General insurer LV= has entered into an agreement with Help the Aged, a UK charity for the older generation, to offer personal lines insurance to the over 50s market, which numbers over 20.3 million people.
The insurance products will be branded ‘intune,’ the charity’s newly created subsidiary and financial services retail brand. It was established to operate on a strictly commercial footing, as part of the group’s strategy to increase its sales of financial services. However, profits would be ploughed back into the charity.
The deal is effective immediately and will last for five years, with a view to a longer-term strategic partnership. In the medium term, LV= anticipates a gross written premium income in excess of GBP100 million.
Under the terms of the partnership, LV= will underwrite car, home and travel insurance policies for intone and hold responsibility for all sales, services and claims for car and home insurance. Meanwhile, the sales, service and claims on travel insurance policies will be handled by Mondial UK with close collaboration with LV=. The suite of products will be sold by telephone and over the internet.