AXA to provide insurance for Co-op SME customers

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.

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.

Catherine Douglas, Managing Director of SME at The Co-operative Bank

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.

Deepak Soni, Director – Commercial at AXA

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Legal notes

About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

Important legal information and cautionary statements concerning forward-looking statements

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5: “Risk Factors and Risk Management” of AXA’s Universal Registration Document 2022, for a description of certain important factors, risks and uncertainties that may affect AXA’s business and / or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

AXA becomes the preferred business insurance provider for The Co-operative Bank’s SME customers