LV was founded in 1843 and is now one of the UK’s largest insurance companies. Stylised as ‘LV=’ and meaning ‘Liverpool Victoria’, despite this name the business is based in Bournemouth, England.
Offering a diversity of financial products, LV is responsible for an estimated 5 million policies across products ranging from car, pet, home and life insurance to savings, investments and retirement plans.
The company’s structure is enormously different to that of its main competitors Aviva and AXA. LV is officially set-up as a ‘Friendly Society’ (something even referenced in the initial company name of Liverpool Victoria Friendly Society). Roughly similar in practice to the building societies of the banking industry, LV market themselves on the back of this – claiming that they allow people to ‘look after what they love’ through their insurance ranges.
LV have a number of partnerships with third party companies that have further boosted their status in the insurance industry, and count ASDA and Nationwide as two of their main strategic associations. However, the growth of online-only policy providers such as Swiftcover and eCar (who are both able to undercut prices offered by LV) have proved somewhat of an obstacle in their targets for corporate growth.
Following major rebranding in 2006 (in which the Liverpool Victoria name was dropped from all publicity), LV have undertaken a number of high-profile sponsorships in order to increase customer recognition. Among the most successful have been their deals with rugby union club Harlequins, the UK Snooker Championship and their ongoing agreement with England’s County Cricket Championship.