AXA and The Co-operative Bank strike 5-year SME customer deal

AXA is now listed as the preferred business insurance provider as part of The Co-operative Bank’s improved proposition for SME customers.

Co-operative Bank customers can get a quote online or over the telephone using a designated number to AXA to get an insurance quote quickly and easily.

AXA is now the preferred business insurance provider listed for SME customers of The Co-operative Bank. Under a five-year agreement, which was signed and came into force on 8 February 2021, the bank will act as an introducer to the insurer.

As part of its ambition to be the insurer of choice for SMEs, AXA wants to offer small business owners an easy way to buy and adapt cover for their firm.

The Co-operative Bank, meanwhile, wants to provide its SME banking customers with value-add services delivered by a multi-channel functionality.

The Co-operative Bank chose AXA because it is a trusted insurance brand which its customers will recognise and it has a proven track record in supporting its partners and their customers.

The insurer and the bank are both focused on enhancing customer journeys, especially online. With its focus on ease of use, AXA’s digital solution fits with the strategic plans in place for SME customers at The Co-operative Bank.

As it understands the specific requirements of SMEs, AXA provides insurance policies that are built on a modular basis. Customers can add and delete cover options to tailor the policy to their needs via an online account. This enables customers to create individual solutions to meet the requirements of their business, have flexibility to amend when required and build on their cover as their business grows.

AXA’s Feefo rating of 4.6 out of 5 underlines its commitment to customer service, which is also a priority for The Co-operative Bank and mirrors a customer-led approach to providing banking and financial services.

Joint customers will have access to AXA's Business Guardian Angel, a web-based information hub which supports small business owners via a wealth of practical advice, in-depth guides and other resources.

Catherine Douglas, Managing Director of SME, The Co-operative Bank commented, “We’re really pleased to have introduced AXA as our preferred business insurance provider. We know that having value-add services for our customers is really important and we’ve chosen AXA Business Insurance as it is a multi-channel proposition including a mobile enabled online quote and buy journey, with live chat, email and SMS functionality. Initiatives such as AXA’s Business Insurance Wizard and advised telephony sales will help to ensure that our customers receive the right insurance cover, and AXA’s mid-term review process will ensure that a customer continues to get the right level of cover as their business evolves.”

Deepak Soni, Director – Commercial, AXA said, “We like to create long-term partnerships and we believe we have an excellent fit with The Co-operative Bank. Both our organisations want to empower small business owners and make it easy to bank and insure with us. We want to give SMEs the right tools for success. We share these values in terms of customer service, but also beyond. AXA and The Co-operative Bank are both committed to helping their communities at a very local level – as are small businesses.”

Authored by AXA