Danish ICMIF member has today announced a strategic partnership with Denmark's largest commercial customer-owned pension company which, among other things, means that PFA’s customers will be given the opportunity to take out private, non-life insurance with LB Forsikring. Common values and comparable business models have been key to the establishment of the partnership, which will take effect on 1 January 2020.
“We are very pleased to enter into this partnership. It is of great importance to us that PFA is owned by its customers and that PFA's set of values is very similar to ours. For LB Forsikring, it is all about ensuring that everything we do will benefit our members. Through this partnership, LB Forsikring can welcome more members, which, over time, will allow us to further reduce the unit costs and also develop new, innovative insurance solutions for the benefit of all of our members,” Anne Mette Toftegaard, LB Forsikring's CEO, said.
Allan Polack, PFA's Group CEO, said: “I am very pleased to present this partnership to our many customers as it will give them access to a selection of the best and most attractive non-life insurance plans on the market. This is another addition to the benefits of being a customer with PFA. At the same time, it is very important to us that we enter into a partnership with a well-reputed company and that, like PFA, it is owned by its customers with a focus on creating maximum value for them.”
In addition to the business potential for both parties, it was high on the agenda that the two companies’ business models are based on common characteristics and similar values.
A mutually advantageous partnership
In future, PFA’s customers will have access to taking out non-life insurance such as house contents insurance, homeowner’s insurance and car insurance with LB. This will be offered through a new PFA product line along with the company’s other brands. PFA will refer private customers who are interested in receiving a non-life insurance quotation to LB Forsikring.
PFA will thus be able to offer its customers attractive, non-life insurance products with a view to strengthening the customer loyalty towards PFA. At the same time, LB Forsikring will get access to more members with a view to achieving synergy, economies of scale and greater innovative power for the benefit of all its members.
The partnership also includes the possibility for LB Forsikring’s members who do not already have coverage to make use of PFA’s life and pension products. Finally, the pension plan for the employees of LB Forsikring will be transferred to PFA.
PFA is Denmark’s largest commercial pension company with approximately 1.3 million customers, and, today, LB Forsikring is Denmark’s third largest insurance company within private non-life insurance with just under 400,000 members.