Lifesearch is close to winning the contract to sell life insurance through Asda after going head to head with Hargreaves Lansdown and Norwich Union in a three-month bidding war.
Hargreaves Lansdown pulled out of the race last week and Norwich Union is understood to have lost the bid to Lifesearch, which will be selling life insurance through an advised panel sales process.
Asda confirms it has chosen a company but stresses that the decision is subject to board approval.
Hargreaves Lansdown was understood to have been bidding to sell life insurance direct to the customer through a provider panel.
Lifesearch has been a strong supporter of Money Marketing’s No Advice No Protection campaign which aims to raise awareness of potential consumer detriment resulting from non-advised protection sales.
Scottish Widows announced it would be ending the contract to sell life insurance through Asda in September because the volume of sales was not as high as it had expected.
An Asda spokeswoman says: “We have reached the end of the tendering process. It has been three to four months and we have deliberately taken our time because we wanted to offer something different and have been trying to think creatively. We cannot name the company we have chosen to do business with just yet.”