Source: Insurance Business

Allianz UK, through its group company Liverpool Victoria Insurance Company, will begin offering replacement policies to Sainsbury’s Bank customers as their existing cover expires. The move comes as part of Sainsbury’s phased withdrawal from its banking business as it instead looks to switch to a model in which its products are delivered by brand partners. Both companies cited a shared emphasis on digital service and simplified product offerings as a foundation for the agreement.

“This agreement is a proud moment for Allianz UK and I’m excited to bring our insurance expertise to support Sainsbury’s Bank customers with their future insurance needs,” Serge Raffard, managing director for personal lines at Allianz UK said. “It underlines the strides we’ve made in the UK market over the past year as we seek to reach new customers and offer an increased choice of products.”

Bláthnaid Bergin, chief financial officer at Sainsbury’s, said Allianz was a suitable partner based on shared priorities. “It’s really important to us that we work with partners who share our values and customer focus, which is why I’m pleased to be announcing this new agreement with Allianz today,” she said.

The partnership also comes amid ongoing shifts in the UK home and motor insurance sectors. The motor market has faced rising claims inflation, driven by higher vehicle repair and replacement costs, while the home insurance segment has experienced volatility linked to escape of water claims, storm-related losses and inflation in materials and labour.

Read the full article: https://www.insurancebusinessmag.com/uk/news/property-insurance/allianz-uk-announces-sainsburys-bank-agreement-544477.aspx