Asda has confirmed that it will sell life and protection insurance through Lifesearch in 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 that was confirmed this week.
This follows a three-month bidding war for the contract between Hargreaves Lansdown, Norwich Union and two other companies, including a broker firm.
Lifesearch will offer online and phone 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 from January 29.
Lifesearch managing director Tom Baigrie says: “This new partnership with Asda means that we are able to advise and help a huge customer base who might otherwise be baffled by what is on offer.”
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.”
Highclere Financial Services partner Alan Lakey says: “It is a very forward-thinking move. The only people who may lose out in this deal are those advisers who used to shrug off the old-style Asda system to their clients and say it did not offer a choice of providers or independent advice. But they will not be able to do this now.”