Asda has confirmed it will be selling life and protection insurance through Lifesearch in what is thought to be the first partnership between an advisory firm and a supermarket.
Money Marketing revealed last month that Lifesearch was close to winning the Asda deal and it has been confirmed today that the supermarket giant will be selling life insurance through an advised panel sales process.
This follows a three-month bidding war for the contract between Hargreaves Lansdown, Norwich Union and two other firms.
Lifesearch will offer online and telephone advice through the Asda Life service on protection products including life insurance, critical illness cover, income protection, family income benefit and whole of life insurance.
Advice will also be available on the potential use of trusts and the Asda Life service will be available from January 29 2007.
Hargreaves Lansdown was understood to have been bidding to sell life insurance direct to the customer through a provider panel.
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.
Lifesearch managing director Tom Baigrie says: “This new partnership with Asda means we are able to advise and help a huge customer base who might otherwise be baffled by what is on offer. We believe in informed choice, and our service, coupled with Asda’s position as a leading retailer, can only be good for the consumer.”
Asda director of financial services Gev Lynott says: “We give our customers access to the full range of cereals, and now we can do the same in financial services through a true “supermarket” service in the life and protection arena. Not everyone has the same circumstances, and through this new free service we are able to fully assess customer needs in a regulated environment, and to offer them a product that truly suits their needs.”