Lloyds Bank has announced a partnership with Arthur J Gallagher to provide business insurance solutions to its 1.1 million SME customers. The exclusive 5-year partnership (which actually commenced at the end of December 2013), covers a range of insurance covers and aims to increase the Bank's "underwriting footprint" by use of the broker's panel of specialist SME insurers.
The service will be available in-branch as well as over the phone and online and has been described as a "fully advised business insurance offering". The main casualty of the new partnership is Allianz which had held the Lloyds Bank business since November 2009.
Allianz continues to partner with Barclays for its SME customers, AXA with HSBC and Santander, and UKI (NIG) works with RBS.
The shift to a "broked" solution by Lloyds Bank and the growing appetite of many brokers for commercial partnerships, suggests that the other banks may also look beyond single insurer deals in future renewals.