Legal & General Partners With Supermarket Retailer
Legal & General announced a 3-year partnership agreement with supermarket chain Asda, which will become Legal & General’s first pet affinity. As part of the agreement, Legal & General will offer its pet insurance products to Asda’s customers through several distribution channels including, phone, online via the Asda website, and price comparison websites.
According to Legal & General, the UK pet insurance sector now accounts for over £1b of gross written premiums and has grown at a compound annual rate of 9% over the last 5 years. However, more than half the pet owners in the UK still have no insurance cover against vet bills and other associated costs.
“We are delighted that Asda has chosen Legal & General to partner with them on pet insurance. The strength of Asda’s customer base coupled with the broad range of products and digital capabilities from Legal & General provides a solid foundation to continue to grow Asda’s pet insurance customer base.” – CEO of Legal & General’s Insurance division, Cheryl Agius.
“Asda Money has been offering customers Pet Insurance for over 10 years, and we pride ourselves on partnering with like-minded organizations that have the customer at the forefront of their decision making. Legal & General have the necessary expertise to support our customers in their time of need. Our pets are part of the family, so it is vital insurance for them is backed by a name you can trust.” – Head of Insurance, Asda Money, Alistair Ball.
Asda – part of Walmart since 1999 – has been offering financial services for over 15 years via Asda Money, allowing consumers to apply for credit cards and loans, along with getting home, car, travel and pet insurance quotes.
“We’ve got 18 million shoppers that come through our stores so our in-store marketing is always going to be key and that’s the lowest cost form of marketing as well . We’re not going to spend tens of millions marketing a product when we’ve got a great route to talk to all of our customers through our stores.” – Former Head of Asda Money and VP, Financial Services at Walmart, Kirsty Ward, back in 2012.
