Introduction
Using LifeSearch’s market access and expert guidance, Yorkshire Building Society has announced that it has formed a partnership with LifeSearch, the premier protection specialist in the United Kingdom. The purpose of this partnership is to improve the protection services that Yorkshire Building Society offers to its customers. The newly developed offer, which was developed in conjunction with LifeSearch, will provide clients of Yorkshire Building Society with a greater variety of options and accessibility when it comes to obtaining the life insurance protection products that they require for the purpose of achieving financial stability in their lives. To be more specific, the relationship will result in Yorkshire Building Society transitioning away from its former “single-tie” partner strategy and toward a “multi-tie” broker approach with LifeSearch. Customers of Yorkshire Building Society will be able to take advantage of this new opportunity to gain access to a wide range of life and lifestyle insurance protection products, ranging from well-known household names to specialized insurers.
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Customers are able to obtain life insurance prices and purchase coverage online within minutes, directly from the website of the Yorkshire Building Society, thanks to the offer that is focused around efficiency. Customers have the option of speaking with a LifeSearch consultant for assistance with more complicated decisions or talks regarding health-related concerns. This is made possible by the seamless integration of LifeSearch into the customer journey. This guarantees that a wider range of the Mutual’s customers can obtain protection insurance, including those with more complex health issues or unique lifestyles.
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This is part of the Mutual’s commitment to offering long-term value. In addition, there will be no commission being paid out for any referrals, and the savings that are achieved from commercial operations will be handed back to customers in the form of decreased monthly rates. The fact that this makes the service unique ensures that customers are able to obtain the highest possible value that is accessible, which is a fundamental principle of the consumer responsibility regulation that is governed by the FCA. As a result of data that was recently made public by Yorkshire Building Society, it has been shown that over three-fifths (58%) of people in the United Kingdom do not currently have any form of life protection in place. In spite of the fact that over two fifths (42%) of respondents stated that they had purchased the insurance policy in order to safeguard their loved ones and family members, 23% of respondents stated that the primary motivation for purchasing the policy was to fulfill a suggestion.
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Industry Comments
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, 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.”
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FAQ 1: What is the new partnership between Yorkshire Building Society and LifeSearch?
Yorkshire Building Society has partnered with LifeSearch, the UK’s leading protection specialist, to enhance the life insurance protection services offered to its customers. This collaboration introduces a “multi-tie” broker approach, replacing the previous “single-tie” model. Through LifeSearch’s market access and expert advice, customers now have access to a wider range of life and lifestyle insurance products, including offerings from well-known brands and specialist insurers. Customers can also purchase cover online quickly and easily through the Yorkshire Building Society website or speak with a LifeSearch adviser for more complex needs.
FAQ 2: How does the new life insurance proposition benefit Yorkshire Building Society customers?
The new life insurance proposition offers Yorkshire Building Society customers more choice and accessibility when it comes to securing life insurance protection. Customers can now compare products from a wide array of insurers, ensuring they find the best cover for their needs. Additionally, the service is designed for efficiency, with online life insurance quotes and the option to buy coverage directly from the website. For customers with more complex health conditions or unique lifestyles, they can consult with a LifeSearch adviser for personalized support. This partnership also guarantees that customers receive the best possible value, with no commission taken from referrals and commercial savings passed back in the form of reduced premiums.
FAQ 3: Why is Yorkshire Building Society offering this new life insurance service?
Yorkshire Building Society introduced this new service in response to research revealing that nearly 60% of Brits do not have life protection in place. The society aims to provide greater financial security for its customers, especially those with complex health conditions or unique lifestyle needs, who may have previously struggled to find suitable coverage. By partnering with LifeSearch, the building society can offer a broader range of life insurance options and make it easier for customers to access the coverage they need. The initiative also aligns with the FCA’s consumer duty regulation, ensuring customers get the best value for their protection cover.
Conclusion
The partnership between Yorkshire Building Society and LifeSearch marks a significant improvement in the accessibility and choice of life insurance protection for customers. By shifting from a single-tie model to a multi-tie broker approach, Yorkshire Building Society now offers a wider selection of products from both well-known and specialist insurers. This enables customers to find coverage that suits their needs, whether they are purchasing life insurance for the first time or looking for more tailored protection. The service is designed to be user-friendly, allowing customers to quickly get quotes and purchase cover online, while also offering the option for more complex support through LifeSearch advisers. By eliminating commissions and passing commercial savings back to customers, the new offering ensures that customers receive the best possible value. With a large portion of the UK population still without life protection, this partnership helps fill a crucial gap in financial security for many individuals and families.
Thank you for exploring this journey with us! If you’d like to share your thoughts or join the discussion, please contact us at news@intentamplify.com.
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