The news: Barclays is partnering with insurance provider Simply Business to give small and medium-sized businesses (SMBs) a way to shop for coverage. The collaboration lets the bank’s 1 million business customers access quotes through its UK website and over the phone.
More on this: The banking giant’s small business customers will have access to several types of coverage:
-
Employers’ liability insurance. Protection when their employees get sick or injured at work.
-
Public liability insurance. If employees injure people or damage property while working.
-
Business-interruption insurance. Property damage impeding companies’ operations.
-
Professional indemnity insurance. Businesses’ own clients’ reputational damage or loss of income due to actions caused by the company.
Barclays’ deal with Simply Business is the newest in a string of partnerships that it has struck in recent years to offer new financial services.
The bank’s other deals include invoice financing with MarketFinance, employee pension services with Smart Pension, and equipment and vehicle financing with Propel.
Barclays is not the only UK banking player to strike partnerships to offer more products:
-
Starling’s Business marketplace enables its SMB customers to access services that range from bookkeeping to pensions via vendors..
-
NatWest’s Tyl and Revolut each offer accounting software connections with companies such as Xero and QuickBooks.
The big takeaway: Barclays’ deal is an example of a bank working with outside financial companies to better serve its SMB customers. By offering many types of services from partners, Barclays can provide a broader product lineup to increase SMBs’ user engagement and loyalty.