Direct Line Insurance Group PLC Direct Line Group to partner with Motability (0513G)
22 Julio 2021 - 1:00AM
UK Regulatory
TIDMDLG
RNS Number : 0513G
Direct Line Insurance Group PLC
22 July 2021
DIRECT LINE INSURANCE GROUP PLC
Direct Line Group to partner with Motability Operations Ltd
Direct Line Insurance Group plc ('Direct Line Group') announces
that it is to enter into a new partnership with Motability
Operations Ltd ('Motability Operations') to provide insurance to
the Motability Scheme, supporting its more than 600,000
customers.
This partnership is expected to grow Direct Line Group's Motor
customer base by approximately 15% to over 4.5 million, adding
further scale to Direct Line Group's leading claims management
service. This allows Motability Operations' customers to benefit
from the investments Direct Line Group has made in vehicle repair
and customer service, including its strong digital capabilities.
Together with top quartile indemnity control, Direct Line Group
will support Motability Operations' objective to provide market
leading customer experience and value.
The new arrangements are expected to take effect in
approximately 18 months and be for 10 years. The Scheme's Gross
Written Premium is approximately GBP500m per annum and, similar to
Motability Operations' current structure, Direct Line Group will
reinsure 80% of the risk back to Motability Operations via
Motability Operations' reinsurance captive.
Penny James, Chief Executive Officer at Direct Line Group,
said:
'I am delighted that we are partnering with Motability
Operations whose work so aligns with our purpose of helping people
carry on with their lives, giving them peace of mind now and in the
future. Our digital capabilities and strength in vehicle repair,
combined with Motability Operations' fleet of modern vehicles,
means together we are ideally placed to deliver a first-class
service at a time of rapidly changing motor technology. We look
forward to welcoming the colleagues from Liverpool who will be
joining us to deliver that exemplary customer experience.'
Andrew Miller, Chief Executive Officer at Motability Operations,
said:
"As well as future-proofing our service, the new insurance
proposition will offer the potential to grow the Scheme and provide
increased flexibility to customers. We are confident these
arrangements with DLG position us well to support the continued
delivery of worry-free motoring and value for money to our
customers."
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) No. 596/2014. The person
responsible for arranging the release of this announcement on
behalf of Direct Line Insurance Group plc is Neil Manser, Chief
Financial Officer.
For further information, please contact:
Paul Smith
Director of Investor Relations
Tel: +44 (0)7795 811 263
Will Sherlock
Group Corporate Affairs and Sustainability Director
Tel: +44 (0)7786 836 562
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END
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