It is the fourth general insurance distribution agreement Legal & General has recently agreed, in aggregate these should increase 2017 gross written premiums by £30 million to £40 million.
The partnership agreement with the Society will start in January 2017, with existing insurance customers having the option of taking out a policy with Legal & General from that date. Given Coventry Building Society’s Members First approach, the quality of service to their members was their top priority. Coventry Building Society felt that Legal & General’s culture, agility, partnership approach, value proposition and trusted brand, was the right balance for their members.
Mark Holweger, Managing Director, Legal & General Insurance Partnerships said: “It’s excellent news Coventry Building Society has chosen us as their general insurance partner, and I look forward to providing their customers with great value general insurance products and excellent customer service.
Andy Deeks, Product, Marketing and Strategy Director at Coventry Building Society commented: “Our number one priority was finding a provider that shared our Members First ethos and values, so achieving the right cultural fit was as important to us as finding a provider that could handle the transition in a seamless fashion. We are also delighted that customer premiums will be less than the current year and that cover will be at least as good as what is in place now, consistent with our aim to deliver long-term value for our members”.
Coventry is the UK’s 3rd largest building society, with over 1.8 million customers and £36bn of assets. Coventry Building Society has been rated as the number one savings provider and number one mortgage provider by Fairer Finance – an organisation that helps consumers find a bank or building society that offers good service, not just a good rate.
Legal & General has recently signed five year General Insurance agreements with Skipton and Principality Building Societies, the 4th and the 6th largest in the UK. Its insurance division has distribution arrangements for general insurance and protection products with 15 banks and building societies. Our product offering is award winning, and 5 star defaqto rated. In 2015 Legal & General Insurance wrote over £1.7 billion in total UK gross premiums.
|
