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LV= agrees new car insurance contract with Nationwide

Press release: 15/12/2014

LV= has been appointed by Nationwide Building Society to underwrite its car insurance product for a further three years.

LV= has been the sole provider of cover to Nationwide car insurance customers since 2008, during which time the product has been given a five star rating by Defaqto and the service delivered has received numerous independent accolades.

The partnership has been very successful. Last year, LV= was also awarded the contract to provide the mandatory breakdown cover element within Nationwide's market leading 'FlexPlus' fee paying Current Account.

LV= is the third largest car insurer in the UK and offers own branded and white label products direct to consumer and via business partners and brokers. It is the most recommended insurer in the UK according to YouGov[1] and the best insurer for customer satisfaction, according to the 2014 UK Institute of Customer Service Customer Satisfaction Index[2].

We have worked with Nationwide Building Society for a number of years and I am delighted that the Society has chosen to renew its car insurance contract with us. We enjoy a very strong relationship and as mutual organisations, we share similar customer-centric values.

Andrew Beard, Retail Business Director at LV=

We are delighted that we have renewed our car insurance partnership with LV=, allowing us to continue offering our members comprehensive cover at a very competitive price. With LV='s extensive experience on board, we are confident that this partnership will continue to allow us to grow further in the car insurance arena. Nationwide's car insurance provides one of the most comprehensive policies in the market, as indicated by a Defaqto five star rating and includes many competitive features. Anyone looking to save money in the New Year should consider coming to Nationwide for their car insurance, where they can enjoy competitive premiums and great customer service that our customers have grown to expect from the Society.

Martyn Dyson, Head of General Insurance at Nationwide

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Notes to editors:

  1. Research conducted by YouGov found LV= in the top position on the BrandIndex Recommend measure when assessing the data collected between June 2013 – May 2014. All data was collected using an online survey and respondents are members of the YouGov panel. The 34,515 strong research sample for this study was sampled and weighted to a UK nationally representative 18+ adult profile. The recommend metric measures a consumer’s willingness to recommend a brand, hence the ambassadors and equity destroyers of the brands: Which of the following financial institutions would you recommend to a friend or colleague? / And which of the following financial institutions would you tell a friend or colleague to avoid?
  2. UK Customer Satisfaction Index July 2014. UK Customer Satisfaction Index, commissioned by the Institute of Customer Service, takes its results from more than 40,000 individual customer experiences. It is the UK’s largest and most comprehensive survey of customer satisfaction and the only one carried out by a not-for-profit organisation.

For further information please contact:

Vanessa Chance, vanessa.chance@lv.com, 0208 256 6996/ 07947 380074


LV=

LV= employs 6,000 people and serves over 5.5 million customers with a range of financial products. We are the UK's largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.


About Nationwide Building Society

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.