Compare the Market targets SMEs as it partners with Simply Business

Jigsaw men

Aggregator highlights appetite to grow business and landlords insurance.

Simply Business has partnered with price comparison site Compare the Market.

The broker stated that it expected to grow its customer base substantially and reach more small businesses and sole traders through the deal.

According to Simply Business, it currently covers more than 1,000 classes of business particularly aimed at small businesses and landlords.

The online broker was launched in 2005, and was bought by Travelers for $490m [£400.6m] in March last year.

Following the takeover Simply Business expanded into the US and promoted David Summers to the newly created role of UK chief executive officer.

In its latest set of financial results for the full year 2017 the company revealed a pre-tax loss of £470,000, which it said was due to costs from the acquisition by Travelers.

Summers commented: “With our unique proposition, we’re able to offer customers simplicity, flexibility, and choice.

“Working with Compare the Market will help us to provide even more customers with this choice and flexibility – empowering small business owners to find the policy that is right for their needs.”

Will Douglas, head of SME products at Compare the Market, said: “We have strong aspirations to grow our business and landlord insurance offerings and are therefore delighted to announce this partnership with Simply Business.

“We are seeing an increasing demand from the millions of small business customers to purchase their insurance online and so with Compare the Market’s brand and distribution capabilities, together with Simply Business’ dedication to delivering great customer outcomes, it creates an exciting combination.”  

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