BGL Insurance has announced a new partnership with Covéa that will see the two groups jointly launch a new motor insurance brand in 2022.
The brand is described as a “unique” motor product that “challenges the status quo, while significantly extending the customer reach of both businesses”.
The partnership will reportedly utilise 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 relationship, with the insurer already acting as a key panel member for several of BGL’s motor insurance brands.
Peter Thompson, CEO 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.”
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.”
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.”