Barclays has inked a long-term partnership agreement with Allianz Commercial for provision of commercial insurance packages for its small and medium enterprises (SME) customer base across the UK.
As part of the agreement, Allianz will underwrite tailored packages featuring an array of cover options from property & casualty insurance to specialist sectors, including marine transit and engineering inspections, from start-ups to mature businesses.
Barclays Business managing director Sue Hayes said the company is looking to provide a flexible and innovative insurance solution to its business banking customers.
Allianz Insurance SME markets director David Martin said, ''We believe that the innovation, creativity and enhanced technology behind this solution, which was developed specifically to meet the needs of Barclay's customers, provides a new, exciting and substantially different proposition to the bancassurance sector.''
Allianz will also offer a branded sales, service and claims capability for all new business, which are set to function from its new location in Lancaster, UK.
Barclays Business banking has more than 789,000 customers, which are a mixture of start ups, sole traders, partnerships and limited companies.