John Lewis has said its financial arm is set to expand its insurance operation after becoming an official broker.
The employee-owned firm said it is doubling down on its insurance offer a week after abandoning plans to diversify the business through building thousands of rental properties.
John Lewis Money has become an insurance broker, regulated and authorised by the UK’s Financial Conduct Authority (FCA).
It said the move means it will work with a panel of potential insurers, instead of just one, and will therefore be able to offer more competitive pricing for customers.
It means it will also be able to offer services to more customers and for more circumstances.
New home insurance products will also launch next month, with more car insurance products set to be launched in the summer.
The home insurance expansion will see the firm work with a raft of insurers including Axa, Prestige Underwriting and Covea Insurance.
John Lewis Money has more than 1.4 million active customers across its range of products, including its partnership credit card.
The company’s range of financial products includes home, car and pet insurance, loans and travel money.
James Mack, director of John Lewis Money, said: “By becoming an authorised broker, we’re taking a significant step in our strategy to make John Lewis Money more relevant to our customers.
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“People have long placed their trust in us, and this move allows us to offer a broader range of cover to meet their needs.
“Moving away from a one size fits all approach means we can bring together a panel of leading insurers and use our independence to act as an advocate for our customers, helping them find the quality and peace of mind they expect from the John Lewis brand.”
Marco Distefano, managing director at Axa UK Retail, added: “This is an exciting opportunity, with two reputable brands coming together to deliver valuable protection options for insurance customers across the UK.”