Asda is searching for a new insurance partner to enable it to continue selling life cover to shopper...
Asda is searching for a new insurance partner to enable it to continue selling life cover to shoppers, following the termination of the supermarket's agreement with Scottish Widows.
Asda confirmed that it would hopefully be making an announcement soon to name the insurer. Ed Watson, spokesperson for Asda, said: "The decision to part with Scottish Widows was mutual, but we intend to continue to provide life cover for customers and we are looking for a new provider at the moment."
Scottish Widows, which has provided Asda customers with cover since October 2003, said the decision was regrettable, but was made for commercial reasons.
Nathan Moss, managing director for marketing and distribution at Scottish Widows, said that it did not mark the end of its multi-distribution business model. "We will continue to seek partnerships that make economic sense, have potential for long-term growth and create a sustainable competitive advantage for the benefit of both parties and our customers," he said.
Both parties stressed that there would be no impact on policyholders who already have life cover with Scottish Widows through the supermarket.
