Admiral consolidates by selling comparison portals to RVU
Consisting of well-known online comparison websites like , and , as well as a 50% share of Preminen Price Comparison Holdings Limited. In addition, Spanish insurer has declared it will sell its own 25% stake in Rastreator and 50% holding of Preminen.
The total return for Admiral itself will be approximately £450m (US$616m), the majority of which, owing to the company’s strong finances, is anticipated to go to shareholders.
David Stevens, Group CEO, stated that the business’ decision to consolidate at this time reflected its desire to “focus on what Admiral has consistently done well, namely designing and underwriting good value mass-market financial service products.”
“It is a wrench to part company with our fellow employees at Confused.com, Rastreator, LeLynx and Preminen, but I believe it is the right choice for the long-term success of the businesses and will create many interesting and worthwhile opportunities for our teams going forward.
“I thank them and their predecessors for their contribution to the success of the Group and to the financial well-being of their millions of customers.”
The next stage of a journey
Believing that Penguin Portals’ will be able to achieve dynamic synergy with RVU going forward, CEO Elena Betes (who will be transferring with the business, along with other senior management staff) anticipates that the future will bring significant customer benefits. Tariq Syed, CEO of RVU, concurs:
“Penguin Portals offers an exciting opportunity for us to expand our consumer brand portfolio and geographic reach. With its focus on insurance, Confused.com perfectly complements Uswitch’s existing expertise in the home services category, and, with equally established offerings in other countries, we have an opportunity to help even more consumers find the right deals for their needs.”
The deal between Admiral and RVU is expected to conclude in the first half of 2021. Notably, the agreement does not include the former’s US-based comparison website, Compare.com.
Startup spotlight: SIMON adds Nationwide to its platform
Headquartered in New York, SIMON has a singular goal: transforming the digital experience for financial advisors and unlocking greater levels of service for their clients. It achieves this through:
- A comprehensive platform featuring a full suite of digital tools
- On-demand education
- An “intuitive” marketplace
- Real-time analytics
- Lifecycle management
The company’s fusion of cutting-edge tech with leading expertise is resulting in a new industry standard, one that is simplified, codified, and consolidated within a single ecosystem.
Creating value for financial advisors
At the time of writing, SIMON works with over 85,000 finance professionals who collectively manage more than US$3tn in assets.
The startup’s solutions include:
- Spectrum: A multi-dimensional framework that quantifies the risk profile of investments using five metrics - protection, upside, liquidity, simplicity, and history
- An investment platform: Featuring risk management tools, over 90 educational videos, inclusive product training, a compliance tracker, and more.
- Analysis tools
Furthermore, SIMON’s quality as an organisation is attested by both its awards (such as being listed among the NYC Annual Awards’ ‘Best Places to Work’ category) and the status of its investors. So far, these include Barclays, JPMorgan, Prudential, Goldman Sachs, HSBC, and others.
Another high-profile name has now been added to SIMON’s list of associations: Nationwide. The Fortune 100 US insurance firm has been added as a carrier to SIMON’s marketplace. Nationwide, which is almost a century old, is an ideal fit for an insurtech focused on delivering broad solutions and expertise in a rapidly evolving sector.
Protecting peoples’ financial futures
Regarding this latest partnership, Scott Beshany, Chief Distribution Officer at SIMON, said, “Nationwide has an incredible history of innovation and advocacy and we couldn’t be more thrilled to collaborate with their team and make their products available in our Marketplace.
“Both firms are strongly aligned in the value we seek to create for financial professionals. SIMON’s dedication to delivering intuitive technology that builds simplicity and transparency around annuity offerings supports Nationwide in its mission of helping people prepare for and protect their financial future.”
Craig Hawley, Head of Annuity Distribution at Nationwide, expressed similarly positive sentiments about the collaboration:
“Nationwide has a decades-long track record of incorporating smart technology into the financial professional’s day-to-day workflow. This is another big step forward in that effort, with a proven, innovative partner at our side.
“With SIMON’s platform, financial professionals can seamlessly integrate a range of annuities into their holistic planning process, creating greater efficiencies for their practice and a more comprehensive wealth management experience for their clients.”
Images sourced from respective companies