Legal & General partners with Bought By Many to become the first major insurer offering a group discount on home insurance
~ Consumers club together to help bring down insurance costs ~
28 January 2013 – Bought By Many, a new company aiming to bring people power to insurance, has signed a deal with Legal & General, making them the first major UK insurer to offer a discount to consumers if they club together to buy its home insurance policy. The collaboration will first see residents of Yeovil receive an additional discount off Legal & General’s Extra or Essentials home insurance policies, with the view to extend this model to other communities over the coming months.
Bought By Many uses social media to level the insurance playing field for consumers by connecting people with similar insurance needs into social buying groups. These groups can consist of people who share a postcode, a profession, a passion – or anything else. It then creates the opportunity to buy insurance on more favourable terms than would be available to them as individuals. And for insurers, it creates the opportunity to reach the risk segments they most value, profitably, and at meaningful scale.
“Legal & General is proud to be the first household insurer to work with Bought By Many to support communities in buying their home insurance in a collaborative way,” said John King, Head of Direct Customer Proposition at Legal & General.
“It’s fantastic to have a company like Legal & General on board with us to support the idea of harnessing buying power to get a better deal,” said Steven Mendel, CEO and co-founder of Bought By Many. “Using people power and social networking, we’ll be able to connect consumers and insurers, delivering better policies and lower prices.”
Other buying groups which people can register for at the Bought By Many website include: Pug insurance, French Bulldog insurance, Cat insurance for pure breed cat breeds, insurance for rugby clubs, horse riding insurance for children, and travel insurance for people with diabetes.
Media contact: Red Lorry Yellow Lorry
e: sarahk@rlyl.com
t: +44 (0) 207 403 8878
About Bought By Many
Bought By Many uses social media to level the insurance playing field for consumers. It connects people with similar insurance needs in social buying groups. These groups can consist of people who share a postcode, a profession, a passion – or anything else. It then creates the opportunity to buy insurance on more favourable terms than would be available to them as individuals. And for insurers, it creates the opportunity to reach the risk segments they most value, profitably, and at meaningful scale. For more information visit boughtbymany.com.
Tags: