Barclays Corporate & Employer Solutions (C&ES) has linked with Aegon to supply corporate protection products to its entrepreneurial and small and medium sized business clients.
Aegon worked with Barclays to enable the bank's financial underwriting to be accepted in place of the provider's usual financial requirements - meaning clients get a more efficient and streamlined service.
Richard Phelps, head of Barclays C&ES, said: "It is our experience that small, growing businesses often underestimate the importance of protecting the risks relating to their people; by joining forces with Aegon we aim to provide clients with a competitively priced, streamlined and efficient solution that effectively meets their needs.
"We are extremely pleased to have agreed these special terms for business protection with Aegon, a firm that is widely respected in this area and supports our focus in bringing the best of the market to our clients."
Adrian Grace, chief executive of Aegon UK, added: "To have two global institutions such as Aegon and Barclays come together in order to focus their resources and enhance their proposition is a major statement of our combined commitment to this client segment."
He added the link up would mean Barclays clients are better served and Aegon increases its penetration into the business protection market.
In addition, as part of the arrangement Barclays clients will receive:
- Individual pricing facility to enable premiums to be among the best in the market (subject to terms)
- Immediate cover for clean applications whilst medical underwriting is taking place
- Mobile medical checks and ‘executive' medical feedback which is particularly valuable for the bank's busy clients
- Enhanced service standards including prioritised follow-up of outstanding information in order to further reduce time between application and completion
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