Legal & General has announced a partnership with esure Group that will see its life insurance policies be offered to esure Group’s home and motor insurance customers through the esure and Sheilas’ Wheels brands. The partnership is a positive step forward for all parties and will increase consumers’ exposure to the life insurance market.
GlobalData’s UK Top 20 General Insurance Competitor Analytics tool indicates that esure was the 18th largest provider in the UK non-life market in 2019. Clearly, a partnership with a provider of such scale will be beneficial for Legal & General and allow it access to the customer base of an established provider. Findings from GlobalData’s 2020 UK Insurance Consumer Survey indicate that the move could help Legal & General further strengthen its position as the leading provider in the term assurance market and increase the pressure on Aviva, the leading provider in critical illness insurance.
The move will also be beneficial for esure Group, which currently focuses on the home and motor insurance market but will undoubtedly gain insights into the life and protection market from a leading provider, allowing the group to gain exposure as a brand involved in the life insurance market itself.
The partnership will increase the ways in which consumers are able to engage with and purchase policies in the life insurance market. This is undoubtedly a positive step for consumers, particularly in the wake of the COVID-19 pandemic, when many individuals have experienced increased financial burden and would be looking towards insurance products to help them increase their level of financial stability.