- New agreement with SYNETIQ will help increase availability of green parts to fuel LV=’s sustainability goals
- Agreement will also help LV= service the increasing number of electric cars on Britain’s roads
LV= General Insurance (LV= GI) has entered into a new agreement with SYNETIQ, the UK’s leading vehicle salvage, dismantling and recycling specialist, which will see the insurer’s bodyshop network increase the number of green parts used to repair vehicles.
The deal is a major change for LV= GI and will help the insurer achieve its sustainability goals of reducing the environmental impact of its operations. LV= GI now powers its offices with 100% renewable electricity and is working to cut greenhouse gas emissions, paper and water use as well as become net zero.
Motor recycling in action
Vehicle components such as doors, lights, body panels, and major mechanical part are removed and recycled for other use by SYNETIQ.
Working with the salvage provider, LV=’s bodyshops will now have access to these parts through an online portal developed with Allianz, which will help significantly increase the availability of green parts for customers. In 2021, LV= kickstarted a pilot with SYNETIQ using over 500 green parts and cut CO2 use by over 19,500kg – the equivalent of charging more than two million smartphones.
Other sustainable activities include the recycling of catalytic converters and alloy wheels, collection of engine oil, brake fluid, and antifreeze for reuse, and transforming tyres into clean rubber crumb which can be used to make a hard-wearing surface for driveways and playgrounds.
In addition to having a strong track record in successfully recycling over 96% of vehicles which can be dismantled, the salvage provider also has experience in recycling electric vehicle (EV) batteries. With LV= GI being one of the largest insurers of electric cars in the UK, SYNETIQ’s expertise in this area provides an additional benefit to the new partnership.
LV= GI has recently committed to upskilling its bodyshop employees by supporting 30 new apprenticeships to learn new skills - which includes crucial training on handling EV batteries - and SYNETIQ’s experience with batteries will further help with their development. In addition, the salvage provider is creating a bespoke, dedicated, seven-acre electric car facility and investing in training in its own people.
Martin Milliner, Claims Director at LV= General Insurance comments: “Our new partnership will significantly help with our sustainability and environmental goals and ambitions, as we want to service all types of cars and have the availability of different green parts to support this. Accessing green parts in the supply chain hasn’t always been easy and this will benefit our bodyshops and our customers who want to choose these parts. It’s also great to see investment across the industry in electric vehicles and upskilling mechanics for the future, which will help us service the increasing number of EVs on Britain’s roads.”
Tom Rumboll, CEO of SYNETIQ, says: “We are delighted to have been awarded the LV= business after going through such a robust and well executed tender process. We passionately believe SYNETIQ are the right integrated salvage partner for LV= with our joint focus on customers and sustainability being key priorities. We look forward to seeing the relationship go from strength to strength.”