John Lewis and Partners has announced it will be collaborating with four leading experts from the insurance industry to create a new home insurance product for its customers.
The brand is set to work alongside Munich Re, Sedgwick International, the Hood Group and ICE Insurtech over the coming months.
While John Lewis has an existing home insurance business, from early 2021 its plans to release an “innovative” product to the market, which it hopes reaches a wider audience.
Pippa Wicks, executive director at John Lewis, said: “As part of our new Partnership Plan, we have a big ambition to grow our financial services offering to customers over the next five years.
“To support this, we’re delighted to have created a partnership with these innovative experts from within the insurance industry.”
She added: “While we have offered home insurance for fourteen years, together with our new partners we will re-imagine our home insurance offer to provide our customers with reassuring and fairer cover that is more relevant to them than ever before.”
Dr. Thomas Blunck, member of Munich Re’s board of management, said: “We are delighted to be partnering with such a prestigious UK retailer.
“This partnership highlights Munich Re’s continued commitment to building new insurance solutions, meeting customers’ growing demand for flexible products, immediate fulfilment and coverage.”
Andrew Passfield, chief executive officer at ICE InsureTech, said: “We are delighted to be working with John Lewis and to be selected as their chosen policy administration service provider.
“We have extensive knowledge in the insurance, data and insurtech world and our platform and team will arm John Lewis for the challenge of reinventing the home insurance space.”