they have not, they will face a fixed fine of £100. If they still do not get cover they could be fined £1,000 and have their vehicle seized. Car enthusiasts and amateur mechanics who will not be driving their vehicles and have a statutory off-road notice (Sorn) in place will be excused.
Fitzpatrick said: "The selfish minority of drivers who refuse to insure their cars push up premiums for other motorists and kill or injure thousands of people each year.
"Increased police powers already mean more than 400 uninsured vehicles are seized every day, but these tough new measures will leave uninsured drivers with nowhere to hide."
Drivers without insurance are believed to cost law-abiding motorists around £30 a year in extra insurance premiums. The AA said last week that the cost of motor insurance premiums had increased considerably over the past year as a result of rising personal injury claims and incidents of insurance fraud.
The average cost of comprehensive cover has increased by 8.7% on this time last year to £741.66 a year.
Simon Douglas, director of AA Insurance, said the insurance industry was under "considerable financial pressure" and that further price hikes were likely.
"We expect this upward trend to accelerate," he said. "Although the bank base rate has fallen and there is widespread price-cutting across credit-crunch Britain, the costs insurers face are rising fast."
Competitors
Norwich Union marketing director explains name change in video blog
LONDON - Norwich Union, soon to be Aviva, is launching its first ever video blog, starring its sales and marketing director John Kitson.
The blog, which targets insurance brokers, was developed by Chemistry and will support the companies re-brand from Norwich Union to Aviva from 1 June.
Readers of Insurance Times will be able to watch Kitson's blog in which he will talk about his journey managing the name change from Norwich Union to Aviva.
Brokers will be able to make written posts about the blog, which will also be promoted through the Insurance Times website.
Norwich Union is currently running a major above-the-line marketing campaign to promote the name change to Aviva which the company uses in most territories around the world.
The ad features celebrities, such as Bruce Willis and Ringo Star, who have changed their names.
To watch the blog visit http://www.insurancetimes.co.uk/thejohnkitsonblog
LONDON - Norwich Union, soon to be Aviva, is launching its first ever video blog, starring its sales and marketing director John Kitson.
The blog, which targets insurance brokers, was developed by Chemistry and will support the companies re-brand from Norwich Union to Aviva from 1 June.
Readers of Insurance Times will be able to watch Kitson's blog in which he will talk about his journey managing the name change from Norwich Union to Aviva.
Brokers will be able to make written posts about the blog, which will also be promoted through the Insurance Times website.
Norwich Union is currently running a major above-the-line marketing campaign to promote the name change to Aviva which the company uses in most territories around the world.
The ad features celebrities, such as Bruce Willis and Ringo Star, who have changed their names.
To watch the blog visit http://www.insurancetimes.co.uk/thejohnkitsonblog
Competitors
AIG ends Man Utd sponsorship deal
The troubled US insurer AIG will not be renewing its shirt sponsorship deal with Manchester United that expires in May 2010.
AIG agreed to pay £14m-a-year for four years for the shirt sponsorship and also has a longer £5m-a-year deal to run MU Finance.
It is currently restructuring itself, having received a $150bn (£109bn) bail-out from the US government.
It is not clear whether the MU Finance deal will continue.
AIG signed a six-and-a-half year deal at the beginning of 2008 to offer insurance, credit cards and mortgages using the MU Finance brand.
Manchester United said that it had already started talking to a select group of potential sponsors.
Its spokesman added that it was normal to begin the process this early because technical issues surrounding the manufacturing of shirts meant that it has to know who will be its shirt sponsor for the 2010/2011 season by the autumn.
Last week in Macau, Manchester United chief executive David Gill said he would not be surprised if the AIG shirt sponsorship deal was not renewed.
AIG has already ended its sponsorship deal with the US Davis Cup tennis team.
The troubled US insurer AIG will not be renewing its shirt sponsorship deal with Manchester United that expires in May 2010.
AIG agreed to pay £14m-a-year for four years for the shirt sponsorship and also has a longer £5m-a-year deal to run MU Finance.
It is currently restructuring itself, having received a $150bn (£109bn) bail-out from the US government.
It is not clear whether the MU Finance deal will continue.
AIG signed a six-and-a-half year deal at the beginning of 2008 to offer insurance, credit cards and mortgages using the MU Finance brand.
Manchester United said that it had already started talking to a select group of potential sponsors.
Its spokesman added that it was normal to begin the process this early because technical issues surrounding the manufacturing of shirts meant that it has to know who will be its shirt sponsor for the 2010/2011 season by the autumn.
Last week in Macau, Manchester United chief executive David Gill said he would not be surprised if the AIG shirt sponsorship deal was not renewed.
AIG has already ended its sponsorship deal with the US Davis Cup tennis team.
Friday, 9 January 2009
LV= to provide insurance products to Nationwide Building Society customers
UK-based LV= has announced that it is providing a range of insurance products to Nationwide Building Society customers.
According to LV=, the strategic partnership, which was originally announced in June 2008, 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 also manage the sales, underwriting and administration of new policies.
Mike Rogers, CEO of LV= Group, 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."
According to LV=, the strategic partnership, which was originally announced in June 2008, 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 also manage the sales, underwriting and administration of new policies.
Mike Rogers, CEO of LV= Group, 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."
Thursday, 8 January 2009
Good news for RBSi on a recent online insurance survey
Churchill and Sheila's Wheels offer the 'best experience' online for motor insurance customers, but Lloyds was found to be best for Home Insurance, according to a new poll.
The research from customer experience benchmarking company, Global Reviews, measured customers' experience on twelve motor insurance and fifteen home insurance websites.
The sites were assessed against more than 550 objective criteria including the information available to prospective buyers, customer support, service offered to customers, and general site usability.
The study found that there is a huge difference between the home insurance websites. Lloyds leads the way with 62% and Zurich has the lowest score with 46% (see below for full benchmark).
Lloyds is top of the table because they are head and shoulders above the rest for the quality of the customer support online with a score of 70% for this category.
- Churchill received the highest score for online applications with 64%, closely followed by Lloyds at 62%.
- Privilege and Churchill were found to offer the best sales support online with scores of 68%.
- Lloyds ranked number one by some way for customer support with a score of 70%. Churchill came second with 51%.
- When it comes to the quality of the homepage, search and overall navigation, Norwich Union and Halifax received the highest scores of 79%.
- Direct Line was found to offer the best content online, with the highest score of 56%.
The variance across motor insurance websites is much less with only 10% difference in the scores. Churchill and Sheila's Wheels lead the way with 51%. Tesco (44%), Admiral (43%) and Budget (41%) have the lowest scores (see below for full benchmark). Churchill and Sheila's Wheels are top of the table because they receive good scores in all areas.
- More Th>n received the highest score of 57% for online applications, closely followed by Admiral and esure at 54%.
- Sheila's Wheels was found to offer the best sales support online with a score of 52%, closely followed by More Th>n with 51%.
- Swiftcover (61%), Direct Line (58%) and Churchill (52%) are head and shoulders above the rest for customer support.
- When it comes to the quality of the homepage, search and overall navigation, Norwich Union received the highest scored of 75%.
- The AA was found to offer the best content online, with the highest score of 55%, closely followed by Swiftcover and Churchill with 54%.
The Home Insurance scores may seem higher than the Motor insurance scores, but they are different benchmarks, so they cannot be compared like for like. It is only possible to compare companies within each product benchmark.
Global Reviews director, Bertie Stevenson said: "The vast majority of consumers depend on websites to research their insurance options. If customers find it difficult to find the information they are looking for, or to apply online, their competitors are just a click away. Even those at the top of the benchmark need to look regularly at what competitors are doing as change can happen quickly online."
The research from customer experience benchmarking company, Global Reviews, measured customers' experience on twelve motor insurance and fifteen home insurance websites.
The sites were assessed against more than 550 objective criteria including the information available to prospective buyers, customer support, service offered to customers, and general site usability.
The study found that there is a huge difference between the home insurance websites. Lloyds leads the way with 62% and Zurich has the lowest score with 46% (see below for full benchmark).
Lloyds is top of the table because they are head and shoulders above the rest for the quality of the customer support online with a score of 70% for this category.
- Churchill received the highest score for online applications with 64%, closely followed by Lloyds at 62%.
- Privilege and Churchill were found to offer the best sales support online with scores of 68%.
- Lloyds ranked number one by some way for customer support with a score of 70%. Churchill came second with 51%.
- When it comes to the quality of the homepage, search and overall navigation, Norwich Union and Halifax received the highest scores of 79%.
- Direct Line was found to offer the best content online, with the highest score of 56%.
The variance across motor insurance websites is much less with only 10% difference in the scores. Churchill and Sheila's Wheels lead the way with 51%. Tesco (44%), Admiral (43%) and Budget (41%) have the lowest scores (see below for full benchmark). Churchill and Sheila's Wheels are top of the table because they receive good scores in all areas.
- More Th>n received the highest score of 57% for online applications, closely followed by Admiral and esure at 54%.
- Sheila's Wheels was found to offer the best sales support online with a score of 52%, closely followed by More Th>n with 51%.
- Swiftcover (61%), Direct Line (58%) and Churchill (52%) are head and shoulders above the rest for customer support.
- When it comes to the quality of the homepage, search and overall navigation, Norwich Union received the highest scored of 75%.
- The AA was found to offer the best content online, with the highest score of 55%, closely followed by Swiftcover and Churchill with 54%.
The Home Insurance scores may seem higher than the Motor insurance scores, but they are different benchmarks, so they cannot be compared like for like. It is only possible to compare companies within each product benchmark.
Global Reviews director, Bertie Stevenson said: "The vast majority of consumers depend on websites to research their insurance options. If customers find it difficult to find the information they are looking for, or to apply online, their competitors are just a click away. Even those at the top of the benchmark need to look regularly at what competitors are doing as change can happen quickly online."
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