A significant agreement has been forged between Co-op Insurance and Lloyd’s insurance broker,
Miles Smith.
The deal will see Miles Smith offer packaged products to small and medium-sized businesses, as well as more tailored solutions to large corporations and organisations as Co-op attempts to offer a greater range of commercial insurance products in one place.
Solutions will be available for businesses in the building trades, hospitality, landlord, retail sectors and those with offices and surgeries. In addition, Miles Smith will offer products to business owners who require cyber cover or that have specific one-off insurance requirements.
Previously, business customers only had access to a limited range of commercial insurance products from Co-op Insurance all of which were provided by
Aviva. While Miles Smith has appointed
Aviva as its principal underwriter, a company statement outlines that customers’ insurance needs will be assessed on an individual basis to provide the right expertise and proposition through a vast network of insurers and underwriters.
Speaking about the deal, Colin Butler, head of partnerships at Co-op Insurance, outlined the advantages that Miles Smith can bring to the table.
“As part of the business’s transformation journey, we have been assessing the range of products we offer to customers and members, and how we do this,” he said. “We recognise that business requirements change over time and the relationship with Miles Smith means we can now work with businesses irrespective of their size, trade or industry, offering commercial insurance to the majority of business owners in the UK.”
His words were backed by Paul Chainey, chief executive officer at Miles Smith.
“We have worked closely with Co-op Insurance for a number of years,” he said. “We share co-operative values and are customer service driven so we are very pleased to support Co-op Insurance in extending the scope of business insurance it offers and we look forward to being part of the Co-op’s customer journey as a trusted partner.”
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