John Lewis has launched a brand new type of home insurance which offers customers greater flexibility and choice, giving them the opportunity to select the cover they need rather than pay for packages that are not relevant to them.
Existing customers on the new product will also be given the same or better price than a new customer for the same cover when they come to renew. They can also change their policies with no extra fees as their lives change – so that in these extraordinary times, they have greater peace of mind that their policy cover is relevant.
Ali Berryman, Head of Financial Services at John Lewis said: “Our lives have changed significantly over the last year – and we know how frustrating it is to pay for something that doesn’t suit the lives we’re living today. This is why we’ve launched a more transparent home insurance which gives customers the flexibility to choose the cover that meets their needs. With better choice and with no additional fees, customers can ensure that as their lives change, so too can the protection they have on their home and belongings. We also believe in rewarding loyalty which is why with our new product we’ll make sure that when it comes to renew, your price will not be any higher than the price for new customers. We think we’re doing something quite different and hope that customers will feel the same.”
Designed to be jargon-free and easier for customers to understand, the new product has been created through a partnership with four best-in-class insurance experts. The partnership includes Digital Partners, a Munich Re company, providing insurance expertise, the innovation team at Sedgwick managing claims handling, the Hood Group managing customer service and queries in the UK and ICE InsureTech delivering the policy administration solution.