Carat has won the £5m media planning and buying account for Nationwide Building Society’s new insurance business. Nationwide is relaunching its insurance business in conjunction with LV= in December.
Nationwide wants to expand the range of products it offers to compete more fully with the high street banks while LV=, formerly known as Liverpool Victoria, has stated that its ambition is to become a top five insurer by 2012.
Carat, which is the incumbent on LV=’s account, pitched against Nationwide incumbent Media Planning Group.
LV= is expected to run marketing for the division on behalf of Nationwide, and is thought to be investing over £10m. From December, LV= will provide all of Nationwide’s insurance products, including travel, car and business insurance, as well as handling customer services. The deal will run for the next six years.
A review of both the media and advertising business was called in August (MW August 7). Karmarama has since been awarded the advertising, after pitching against Nationwide incumbent, Tangible Financial, and LV= agency, Designate.
A multi-media advertising campaign including TV, print and direct mail is expected to launch at the start of 2009.
Under the partnership, all existing insurance customers at Nationwide will have their policies transferred to LV=, where they will be under-written by LV= when up for renewal.