LV signals expanded appetite with four more partnerships

LV has followed up its deal with Kinetic Underwriting by teaming up with Marmalade, Safeguard, Verex and Home & Legacy.

As revealed by Insurance Age, LV signed up for £75m of capacity with the managing general agent over six years.

However the latest partnerships moving across from Allianz are all broker based.

They all follow the takeover which completed at the start of the year and led to personal lines business starting to move between the two providers in May.

Telematics
The Marmalade relationship sees LV provide Highway Telematics targeting 17-24 year old drivers.

Marmalade provides its customers with a telematics box which captures data on the customers driving behaviour with education available to those with poor scores and rewards for better driving.

Michael Lawrence, personal lines director at LV, noted that the service widens choice for young drivers.

“It is helping younger drivers get access to cars with the latest protection, security and technology,” he said. “It enables them to get a competitive insurance product at the same time.

According to Lawrence the insurer has been running telematics propositions for seven years working with leading providers and would now also benefit from Allianz’s telematics experience in different markets around the globe.

Learning
“We expect it [Marmalade] to make up a significant part of our telematics portfolio,” he continued.

“We have learned over the years what works and what doesn’t.”

The arrangement with Safeguard, part of the Swinton Group and soon to be Ardonagh Group, involves LV joining a panel replacing Allianz’s previous solus arrangement.

The insurer will now work with the Yorkshire-based motorhome and caravan specialist broker in an open-ended arrangement.

Similarly, Allianz was previously solus with Verex Group.

It has added LV Broker Clear Car scheme to its panel which now consists of four insurers.

Manufacturers
LV stated that the development complements the ABC Car and Highway Car schemes joining the Verex panel in July 2018.

The intermediary delivers specialist insurance programmes to vehicle manufacturers with current clients including Dacia, Hyundai, Jaguar Land Rover, Kia, Mazda, Mitsubishi, MG, Renault, Suzuki and Volvo.

In its 30 year history it has built the business to work with 1,400 franchise dealers and over 500 approved repairers.

“They provide and manage a fully hosted service for motor manufacturers,” Lawrence confirmed.

He also pointed out that LV had joined Allianz-owned Home & Legacy’s product panel for mid net worth, high net worth and thatched home business.

Appetite
LV detailed that the development was evidence of its expanded appetite and capabilities for home insurance products.

Lawrence noted that the wholesale broker had always had an arms-length relationship with Allianz and would continue to do so with LV.

“We have built and taken over the products and created them on our own growing platform,” Lawrence explained.

“It fitted perfectly with our previous home incarnation as we were moving into the mid-high net worth space.

He concluded that the provider was excited about the growth opportunities on offer across the four firm package.

“They all add width to our product range and distribution,” he ended.

“They are all different to standard in some ways.”

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