Global insurance broker Gallagher has formed a strategic partnership with LifeSearch, an independent protection advice specialist, to expand insurance offerings for micro-SME businesses in the UK.
Under the new partnership, Gallagher will supply commercial insurance products – from directors’ and officers’ insurance and professional indemnity to cyber insurance and public liability cover – to LifeSearch’s SME clients and business-owning individuals.
Conversely, LifeSearch will offer protection insurance advice and products, such as life insurance, critical illness cover, mortgage protection, and income protection, to Gallagher’s micro-SME clients.
Gallagher’s specialist SME team currently supports more than 120,000 businesses across the UK and has extensive experience with the unique challenges faced by such small firms.
It was noted that an estimated 80% of SMEs in the UK are underinsured – a significant risk for business owners in today’s uncertain economic climate, highlighting the need for adequate insurance to prevent potential financial losses.
For Gallagher affinities head Natasha Barrow, the tie-up is “great news” for SME clients who will have access to two risk professionals networks that can arrange either commercial insurance, income protection, or life insurance for them.
“This means that clients can access and manage their insurance needs quicker and easier,” she said. “This partnership will mean that SMEs have direct access to the products that appropriately suit their individual circumstances.
“We are looking forward to supporting LifeSearch’s clients with their commercial insurance needs so that they can mitigate the risks they face and minimise potential business disruption as a result of an event. With its rich protection experience, the LifeSearch team will help us continue to deliver a wider range of insurance products to our customers.”
Ed Axon, LifeSearch’s chief growth officer, added: “Gallagher has an impressive roster of clients and brands from all sectors, and partnering with Gallagher to help deliver its own personal protection ‘offering’ is a significant endorsement of our team’s expertise.
“We firmly believe that personalisation is everything. Both Gallagher and LifeSearch are strategically aligned in that it is our ambition to offer tailored, high-quality, value-adding services that support businesses and their customers. Working in collaboration with Gallagher and its clients, LifeSearch will help introduce protection to customers more intuitively, at their point of need.”
Axon went on to cite LifeSearch’s PoweredBy hybrid digital and human support and Gallagher’s deep insurance knowledge, expressing his confidence in the partnership’s ability to help both camps achieve their goals.
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