Less than two years after launching the service, the insurer admits it isn’t gaining the traction it hoped for
LV= has decided to end its legal services offering.
LV= Legal Services was launched in January 2016 after a tie-up with UK law firm Lyons Davidson.
“Most of us need expert legal help at some point in our lives and seeking that advice can sometimes be confusing, stressful and expensive. We want to offer a customer-friendly alternative to people at a price that’s right for them and backed by a brand they can trust,” said John O’Roarke, managing director at LV= General Insurance, when the service was launched.
Now, the company admitted that the service didn’t scale as big as hoped.
“While feedback from our customers on the services we provided was very good, the sustainability of LV= Legal Services required scale and significant investment,” an LV= spokesperson said, according to Insurance Business. “To ensure we continue providing our customers with great products and quality customer service, it was decided that we’d instead focus on strengthening our capabilities in our core businesses of general insurance and life and pensions and any necessary investment is being put into these specific areas.”
The spokesperson said, however, that the decision will not affect the company’s broad commercial relationship with Lyons Davidson.
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LV= Legal Services was launched in January 2016 after a tie-up with UK law firm Lyons Davidson.
“Most of us need expert legal help at some point in our lives and seeking that advice can sometimes be confusing, stressful and expensive. We want to offer a customer-friendly alternative to people at a price that’s right for them and backed by a brand they can trust,” said John O’Roarke, managing director at LV= General Insurance, when the service was launched.
Now, the company admitted that the service didn’t scale as big as hoped.
“While feedback from our customers on the services we provided was very good, the sustainability of LV= Legal Services required scale and significant investment,” an LV= spokesperson said, according to Insurance Business. “To ensure we continue providing our customers with great products and quality customer service, it was decided that we’d instead focus on strengthening our capabilities in our core businesses of general insurance and life and pensions and any necessary investment is being put into these specific areas.”
The spokesperson said, however, that the decision will not affect the company’s broad commercial relationship with Lyons Davidson.
Related stories:
Big Four accountancy firm makes big push into law
UK law firm becomes only the second to list on the LSE
