John Lewis to deliver “modern” home insurance
John Lewis & Partners announced it has collaborated with four companies from within the insurance industry to create a new home insurance product for its customers. The partnership includes Digital Partners, a Munich Re company, providing insurance expertise, the innovation team at Sedgwick managing claims handling, the Hood Group managing customer service and queries in the UK and ICE InsureTech delivering the policy administration solution. While John Lewis has an existing successful home insurance business, from early next year it plans to deliver an “innovative product designed with customers that is reassuring, fairer and targeted at a much wider audience.”
“As part of our new Partnership Plan, we have a big ambition to grow our financial services offering to customers over the next five years. To support this, we’re delighted to have created a partnership with these innovative experts from within the insurance industry. While we have offered home insurance for fourteen years, together with our new partners we will re-imagine our home insurance offer to provide our customers with reassuring and fairer cover that is more relevant to them than ever before.” – Pippa Wicks, Executive Director, John Lewis.
“We are delighted to be partnering with such a prestigious UK retailer. This partnership highlights Munich Re’s continued commitment to building new insurance solutions, meeting customers’ growing demand for flexible products, immediate fulfilment and coverage.” – Member of the Board of Management, Munich Re, Dr. Thomas Blunck.
“This new partnership is an exciting venture for us. By using our centralized dedicated customer claims platform, combined with automated policy validation and settlement, we will be able to provide John Lewis customers with a reimagined digital solution that makes claims easy for everyone.” – Chief Operating Officer, Sedgwick International UK, Neil Gibson.
“We are delighted to have been selected as the sales and service provider for John Lewis and I know that our talented team will take care of their customers. We share their vision to transform home insurance and look forward to playing our part in making that happen.” – Chief Executive, Hood Group, Simon Hood.
“We are delighted to be working with John Lewis and to be selected as their chosen policy administration service provider. We have extensive knowledge in the insurance, data and insurtech world and our platform and team will arm John Lewis for the challenge of reinventing the home insurance space.” – Chief Executive Officer, ICE InsureTech, Andrew Passfield.
Timeline of John Lewis Insurance
Around 2005-2006, John Lewis, the UK-based department store chain famous for its never knowingly undersold slogan, launched a new brand dedicated to finance and leisure activities.
The brand was known as Greenbee and offered wedding and travel Insurance underwritten by AXA. It sold coverage directly via the web or phone.
The Greenbee concept was developed out of John Lewis’ existing credit card operation, which had 600,000 customers and gave the group valuable insights into where its customers spend their money when they are not in the stores.
Around 2007-2008, John Lewis expanded to life insurance and to car insurance, with policies underwritten by Fortis (now known as Ageas).
In 2010, John Lewis ditched the brand Greenbee, renamed the business to John Lewis Insurance, and scaled-down services by exiting the travel sector. “What we’ve found is Greenbee has been very successful, especially in the insurance space, so what we have been doing over time with Greenbee is aligning it much closer to the John Lewis brand.”
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