John Lewis rewarding loyal customers with best pricing before FCA ruling on price walking comes to the marketplace.
GoToMarket plan involves partnerships with: -
- Digital Partners, a Munich Re company, to create and launch the product
- Sedgwick to manage claims
- Hood Group to manage customer service and queries
- ICE Insurtech for Policy Admin System
Ali Berryman, head of financial services at John Lewis, said: “Our lives have changed significantly over the last year and we know how frustrating it is to pay for something that doesn’t suit the lives we’re living today.
”This is why we’ve launched a more transparent home insurance, which gives customers the flexibility to choose the cover that meets their needs.”
“With better choice and no additional fees, customers can ensure that as their lives change, so too can the protection they have on their home and belongings.
”We also believe in rewarding loyalty, which is why with our new product we’ll make sure that when it comes to renew, [the price for current customers] will not be any higher than the price for new customers.
Although John Lewis has an existing home insurance business with standard policies underwritten by RSA, it planned to deliver this new product targeted at a wider audience.
All new non-specialist home insurance policies will be offered via the new partnership, and specialist home insurance will be continued to be offered through Covea.
Thomas Blunck, Member of the board of management, Munich Re, said: “This partnership highlights Munich Re’s continued commitment to building new insurance solutions, meeting customers’ growing demand for flexible products, immediate fulfilment and coverage.”
John Lewis depends upon data mastery to knows its customers, their wants and desires and combining the vast range of products for the home makes good business sense to leverage these data insights to target insurance effectively.
High street retailer John Lewis has launched a new flexible home insurance product, giving consumers the choice to select what cover they need. Designed to be jargon-free and easy to understand, the product has been created through a partnership with Digital Partners, a Munich Re company.