Personal lines-focused distributor BGL Insurance and insurer Covéa are partnering on a joint venture that will bring a new motor brand to market next year.
The exclusive, long-term joint venture will launch a direct motor insurance proposition, with Covéa bringing underwriting and claims management expertise to the partnership, alongside BGL’s pricing, customer service, digital distribution and tech capabilities.
Peter Thompson, chief executive officer of BGL Insurance, described the joint venture as a “bold move but one that highlights the strategic growth ambitions of both businesses”.
He continued: “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, chief executive officer 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.”
Furness said Covéa and BGL are “working hard on the next phase”, including development of the brand and shaping the proposition for target customers to enable a successful launch in 2022.
He continued: “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.”