John Lewis Money has relaunched its car insurance offer. For the first time, it will act as a car insurance broker – comparing quotes from a selection of trusted providers, to find customers the most cost-effective option from its panel.
It is working with three insurers to provide cover – Ageas, Axa, Covea – which have been chosen based on their experience, breadth of coverage, and customer service.
As a result of the expanded network, John Lewis Money will now be able to insure a much wider range of cars, including electric vehicles as well as higher value cars.
Gary Davess, Director of Insurance for John Lewis Money, said: “Becoming an insurance broker has been a step change to our business, and is already driving more competitive quotes for our home insurance customers. We’re excited to launch this model across our car offer, and have partnered with trusted names in the sector to deliver for customers.”
Adam Beckett, Managing Director, Broker & Partnerships at Ageas UK, said: “We’re delighted to be strengthening our powerful partnership with John Lewis Money, just weeks after joining their home panel. This further collaboration builds real momentum while showcasing our personal lines expertise, giving customers greater flexibility to protect both their cars and homes.”
Managing Director at AXA UK Retail, Julie Barbey, said: “We’re pleased to be further strengthening our partnership with John Lewis Money to now also offer car insurance customers across the UK a range of valuable cover options. With our support, its customers will have access to high-quality protection from brands they can trust for both their home and car insurance needs.”
Sue Coffey, Personal Lines Director at Covéa Insurance, said: “We are delighted to support the launch of John Lewis Money’s car insurance proposition. Following the successful launch of their home insurance panel earlier this year, this milestone further strengthens the long-standing relationship between our organisations and reflects our shared commitment to delivering exceptional outcomes for customers.
“John Lewis is one of the UK’s most trusted and respected brands, and we are proud to be part of a panel that combines high-quality insurance solutions with outstanding customer service. Through our close collaboration and continued focus on understanding the evolving needs of customers, we look forward to delivering greater value, choice and confidence to John Lewis Money policyholders.”
Tiered proposition to offer customers flexibility
As well as moving to a broker model, John Lewis Money has redesigned its policies – introducing two tiers of car insurance, so customers can choose the right level for their individual needs.
The Essentials tier provides comprehensive cover, bringing John Lewis quality and service at a lower price point, while the Premier tier offers even greater protection.
Unlike some value propositions in the market, Essentials cover offers windscreen cover and courtesy car as standard, helping to ensure customers will still receive a John Lewis standard of service.
It has also introduced a new vandalism promise, protecting customers’ no-claims discounts against vandalism and pothole damage.
Additional customer benefits via third-party specialists
For the relaunch, John Lewis Money has partnered with the RAC and ARAG to give customers option access to breakdown cover and legal protection.
Customers paying monthly will also benefit from a reduced interest rate compared to previous policies, through John Lewis Money’s new partnership with Premium Credit Limited.
Owen Thomas, Chief Sales Officer at Premium Credit said: “Being chosen by John Lewis Financial Services highlights the appeal and strength of our proposition and the experience we have in delivering market-leading premium finance solutions. We look forward to working closely with the John Lewis team and are committed to providing their customers with flexible payment options that allow them to manage the cost of their insurance with ease.”
Building on success and expanding the benefits of the broker model
John Lewis Money announced it had become a licensed insurance broker in March this year, marking a strategic step forward in the business’ plan to grow its customer base.
It relaunched its home insurance in April and, as a result of moving to a broker model, 70% existing customers are already seeing cheaper quotes.
The new insurance proposition is a cornerstone of John Lewis Money’s mission to serve both existing Partnership customers and connect with new audiences.
The financial services arm of the John Lewis Partnership, John Lewis Money has over 1.4 million active customers, across a range of products including the Partnership Credit Card, insurance and travel money. The business plays an integral role in the Partnership’s broader retail strategy, enabling sales while strengthening customers’ relationships and trust in the brand.
