Friday, 16 March 2018

New opportunities as Cigna departs travel partnerships?

The recent announcement that Cigna is exiting the travel insurance market in the UK (see Insurance Post article dated 16th February 2018) has left open a number of opportunities for other travel insurance providers, specialising in the affinity market. 

In the last month, Collinson has already taken advantage by announcing a partnership with over-50s specialist Saga (see our post dated 13th March 2018 for details), and Insurance Post also suggested that AXA would replace Cigna as the AA's travel insurance partner. 

Hood Group, which has also been particularly active in the travel insurance market, has recently replaced Cigna as the provider for esure and Sainsbury's Bank. The esure account is being underwritten by AWP (Allianz) and Sainsbury's Bank by ETI International. 

Other than the AA, Barclays Bank remains the only other significant travel insurance account still being underwritten by Cigna, but this too, is expected to move in the near future. 

Tuesday, 13 March 2018

Saga partners with Collinson for travel insurance

Saga has announced that Collinson has been selected as its new travel insurance partner, with policies underwritten by Great Lakes Insurance. The partnership applies to all standalone and optional Saga Holidays travel insurance covers. 

The partnership is a significant one for Collinson, which is well known for the provision of insurance, loyalty and lifestyle benefits in the travel sector. 

The new partnership coincides with the announcement (see Insurance Post article dated 16th February 2018) that Cigna, Saga's previous partner, is exiting the travel insurance market. The same article also suggested that Cigna's travel insurance partnership with AA  Insurance would soon be underwritten by AXA. 

Saga maintains a strong position in the over-50s insurance market and works with a panel of insurers for its car and home insurance (RSA provides its "high net worth" - TailorMade - home cover). It also partners with Acromas (previously Saga Insurance) for its pet, breakdown and personal accident covers. 

Friday, 23 February 2018

Prudential secures advisory partnership with Cambridge Building Society

Prudential Financial Planning (PFP) has secured a new partnership with the Cambridge Building Society; the UK's 14th largest society, with approximately 130,000 members. The partnership covers mortgage-related protection covers and, upon request, financial advice for pensions, investment and retirement planning. This follows PFP's decision to expand its protection panel to include 8 other providers, following a partnership with SImplyBiz in December 2017.  

Cambridge Building Society previously partnered with Legal & General for protection products and continues to work with RSA for home insurance and with Travelex for its travel money service.

The society's website also highlights that its "will writing" partner, The Will Writing Company (part of The Estate Planning Group) ceased trading at the end of 2017 and is now in receivership. It is worth noting that The Will Writing Company has previously partnered with the Dudley, Hanley Economic, Leeds, Melton Mowbray, Newcastle and Nottingham building societies. 

Friday, 2 February 2018

Hood Group and Allianz launch travel partnership with P&O

Hood Group has announced a new travel insurance partnership with P&O Ferries. The initial announcement was made by Hood Group in September 2017, but the formal launch has only now taken place. Cigna had previously been the travel insurance partner of P&O Ferries. 

The cover is being underwritten by Allianz Worldwide Partners (AWP), with which Hood Group signed a long-term partnership deal in September 2017. 

Hood Group has been particularly active in developing affinity travel partnerships since entering this market in July 2014 and numbers More Th>n, Legal & General and RAC Group as its partners. The first two are also underwritten by AWP whereas at present, the RAC partnership is underwritten by AXA. 

P&O Cruises (an unrelated business) continues to partner with Holiday Extras for its travel insurance, although this too is underwritten by AWP. 

Thursday, 4 January 2018

Clydesdale Banking Group partners with Royal London for Over 50s life cover

Royal London has been appointed as the new provider of Over 50s life cover to customers of Yorkshire and Clydesdale Banks; members of the CYGB group. The product is available either via the banks' branch networks or online.

Clydesdale and Yorkshire had previously partnered with Engage Mutual Assurance to provide a similar product, although this deal has not been in place for a number of years. In addition, both banks continue to provide mainstream protection products through a partnership with Legal & General. Interestingly, L&G does have its own Over 50s life offering which it distributes through other affinity partners. 

The banks continue to partner with RSA for home and motor insurance, Hiscox for "high net worth" covers, AIG for travel insurance and Arthur J. Gallagher for commercial insurance.

The deal suggests an increasing appetite for partnerships by Royal London. The insurer has never been a significant player in this channel, although it did launch a major life deal with Post Office Money in January 2017.