Friends Provident, the financial services group, and Portman has entered into a major distribution agreement.
From November 15 2005, Friends Provident protection products will be sold through the building society’s financial planning business.
Under the agreement, Friends Provident will be the only provider to offer its range of protection products, including life cover, critical illness and income protection.
Portman is extending its range of product providers to include Friends Provident for the provision of protection products to complement the product ranges offered by its existing providers.
Norwich Union will continue to provide the Societys investment product offering.
Matthew Wyles, group development director at Portman, says: “In Friends Provident and Norwich Union we have two partners of formidable quality whose propositions are highly complementary.
“Our financial planning business is delivering a strong performance and the introduction of Friends Providents excellent products and outstanding service will make us even more successful during 2006.”
Friends Provident was chosen following an exhaustive review of the protection market.
The Portmans key criteria were competitive pricing, customer service, a modern efficient processes, commitment to treating customers fairly, demonstrable strength in systems delivery and integration, and particular expertise in the bancassurance sector.
Depolarisation has allowed distributors such as Portman to move to a multi-tie status, to promote the products of a number of providers.
Simon Clamp, managing director UK sales and marketing at Friends Provident, says: “We are delighted to be selected by Portman to be the provider of their protection business.
“This is another opportunity for Friends Provident to increase its distribution capability and demonstrate our five star award-winning service, quality products backed by market leading technology to an ever increasing audience.”