Insurance broker and risk management company Gallagher has agreed a partnership with independent protection advice specialist LifeSearch to jointly deliver additional insurance products and services to micro-SME businesses.
Gallagher is a global insurance broker with offices across the UK where its dedicated teams support clients across a range of sectors with the provision of insurance and risk management services. LifeSearch provides protection insurance services to UK SME businesses as well as to individual consumers.
The partnership will see Gallagher providing commercial insurance products including directors’ and officers’ insurance, professional indemnity, cyber insurance and public liability cover to LifeSearch’s SME clients and individuals who also run businesses. In turn, LifeSearch will offer Gallagher’s micro-SME clients protection insurance advice and products including life insurance, critical illness cover, mortgage protection and income protection.
Gallagher’s services will be delivered by its specialist SME team which currently supports over 120,000 businesses across the UK and has in-depth knowledge of the unique challenges that SMEs face.
It is estimated that around 80% of UK SMEs are underinsured1 and this poses a substantial risk to business owners, particularly against the uncertain economic backdrop. It is therefore crucial that SMEs have adequate insurance in place to avoid potential financial loss.
Natasha Barrow, Head of Affinities at Gallagher said: “This partnership is great news for Gallagher and LifeSearch’s SME clients who will now have access to two networks of risk professionals that can arrange the insurance that suits their needs, be it commercial insurance, income protection or life insurance. This means that clients can access and manage their insurance needs quicker and easier.
“This partnership will mean that SMEs have direct access to the products that appropriately suit their individual circumstances and we are looking forward to supporting LifeSearch’s clients with their commercial insurance needs so that they can mitigate the risks they face and minimise potential business disruption as a result of an event. With its rich protection experience, the LifeSearch team will help us continue to deliver a wider range of insurance products to our customers.”
Ed Axon, Chief Growth Officer at LifeSearch said: “Gallagher has an impressive roster of clients and brands from all sectors, and partnering with Gallagher to help deliver its own personal protection ‘offering’ is a significant endorsement of our team’s expertise.
“We firmly believe that personalisation is everything. Both Gallagher and LifeSearch are strategically aligned in that it is our ambition to offer tailored, high-quality, value-adding services that support businesses and their customers. Working in collaboration with Gallagher and its clients, LifeSearch will help introduce protection to customers more intuitively, at their point of need.
“By utilising our experience and insight to offer enhanced personalised journeys and experience, and leveraging our PoweredBy hybrid digital and human support and Gallagher’s rich insurance knowledge, we are confident that joining forces to forge this new strategic partnership will help both businesses achieve their bold ambitions.”