Yorkshire Building Society has agreed a partnership with LifeSearch aimed at enhancing the protection services it provides to its customers through LifeSearch’s market access and expert advice.
The new proposition, will give Yorkshire Building Society’s customers more choice and accessibility when it comes to purchasing the life insurance protection products they need for financial security in their lives.
It will do this through Yorkshire Building Society moving away from its previous ‘single-tie’ partner model, to a‘multi-tie’ broker approach with LifeSearch.
This will see Yorkshire Building society customers benefit from access to a breadth of life and lifestyle insurance protection products, from big household names to specialist insurers.
Where a client is “single tied” – they only offer products from one insurer which can mean that if the provider cannot accommodate the customer, they will not get a policy.
But the new partnership means the Society have moved to a “multi-tied” relationship as Lifesearch is a broker which has relationships with an array insurers.
From a client’s perspective this means they are more likely to finding the policy they are looking for – resulting in better service for the Society’s clients and for customers the protection products offered to them through LifeSearch and the Society are diversified.
With the proposition built around efficiency, customers can get life insurance quotes and buy cover online within minutes, directly from the Yorkshire Building Society website.
With LifeSearch seamlessly integrated into the customer journey, customers can also choose to speak with a LifeSearch adviser for support with more complex decisions or discussions about health-related conditions.
As part of the mutual’s commitment to providing long-term value, this aims to ensure a broader range of its customers can secure protection cover; even those with more complex health conditions or unique lifestyles.
In addition, no commission will be made for any referrals, with commercial savings passed directly back to customers through reduced monthly premiums.
Chris Irwin, director of savings at Yorkshire Building Society said: “I’m really pleased to launch this new service to our customers. Finding partners that hold values aligned to our purpose was absolutely essential.
“We’re confident we’ve found this in LifeSearch and I’m excited to see how they can help our existing and future customers with their protection needs going forward.
“It is important for our customers to be able to access right insurance products at an affordable price available in ways that they want.
“We believe that passing any commission back to customers in their premiums continues to demonstrate our commitment to providing our members with value and we hope this new service will enable customers to enjoy life knowing we have options available to give them the protection they need.”
Debbie Kennedy, CEO at LifeSearch, (pictured) added: “We’re delighted to be working closely with Yorkshire Building Society to build this service and help better protect its customers, with real help for real life.
“Financial vulnerability is rising fast, with many people not realising what protection insurance they might need, what’s available or best for them, or how to get it.
“This is where we come in. At LifeSearch, our core purpose is to protect people properly.
“Through our partnership with Yorkshire Building Society, and with our aligned values and commitment to the principles of Consumer Duty, we’re focused on delivering better value and outcomes for customers. Our shared goal is to offer real choice, exceptional value, and the comfort of reassurance.
“Together, we’re giving customers much-needed peace of mind that – in the event of an accident, injury, serious illness or death – they and their loved ones will be more financially prepared and resilient to whatever life throws at them.
“We look forward to our continued work with the Society and are excited to see how we can better support the financial security of millions across the UK.”
