Halifax Bank of Scotland (HBOS) is running a pilot programme with Hiscox to sell household contents insurance products to the bank's high net worth customers.
Hiscox household division director Kevin Kerridge said the programme was in a limited pilot phase with very low numbers. He said no contract had been signed between the two companies.
Under the pilot, insurance on any household with more then seven bedrooms will be handled by Hiscox instead of going through HBOS's insurance process.
Kerridge said: “Getting to potential Hiscox clients through financial institutions and affinity brands will be a key part of the Hiscox strategy going forward. This is because Hiscox has excellence in the underwriting of higher value home insurance, while these partners bring distribution capability.
“This all goes hand-in-hand with using some of these distribution partnerships to feed some of our specialist broker partners too.”
HBOS said the pilot represented less than 0.5% of its current insurance business and that it had not yet been decided whether to extend or continue with the pilot.
